Freight Bill Factoring Helping Drive the Trucking Industry Forward
(PRLEAP.COM) Miami, Florida. – Although the trucking industry is growing steadily, trucking company owners are complaining that managing their cash flow is proving to be very difficult. Freight bill factoring, a form of financing, is helping truckers across the US and Canada get the financing to pay for drivers, fuel and repairs.
Freight bill factoring enables trucking companies and freight brokers to get a substantial advance on their freight bills. This allows them to turn their slow paying freight bills into immediate cash, using a financing process that can take as little as a day. With freight factoring, the truckers can be paid immediately, while the factoring company waits to get paid.
“Transportation factoring provides the trucking industry with easy financing, enabling them to keep their trucks moving and their businesses growing,” said Marco Terry, president of Invoice Factoring Group. “As opposed to other types of financing,” says Terry, “freight bill factoring is really easy and quick to get.”
Most trucking companies have to wait up to 60 days to get paid by their customers. However, they have recurring expenses such as payroll, fuel, repairs and rent that must be paid regularly. Unless the business has significant savings, it will soon run out of cash. Freight factoring allows the company to get the cash it needs by eliminating the 60 day wait through factoring.
Trucking company owners and freight brokers should consider freight bill factoring if their main challenge is not being able to wait to get their freight bills paid. Invoice factoring enables owners to get the business financing they need, while sidestepping banks and their rigorous requirements altogether. Typically, businesses can get a factoring arrangement in place in as little as 3 business days.