Benefits of Invoice Factoring
Many trucking companies are hesitant to start factoring their freight invoices, which is understandable, it can be a confusing process. But companies that have gone through this process know how beneficial it can be. If you own a logistics or transportation company and your accounts receivable department is constantly waiting for invoices to be paid, don’t wait any longer! At Financial Carrier Services, we began with a team of people who know the transportation and finance industries, so we know what it’s like waiting months for a payment, and the struggle of not getting paid for work that was completed.
If you’re still hesitant about freight factoring, here are some benefits of the process. If you want to get started, get in touch with our team at Financial Carrier Services, we’ll answer all of your questions so that you can feel comfortable with our services.
High Initial Advances
When you begin the freight factoring process, you can receive up to 90 percent of the invoice, which means that your company, and employees, will have the capitol to continue working. This can be especially beneficial for new trucking companies who may not have the built up funds to pay for initial costs. Many programs also offer fuel advances, making it easier to keep your trucks on the road.
At Financial Carrier Services, we want to make the freight factoring process as simple and as efficient as possible. If you’re company is facing a significant financial emergency, factoring invoices can potentially give you the funds within a few weeks. Our customer service team strives to make the application and approval process fast and easy so you can get back to work sooner.
Take on More
A growing company wants more than anything else to take on more work, right? However, this can be difficult when you’re facing invoices that haven’t been paid in months and you’re waiting on an improved cash flow. With freight factoring, you can finally get the cash from unpaid invoices that you can gradually begin to take on more customers, which will help you build your company. Doesn’t sound like a bad deal, right?
Freight factoring companies typically look at the credit score of a trucking company’s clients, not just at the credit score of the trucking company. Financial Carrier Services wants to make sure that when we advance your company money from an unpaid invoice, that the vendor will eventually pay the invoice. So when we look at your vendors, they will need a sufficient credit score. This ensures that you’re working with quality clients. We also provide you with unlimited free credit checks so you have valuable information about the client before you work for them.
We love working with growing companies because there’s a better chance that we’ll be able to establish strong, long-term relationships. As your company and your clients grow, we’ll grow right along with you. Typical business loans are for a specific amount, but what we can give you depends on the workload your carrying.
Customer service departments will vary across freight factoring companies, but Financial Carrier Services strives to make the process as easy and as simple as possible. We’ll make sure that you’re getting a high percentage of the invoice up front so you can expand your fleet, hire more employees, buy gas, and so much more.
If you want to learn more about our freight factoring services, get in touch with us today! We have an open and transparent process so you know exactly what you’re signing up for. If you need help purchasing new equipment, providing employees with gas for their trucks, or many other needs, we can help.