If you own a trucking company, then you know the challenges of keeping your trucks on the road while waiting for shippers and brokers to pay you. How will you keep up with paying for fuel, maintaining your equipment, paying drivers, and meeting your ongoing expenses, such as insurance? If you have to wait 30, 60, or even 90 days to process your payments, then factoring is the right solution to improve your cash flow.
There are many different freight factoring companies to choose from, so it’s vital that you compare what the companies are offering so that you can choose the best one for you. Here are a few value-added services that you should look out for:
- Fuel advance programs. Look for those that offer funding before delivery.
- Flexibility. Some freight factoring companies provide you with the option to factor some or all invoices and with the opportunity to decrease your factoring rate as you grow and submit a larger volume of invoices.
- Discount fuel cards. Find a card that saves you money right at the pump.
- Competitive factoring rates. Getting money upfront is important, but you don’t want to be spending too much on factoring fees to receive an advance on your payments.
- Same-day funding. This will enable you to use your cash immediately for daily overhead expenses and timely payments to drivers.
- Tailored solutions for your industry. Some factoring companies specialize in specific industries like oil and gas or construction. A factoring company that specializes in the freight industry will understand your challenges. Look for this transportation expertise and in-depth industry knowledge when you consider factoring companies.
- Exceptional customer service. Your clients are going to be dealing with the factoring company, so you want to partner with a company that is not only professional, but goes out of their way to provide great customer service.
At Interstate Capital, we offer tailored solutions for trucking companies. We offer fuel advances up to 50% per load, 100% advance upon delivery, and we prepare and mail invoices for you. You can also save big with Interstate Capital fuel and tire discount programs. These are only a few ways that we have tailored our factoring services for the freight industry.