Factoring is a tool used by thousands of trucking companies to improve their cash flow. The steps below diagram how the factoring process works.
Owners of trucking companies know that cash flow in this industry is tough. Why? When your company delivers a load you have to wait 30-45 days to get paid. But, you have to pay for your fuel, payroll, maintenance, and other expenses while you are waiting to get paid. It can be very stressful to be in danger of not being able to meet payroll and other financial obligations.
Factoring gives you an opportunity to get paid for your work within hours, not months. This allows you to meet all the daily expenses that arise, and it gives you the capital necessary to grow your fleet. Adding more trucks requires significant amounts of money, and if your customers are holding your receivables, it is difficult to find the funds to grow your operation.
Additionally, factoring can save you money by eliminating the need for billing, A/R collections, credit screening, and other expensive and time-consuming services. Factoring allows you to focus on improving the operations and efficiency of your company.
You do not need to be frustrated because you do not have access to financing to grow your business. England Carrier Services will help you to obtain your goals by providing A/R factoring and many other services.
England Carrier Services is a proud member of the International Factoring Association.