Freight bill factoring continues to be a very popular financing option in the transportation industry. But is freight factoring the right choice for your trucking business?
Invoice factoring is a common funding solution that helps business owners manage everyday cash flow challenges quickly and easily. If you answer "yes" to any of the following questions, Cashway can help.
Is freight factoring the right choice for my TRUCKING business?
Ask yourself the following 10 questions to determine if freight bill factoring might be the right financing option for your trucking company:
Do you want more control over your business cash flow?
One useful aspect of freight bill factoring is that it can boost business cash flow virtually on-demand. If you like the idea of having business funding available at the click of a button, factoring is for you.
Do you have difficulty making payroll or paying vendors?
Your drivers, employees and suppliers always come first. Having a flexible and dependable source of business funding like factoring helps you handle payroll and other obligations with ease.
Do your customers take longer than a few days to pay?
If your customers take more than a few days to pay you for your freight bills, you are effectively financing their businesses for them- for free.
Does your company need money to grow?
Consider what your business could do with a cash infusion. If your business model allows for quick & sustainable growth, factoring can help.
Do you find it difficult to collect from your customers?
If you are an owner-operator or a small trucking business owner, your collection techniques might be hurting your business more than you realize. A good freight factoring company knows how to collect from your customers quickly and efficiently so you can focus on growing your business relationships instead of chasing down payments.
Have you lost money on invoices you could not collect?
Virtually every trucking business has at least one horror story about a customer who does not pay. Factoring freight bills can insulate your business from much of the non-payment risk that is associated with many freight brokers, shippers and 3PL customers.
What would you do if you had more purchasing power?
Stable cash flow can offer tremendous benefits to your business credit score, which can boost your purchasing power. If additional purchasing power can help you grow and expand your business more quickly, you should consider factoring your freight bills.
Are you concerned about tax & regulatory obligations?
Factoring invoices helps your business meet all types of financial and regulatory obligations more easily, becuase it gives you the flexibility to get funding exactly when you need it. If your business is operating, you can gain access to the funding you need.
Has bank financing been difficult to obtain?
Cashway does not check your credit score when you create an account with us. When you factor freight invoices, the funds you receive are not a loan or an advance. No debt is created and there is nothing to pay back.
Do you have the time needed to manage receivables?
Time is money. A good factoring company is fully staffed with highly-skilled account managers who will handle all of your billing and collections professionally. The money you save on administration is often greater than your factoring fees.
Cashway can help
Trucking business owners love factoring invoices with Cashway Funding. We believe in personal service, a positive attitude and in taking an open-minded approach to transportation finance. If answered yes to any of the above questions and you are looking for a team that knows how to help eliminate the headaches that can get in the way of your success, Cashway is for you!
