Top Reasons You Should Use Freight Factoring For Your Trucking Company
Updated: Mar 16, 2020
It is widely known in the transportation industry that having consistent cash flow is one of the most important aspects to consider when running your trucking company. There are a few different options that truck drivers can benefit from - one of the most ideal ones being freight factoring. When the truck payments, fuel costs, and other operation expenses don't stop, and it takes 30, 60, or 90 days to get you paid for a load, you may often ask yourself why should I use freight factoring for my trucking company? How is it going to help my trucking business? Is it worth my time? Here are the top reasons why you should use freight factoring for your trucking company.
Get paid fast
Working with the best factoring companies get you paid fast. When you factoring with Porter Billing you can get paid in 24 hours. We can also approve you in as quickly as 1 day, so that you can start sending your bills in to get paid immediately, address any cash flow problems you may be having, and get them resolved. Getting paid quickly eliminates the cash-flow gap when you're waiting 30, 60, or 90 days to get paid and makes it A LOT less challenging to run your business.
Top factoring companies will offer its clients a fuel card program. Porter Billing provides its clients with a free fuel card to help them save money on one of the biggest expenses as a truck driver. You're able to get funded directly onto your fuel card so that you will always have available cash to pay for fuel. Our fuel card program covers the cost of your factoring fee in the long run with the amount of savings you benefit from.
The best factoring programs are designed to help trucking companies grow their businesses. You're able to profit as freight factoring leaves you without debt. You don't borrow the money like you would with a loan; freight factoring simply provides you with cash upfront minus the factoring fee.
Working with a factoring company provides you with a lot of flexibility. Depending on who you factor with, you can usually choose when you want to send invoices in and which ones you want to send it. It is important to know when you sign up with a factor if you have any monthly minimums with them- there are no monthly minimums on 1 or 2 trucks at Porter.
When you work with a factoring company you will also benefit from other services at no additional cost. Porter Billing offers it clients:
A personal client rep that knows your business
FREE credit checks
Back office help with invoicing and collections
Access to our dispatching, insurance, and compliance partners