The sooner you submit your invoice to the factor, the sooner you get funding.īuilding Your Business on the Foundation of FactoringĪs a business owner, you already have too much on your mind. In most cases that’s probably when your truck is unloaded and all the paperwork is signed. Submit your invoices as soon as the job is complete.This may seem counterintuitive, but factoring your best customers improves your cash flow while keeping the factoring fees at a minimum. Factor the customers that pay quickly.The biggest items in this category are fuel and maintenance, but include a wide array of smaller items as well. Use the extra cash to pay for the items that keep you on the road, making money.To really get the most benefit out of factoring, consider this: Knowing that you have access to cash as soon as the load is delivered makes managing your expenses easier and lets you sleep well at night. The goal of trucking factoring is to smooth out your cash flow. The entire process is straightforward and streamlined. You can manage the entire truck factoring process during the downtime that you have on the road, even when you only have a few spare minutes. The combination of a paperless process along with an online system that’s available anywhere and anytime that you have an internet connection makes for financing that’s quick and easy. When everything is electronic you don’t have to be in the office to submit information to the factor.Īn Online Paper-Free Process Makes Truck Factoring Quick and Easy You can take a picture of it or scan it in. You probably can’t get away from packing lists, bills of lading and lumper receipts that are all on paper, but you can use a factoring company that doesn’t require you to mail all of that in.Īs long as your customers don’t require an original copy of a document, there’s no need to bother with mailing your paperwork in.
Though, some paper is inevitable in the world of logistics. The Days of Dealing with Paperwork are Gone With online factoring, you can take care of business anywhere you have an internet connection, any time of day. The internet is available 24 hours a day. It’s not unusual for you to be unavailable during normal business hours. When you’re on the road, you’re not working a 9 to 5 job. Online Factoring Makes Truck Factoring Easyīeing able to submit invoices and request funding online takes care of one of the biggest hassles of truck factoring, working around an odd schedule. The key to truck factoring is that you need to be able to do the entire process, start to finish, from the road.
That makes it difficult to organize and send in the paperwork that most factoring companies require. You can’t drive a truck sitting in an office. The nature of the industry, though, is that you tend to be on the road a lot. Trucking companies across the country use factoring to improve their cash flow and keep their trucks on the road. The transportation industry is no exception to this. Factoring is used by large and small businesses across practically all industries today.
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