Determining the quality of a freight factoring company is essential when evaluating the value factoring can give to your business. Choosing a good factoring company can make all the difference in maintaining a healthy cash flow and working to grow your trucking business. Here are a few qualities of good freight factoring companies to keep in mind.
Quick Turnaround
One of the most important indicators of a quality freight factoring company is how quickly you can get paid for your load. A turnaround time within 24 hours is ideal for helping you keep your business moving. Knowing you can immediately improve your cash flow through your factoring company is key to helping your business thrive and giving you peace of mind by covering expenses quickly.
Flexibility and Industry Experience
Another quality of a good factoring company is flexibility. Every business is different and your factoring company should be prepared to offer you a customizable factoring service plan. The best freight factoring companies are familiar with the industry and are able to give you expert advice and industry updates in addition to the financial freedom factoring provides. A company with years of experience advising and creating factoring plans for truckers will be able to help you as the market shifts and your business needs change.
Quality Client Service
Improved cash flow is what draws you to a freight factoring company but quality client service will make you stay. A good factoring company should provide one on one attention and guidance with a dedicated account manager. Having direct contact with a service representative who knows you and your business shows that your factoring company is able to offer you the individualized support you need.
Additional Services
Some companies that provide factoring services also offer other services that can help you grow your business. Getting a fuel card or tire deal in the same place you factor can be convenient and could save you money. Some factoring companies offer same-day funding to your fuel card or bank account which can give you much-needed flexibility. Regular opportunities to save on fuel and tires all in the same place is a huge benefit for truckers especially as operating expenses continue to increase.
Factoring can help you reduce financial stress, take on more loads, adapt to market changes, and grow your business. Working with a quality factoring company is essential to achieving your financial goals and receiving the greatest benefits of factoring.
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The England Carrier Services (ECS) division offers various services for carriers ranging from maintenance to support. As ECS members, carriers have access to nationwide discounts on fuel and tires from dedicated team members committed to finding the best price. ECS also provides factoring services with benefits such as same-day funding to a bank account or fuel card. These options allow carriers the freedom to focus on growing their business while saving time and money.