Freight bill factoring is a funding technique that trucking companies can rely on. This programs uses a simple process in which invoices are purchased by a factor, then money is immediately advanced to the firm so it can get up and running again.
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Another business may have shipping needs and chose to outsource those needs to your company. You provided excellent service, but that customer is slow-paying and your cash flow is hit; now you need a method to get money to continue operating as usual. Cash flow can be drastically improved with freight bill factoring because it covers multiple expenses that trucking companies commonly incur. These may include:
- Vehicle Insurance
- Fuel Expenses
- Staffing
- Administrative costs
- Marketing
- Vehicle & Equipment Maintenance
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Two forms of freight bill factoring are available: recourse and non-recourse. In recourse factoring, the freight company will assume total risk if a client fails to pay, but are also offered a lower factoring rate. With non-recourse factoring, the freight company is paid even if the invoices aren’t paid with the factoring company themselves taking upon the risk.
Freight bill factoring stands as a key to getting immediate cash free of the restrictive nature of other financing methods. To learn more, call us at 1-855-EZ-FACTOR.
