Find A Factor That Understands Your Trucking Business

When the economy slows down, as it has throughout much of 2017, businesses have to deal with a number of hurdles that directly impact their bottom line. During strong economic times, businesses need extra funds to keep pace with business demands and that’s a great problem to have. But during periods of downturn, small, medium sized, and even large businesses — especially in the trucking and transportation industries — need to find ways to stabilize working capital in order to face financial challenges head on.

Using freight factoring services is a proven method to acquire the immediate cash you need for your trucking business to stay in operation. The right truck factoring company will help you obtain the cash you require from your customers, without your having to wait for the bills to be paid. Rather than waiting up to 90 days for your invoices to clear, a third-party factor will forward you the money — often up to 97% of the value of the invoice — so that you can worry about more important things like fleet maintenance, employee salaries, and growth.

When you start looking for the right third-party factor to partner with be sure to narrow your search down. Look for factors that have proven industry experience helping truck drivers become more profitable and look for websites that present clear contact information — such as email addresses and phone numbers. This ensures that you are dealing with a legitimate company with a real office. You also want to find a site with an FAQ section. Having questions answered simply by checking the website saves you time as you don’t need to check off each question by calling the company. Also, while analysing any potential partner, note any issues that you notice when browsing. If you see something you don’t like, you can scratch them off your list.

Here are some aspects to look out for when choosing among third-party factoring companies:

  1. how quickly will they turn around your invoice?
  2. how much is the factoring fee?
  3. what type of businesses does the factor usually serve?
  4. how reliable is their customer service? How well they treat you is a solid indicator of how well they will treat your clientele.

Because you’re a trucking or transportation company, you want to look for a factor that specializes in this industry. A factor such as Accutrac Capital for example works only with trucking companies, ensuring that they understand your business and that you won’t have to explain things to them that you would to an otherwise unfamiliar partner.

Once you’ve chosen the company you desire, it is now time to contact them and have them set up your account. Hopefully you’ve found a company that prides itself on transparency, and allows you 24/7 access to your account online. With unlimited, free credit checks as well as dedicated customer service you know you’ve made the right choice. From qualification to first funding in only a few days as well as the lowest rates in the industry, a reliable partner such as Accutrac Capital can give you the cash flow support you need to continue to grow — while also meeting your daily overhead requirements such as fuel, salaries, and fleet maintenance.