truck factoring companies

5 Financial Mistakes You’re Probably Making– and How to Fix Them

  1. You don’t set up a business bank account

    Many owner-operators run their income through a personal bank account or through a fuel card (Comdata or EFS account). Setting up a business bank account will help establish your company’s financials. You’ll be more attractive when seeking business financing.

  2. You don’t get your credit score up

    There’s no secret that your credit score is important when trying to qualify for business funding. But did you know that there is a way to improve your credit score and your cash flow at the same time? Invoice factoring releases the cash tied up in your accounts receivable. You get your cash fast so you can pay your bills on time and improve your credit profile.

  3. You wait for bank loans or borrow from friends and family

    It’s great when a trusted friend or family member comes through in the nick-of-time with cash but you’re also taking a chance of damaging a good relationship. Since this is business, put the deal in writing to protect everyone involved.

  4. You don’t use fuel cards

    When you use a fuel card, you get discounts on diesel fuel at most (if not all) truck stops. Since fuel is one of your biggest expenses, you should be adding up considerable savings every time you pump. It’s like putting money back in your pocket.

  5. You don’t take advantage of working capital advances to fund growth

    A working capital advance is a simple concept – it’s an advance on future receivables in one lump sum. A working capital advance puts your revenue into your hands sooner than later so that you can put it to work to grow your business.

What would you do with an extra $25K, $50K, $75K?

A working capital advance is a simple concept – it’s an advance on future receivables in one lump sum. A working capital advance puts your revenue into your hands sooner than later so that you can put it to work to grow your business.
It’s so easy to apply and you can get approved in hours. Most truckers get funded in days, not weeks or months. So, fill out the quick quote form or give us a call today: 888.450.2580.