Irrespective of your trucking company’s credit score or size like small truck fleets, freight factoring can easily help the operations in many ways.
Flexible options will help you gain access to the capital of working you require fast while dealing with your costs, without any challenge involved in getting a bank loan traditionally. Factoring freight is really not a loan; you can therefore turn the freight bills into quick cash without producing another debt on the current balance sheet!
BENEFITS OF FREIGHT FACTORING
Fast Funding Of Cash
Freight factoring companies verify the freight bills for deliveries that are completed and then advance up to 95 percent of their worth in 24 hours only. Many factors accept scanned or even faxed copies of the freight bills, helping you to save mailing costs and also putting money in your account quickly.
Processes of streamlined underwriting make it possible to really begin factoring truck freight in just 3 or 5 days when you have submitted the application firstly. Freight factors only need a concise list of document supporting to help in completing their due diligence, and as soon as your account is ready you can just start factoring quickly.
No Minimum Volume
You’ll have full control over the bills factor as well as how you always post freight bills to be funded. You can factor at a frequency and volume that maintains at a workable level your cash flow.
No Hidden Costs or Setup Fees
It’s free to begin a freight factoring scheme, and all fees are shown up-front in the agreement of the factoring. You can easily factor freight bills having the confidence of exactly knowing what you’ll pay for every transaction, and without border with any particular surprises down the line.
Fuel advances factoring & fuel cards give additional help to small truck fleets companies which have issue obtaining a load normally from the origin to the destination.
Credit Checks Free And Access to Load Board
Freight factoring companies give load board access, credit checks free to your small truck fleets company free. You should try to avoid credit running overhead and going after collections and then focus your attention on taking the loads which pay the bills.
No Any Long Term Contracts
This is a great financial option which, depending on your company’s requirements, may be temporary. Companies carrying out freight factoring don’t really get you in a long-term contract which you don’t need; instead, many contracts renew annually or semi-annually therefore you can always evaluate the factoring freight benefits for your small truck fleets company.