Michigan Truck Factoring Companies
When it comes to keeping trucks on the road, a Michigan truck factoring company can guarantee that your business will always have what it takes to deal with any financial obstacles that may arise. No matter how big your transportation company may be, truck factoring companies in Michigan can help your business effectively manage cash flow while handling all expenses in an efficient manner.
Why Choose a Michigan Truck Factoring Company?
Whether you’re running a small or mid-sized trucking company, you’re bound to run into delinquent customers that are constantly late with issuing invoice payments. Many times, trucking businesses find themselves waiting anywhere from 30 to 90 days to receive funding. Thankfully, a Michigan truck factoring company can help transportation companies avoid being bombarded by bad debt. By taking advantage of Michigan trucking factoring services, your business can easily acquire immediate cash to ease the costs of fuel, repairs, and other miscellaneous operating expenses.
Initiating the truck factoring process has never been easier. Partnering with a Michigan truck factoring company can help your trucking company get cash from your customers’ invoice value within 24 hours. This hassle-free process guarantees quick approval times, and best of all, creates zero debt for your business.
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Benefits of Factoring for Trucking
Establishing a partnership with a Michigan truck factoring company can be the key to improving the financial condition of your trucking business. Truck factoring fuel cards ensure that your fleet saves significant amounts of money on fuel costs each year. Whether you’re transporting goods in the U.S. or through Canada, fuel cards are accepted at nearly every major fuel stop.
Aside from fuel discounts, truck factoring fuel cards can be applied toward funding payroll, repairs, food, and any other on-the-go expenses encountered by your drivers. Additionally, fuel cards can be used to acquire immediate ATM cash withdrawals to pay drivers in a timely fashion. Lastly, fuel cards can also help your trucking business take care of miscellaneous operational costs. Any trucking company who partners with a factor is eligible for fuel cards.
Fuel advances for truckers are another huge perk. In a fuel advance program, the factor remits a portion of the freight bill (up to 50%) before it is paid off. The instant cash gained from fuel advances can be used to pay for fuel and repair costs. Furthermore, fuel advances can be applied toward funding payroll, as well as other miscellaneous expenses that may arise. Once the load has been picked up by the trucker, the supplier will provide verification through a bill of lading. Then, the factor will transmit a portion of the freight bill amount within 24-48 hours.
In addition to providing instant working capital in less than 24 hours, factoring for truckers offers many other benefits. Worried about overhead costs? With factoring for trucking, invoice processing costs are eliminated, and your transportation business no longer needs to fuss over handling collections.
Struggling with bad credit? Luckily, your trucking company can still take advantage of factoring for trucking. Credit checks are only conducted on your customers, and their creditworthiness is the only factor taken into account. Best of all, factoring for trucking provides plenty of flexibility for your business, allowing you to factor as little or as many invoices as you desire.
Why wait for your customers to pay? Take charge of running your business by partnering with a Michigan truck factoring company today! Speed up your cash flow by requesting a free factoring quote online now. In addition to factoring for the transportation industry, Michigan factoring companies help all types of businesses obtain the cash they need to prosper. Learn more about working with an invoice factoring company in Michigan.
