5 Reasons Why You Should Consider Invoice Freight Factoring
Updated: Nov 24, 2020
Anyone who owns their own business wants what's best for it. When you own a trucking company, often the best thing you can do is work with an invoice freight factoring company. The key to growing your trucking company is having consistent cashflow to pay your expenses without taking on new or additional debt. This is exactly what freight factoring helps you do. Here are 5 reasons why you should consider invoice freight factoring:
As stated above, a key to the success of your trucking company is consistent cashflow. It is common that a shipper or broker will not pay you for 30, 60, or 90 days on a load. To almost everyone, this can be an issue. When you work with a freight factoring company, you're able to factor your invoices and receive cash the same day - eliminating those long waiting periods.
No new debt
Freight factoring doesn't add on to or create new debt. You're not getting a loan that you need to pay back when you factor your invoices. Instead, the freight factoring company just charges you a small fee per invoice.
A huge benefit of freight factoring is company growth. Freight factoring has the ability to help your trucking company grow at a fast pace. Factoring your invoices provides you with instant cash that will ultimately lead to consistent cashflow. You'll be able to pay the non-stop expenses in trucking, add new employees and buy new equipment, and grow your trucking company.
There is so much more that goes into owning a trucking company than just driving a truck. The back-office work can be tedious and taxing on your time. A freight factoring company assists you with billing and collections, leaving you more time to focus on driving your truck.
The best freight factoring companies also offer additional services on top of factoring. Usually, you'll have access to dispatching, fuel cards, insurance, compliance, carrier set-up and equipment financing help. It's also a way for you to make new connections within the trucking industry.
Ultimately, it comes down to what is best for your business. If you want to grow your trucking company at a fast and reliable pace, then freight factoring might be the answer for you. Porter Billing Services has been helping trucking companies grow for over 25 years through freight factoring, dispatching, fuel cards and much more.
To speak with an expert on how we can help you, call (205) 397-0934 or get your FREE quote here and a specialist will be in touch shortly.