When accounts receivable do not grow as fast as accounts payable, transportation factoring can help your company cover expenses and purchase needed supplies right away.
As with any company, however, not all transportation factoring companies offer the same level of support. EZ Invoice Factoring can help you find the right one for your trucking business.
Fundamentals of Finding a Transportation Factoring Firm
- Experienced companies should be knowledgeable enough to give you a quote after one brief phone call.
- Ask how long it will take for the company to factor your first invoice. A transportation factoring company should not put you through the time-consuming formalities found in the process of obtaining other types of funding in order to factor your invoices. Unless your bookkeeping is sloppy, a factor should be able to get you cash within a couple of days.
- The factoring company should be more concerned with the dependability of your client than on your business or personal credit (some minor inquiry into your transportation company’s financial status is normal).
- Your best bet is a transportation factoring company that concentrates solely on your industry.
Ready to Get Started?
Fill out the form below and one of our factoring experts will help you on your way!
Why Wait?
Call Now! 1-855-EZ-FACTOR
Look for Transportation Funding Details
A good transportation factor should allow you to adjust your credit line according to your company’s needs; not according to their need to have you commit to a certain invoice amount per month.
Some transportation factoring companies may charge you a fee up front, but others will not. Ask companies if they will waive their fee (based on your customer’s credit, etc).
Find a Transportation Factor that Assists with Your Invoices
- Since the transportation factoring company needs to know that your clients are reliable, you’ll receive an indepth credit analysis on them.
- A transportation factoring company should assist you with collections (including processing and mailing invoices) and help you manage your accounts receivable.
- All of the information collected on your clients by the factoring company should be available to you.
Additional Transportation Factoring Perks to Look For
- After your first factored invoices, a good transportation factoring company will offer you immediate funding on invoices for services you have completed.
- Most transportation factoring companies should be able to accommodate your business no matter the size or status. Your transportation factoring company should be able to help you through all stages of business.
- Try to find a transportation factor that offers insurance or fuel cards (fuel cards allow you to receive rebates at designated truck stops and make purchases at your convenience).
