BlogBusiness Success TipsFreight Factoring

Why Refer a Friend for Freight Factoring?

By 05.18.21June 22nd, 2021No Comments
Why Refer a Friend for Freight Factoring?

Why should you refer a friend to eCapital Freight Factoring? The simple answer is to be helpful, establish cooperative relationships and get cash rewards in the process. When you refer a friend and that trucking company completes their first funding, eCapital thanks you with a cash reward for helping us become the number one freight factoring company in North America.

Become an industry hero

Trucking is truly a unique industry – despite its highly competitive nature, relationship building with cooperating carriers and brokers provide tremendous benefits for all parties involved. This is due to the common goal of transporting freight to any location across North America. When you introduce an industry colleague to a valuable resource, or refer a friend to beneficial services, you are strengthening the overall health and efficiency of over-the-road freight transportation.

A stronger industry is better equipped to manage our shared challenges, such as the ever-pressing driver shortage and increasing government regulations. So go ahead, be an industry hero and refer a friend to the support services you trust.

Why are collaborative relationships important?

The industry is heavily segmented by equipment type, territory and fleet size. Small carriers often miss new business opportunities due to lack of capacity, while larger fleets may lack the flexibility to respond rapidly to non-contracted loads. Collaboration between fleet sizes can boost revenues between the cooperating operations. For one or two truck companies and small fleets, collaboration can help compete against the advantages held by larger carriers. Shared resources, bulk buying and group negotiation with suppliers can have significant positive impact on profitability. Research has identified that companies with collaborative relationships have a better survival rate, especially during times of severe economic stress.  An easy first step in establishing a new relationship of this nature is to help the other party improve their financial status.

For a growing number of trucking companies, limited financial resources are a common barrier to success. Now that you have had first-hand experience benefitting from the powerful stabilizing effect of steady cash flow, consider being an industry hero and refer a friend to eCapital’s industry-leading freight factoring services.

How to build collaborative relationships

Establishing a successful collaborative relationship between competing companies requires good intentions and trust. Often, a gesture to display these qualities can lift a potential relationship from being just a good idea to being an active and productive alliance.

Trucking is a capital intense industry requiring ready access to working capital. A lack of funding is enough to sink any trucking operation. Freight factoring is a proven funding solution providing easy access to funds when it is most needed, which in our industry is every day. The benefits of freight factoring are well known to users of this powerful financial strategy – build relationships and put cash in your pocket when you refer a friend to eCapital.

How to explain the simplicity of freight factoring

Because of the magnitude of benefits, clients often have difficulty expressing the simplicity and convenience of freight factoring. The qualification process and funding request work flow is extremely simple:

Easy qualification: eCapital has streamlined qualification to expedite the process. Now there’s a fast and simple path to reliable funding, even for trucking companies who have been turned down by banks. Approval is NOT based on your company or personal collateral, it is based on your customers’ creditworthiness.  All that is required to start the process is:

  • Copy of Articles of Incorporation
  • Two pieces of ID including Driver’s License
  • Carrier Package
  • Accounts Receivable report, or copies of invoices

Fast onboarding: The need to secure financing often becomes an urgent issue that requires immediate action. Following qualification, new customers are passed onto our onboarding specialist without delay to get you started to first funding. eCapital typically provides first funding within two days of submitting initial qualification documents.

Once the account is set up and first funding has been completed, ongoing funding is a simple process:

4 steps to immediate funding

  1. Your trucking company delivers freight to a customer and sends a copy of the invoice to eCapital.
  2. eCapital sends advance funding of up to 100% of the invoice amount within 24 hours – usually it’s within the same day. Any balance owing is held as a reserve until the invoice is paid in full by your customer. The funds are deposited directly into your account minus a small factoring fee.
  3. eCapital waits for your customer to remit payment in full.
  4. eCapital releases the reserve (if any) transferring funds directly into your account. The transaction is then complete.

Build relationships and put cash in your pocket

eCapital is proud to provide industry-leading freight factoring products and services for the transportation industry. Factoring invoices provides clients with fast access to cash, complimentary back office support and industry discounts on fuel, insurance, tax preparation and more. You can take confidence when you refer a friend to our industry-leading freight factoring services knowing they will experience the same great personal attention to ensure steady cash flow.

Our growing family of trucking clients are posting positive reviews every day to show their appreciation for the hassle-free financial support we provide. Our vision is to become the North American factoring leader for the trucking industry — our best ambassadors to spread the news and help grow the family are our clients. The increasing number of satisfied clients who refer a friend to eCapital has had a significant contributing factor to our success as we grow to become North America’s leader in freight factoring services.

To reward your efforts in supporting our vision, eCapital offers the best referral incentive program in the industry. The program features cash rewards for the referring company once the referred business factors their first set of invoices. The program is simple.

Here’s how eCapital’s “refer a friend” program works:

    • Enter your information using the form.
    • Enter your friend’s information.
    • We’ll reach out to your “refer a friend” contact to get them setup.
    • You get rewarded after they fund with eCapital.

Industry friends and allies are important assets to develop

Progressive trucking companies are learning to cooperate horizontally to increase productivity, improve service and enhance market position. Much has been discussed regarding various types of cooperative supply chain relationships in professional and academic forums over the past decades, but studies are scarce and scattered across various research domains. To academics, it all seems so complicated – to truckers it’s very simple and boils down to one basic principle; you scratch my back and I’ll scratch yours:

  • Freight factoring works for me, and it will work for you.

Few people and fewer companies are able to thrive in isolation. Friends and allies are important assets to develop and nurture to promote success. To survive under the ever-increasing competitive and global pressures to operate more efficiently, transportation companies are best to adopt a collaborative focus. Do yourself a favor and refer a friend to eCapital Freight Factoring and you’ll be rewarded for it.

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