Take advantage of factoring
If you’ve been in the transportation industry for a while, you’ve heard of factoring. Freight factoring has maintained its foothold in the industry because of how it improves business cash flow, enabling transportation companies to be successful. Are you taking advantage of all that factoring has to offer? Take a look at the advantages:
- You’ll get paid faster.
Once you’re approved to factor, you can submit invoices and get paid within 24 hours. No more waiting anywhere from 30 to 90 days for invoices to be paid or watching your mailbox for checks to arrive. Cash is deposited directly to your business bank account, sent via wire transfer or loaded onto a card. It’s that simple.
- Your credit isn’t much of a factor.
Is your credit less than great? If you want to factor your invoices, that’s not a problem. If you have a low credit score or even bad credit history, you can still qualify for factoring. Approval is mostly dependent on the creditworthiness and payment history of your customers. This makes factoring convenient for — and attractive to — start-up trucking companies.
- No debt is created.
Factoring isn’t a loan. You’re not borrowing any money. Instead, you’re advanced the cash for loads that you’ve already hauled and delivered. It’s your money, you’re just receiving it faster.
- Save on fuel and other operating expenses.
Some factoring companies have fuel card programs to offer you significant savings on your largest expense – fuel. Factoring clients often qualify for fuel discount cards to save money every time you fuel up. There are other perks like fuel advances, tire discounts, access to load boards and more! These pre-negotiated discounts and time-saving tools help you run your business more profitably and they don’t cost you anything. In fact, the discounts usually take care of the cost of factoring.
- Free credit checks on potential customers.
When you work with a factoring company you have the ability to know up front if your customer is creditworthy before you take on a load. Some factoring companies even provide an online portal or mobile app for clients that can be used for credit checking potential new customers in seconds. You’ll never have to worry if you’ll get paid for your hard work.
- Put away the envelopes and submit invoices online.
With an online portal, you can easily submit invoices to your factoring company online. Use your computer, tablet or smartphone and you don’t even have to leave the cab of your truck. And the best part is that you can send in your invoices 24/7, not just during business hours.
- Powerful billing and collections team.
If you hate juggling unpaid invoices and hounding clients for payment, any good factoring company has got you covered. The factor takes over your billing and collections for you.
If factoring sounds like it’s right for you, align yourself with a trusted partner like eCapital. We’ve been working in the transportation industry for more than 25 years, making us trusted experts in the field. By partnering with us, you can keep your wheels turning instead of waiting around to get paid and you’ll get:
- A robust fuel discount program with credit terms to save thousands every year.
- An exclusive broker network where all high-paying loads are factorable.
- The best-in-class online portal and mobile app to help you run your business from anywhere, anytime.
- All of your billing and collections handled so you can focus on hauling your next load.
- A dedicated account rep. You’re more than just a number.
- And so much more!
It’s simple, fast and free to get started. Why not get a no-obligation quote today?