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How to Leverage the Benefits of Freight Factoring

Freight Factoring 101

freight factoring vs bank loansTruckers should know that there is more to freight factoring than just receiving same day funds. Factoring your freight bills helps trucking companies save time as well as money. From load factoring to fuel advances and free credit checks to discounts, you can enjoy several benefits through freight factoring.

Irrespective of your company’s size or even its credit score, fright factoring will provide robust support to all your operations in several ways. The availability of flexible options will help you to avail working capital and at the same time control costs. However, all this is possible without even going through the hassles of obtaining a bank loan. Thus, your freight bill can serve as immediate cash without leading to new debts on the balance sheet.

Several freight factoring companies offer high quality services to trucking companies in the US. Even the start ups and companies with weak financial history can qualify for freight factoring. These companies generally take into account your customer’s credit history. Thus, if you are working with reputed and financially strong companies, your chances of freight factoring approval go up by quite a few notches.

You can get a quick quote and the approval does not take more than five business days.

Let us look at the benefits of freight factoring:

Funding at lightning quick speed – The factoring companies verify the completed delivery bills and provide you an advance of up to 95% of the bill value within a day.

Superfast approval – Since the underwriting process is streamlines so the process can be completed within three to five days after you submit the application. Very few documents are needed for the approval process and this cuts down the processing time.

Fuel Benefits – The factoring of fuel cards and fuel advances helps the companies avail heavy discounts. They also do not have to go through the tedious process of load factoring, which is often a tough task.

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