North America’s trucking industry keeps our economy on the move, delivering the goods for virtually every industry across the land. Whether we’re buying a television in a department store or tomato soup at the grocery, a motor carrier delivered that product. We can thank a trucker for getting us what we need when we need it.
Whether you own one power unit and a trailer or a whole fleet of trucks, you know that timing is critical in the transportation industry. You know that your profits are driven by keeping equipment and drivers on the road every day, regardless if they are outbound or coming back home. To do that, you need working capital – cash in hand to pay for fuel, salaries, repairs, licenses, insurance, and a host of other overhead expenses. However, if your shippers don’t pay right away, you face a gap between the time a load is delivered and the customer pays your invoice.
That’s why tens of thousands of motor carriers choose to factor their invoices to get paid upfront for the loads they delivered. They can speed up their cash flow and keep their trucks on the road with fuel advances. Factoring can help motor carriers make their deliveries on time and maintain a steady cash flow, while allowing them the opportunity to purchase new equipment and grow their business.
Factoring Tips for Motor Carriers
When motor carriers work with some factoring companies that specialize in transportation, they can often enjoy benefits such as fuel discount cards to save on diesel gas and for easy funds transfer. Some transportation factoring companies even provide even integrated online load boards where motor carriers can both find loads and receive cash fast.