Current Industry Trends and New Technology for Trucking Factoring

1. The industry is growing

2012 continues to be an expanding year for the transportation industry.  Although it is reported that 300,000 drivers lost their jobs during the recession, the industry is now experiencing a shortage in qualified personnel. 

2. Rising fuel prices

Even as the transportation industry expands beyond its recession era lows the industry will continue to feel pressure from rising fuel prices. Based on instability in the Middle East, fuel prices will most likely continue to rise. 

3. Diversification of the workforce

In the not too distant past it was unusual to see anything other than white male drivers. Those days are over. One of the biggest trends is the expansion of women and minorities into the driver workforce like never before. As new people move into the transportation field it is important that the industry does a good job in educating all newcomers on some of the business issues facing them beyond just how to properly deliver a load. 

4. Banks still not lending

We were all hoping that as the economy recovered and the government made more cheap money available, banks would kick-start their small business lending programs. Unfortunately, over the past several years we have seen that banks continue to deal with problem loans in the same way as the past, kicking the can down the road. This makes it tougher for them to focus on making new good loans. While banks are still not lending at historic levels, new entrants and industry veterans alike should be aware that the truck factoring industry is thriving. 

Now more than ever, transportation companies have a choice in selecting a factoring company.

How Technology is Changing How Factoring Companies Work:

As you work to grab as many loads as possible while fighting rising fuel prices, a factoring company is a great financial partner. If you are in the market for a truck factoring company you should be aware of how technology is changing truck factoring.

New Technology for Factoring Trucking Companies

1. No more paper

Historically the factoring process involved a lot of paper going back and forth between the transportation companies and the factoring trucking companies. As some factoring companies have adopted new technologies, the need for businesses to send paper back and forth has been eliminated. Our firm doesn’t require original bills of lading, invoice copies or any other backup documentation to get the cash you need. 

2. Factoring 24 hours a day on the road

In the past if you needed to take an advance on your freight bills you would need to be in the office to get things done. With new online technology you send invoices (by uploading them to our system over the Web) and get cash sent to your account, without ever having to be in your office wasting time when you could be on the road earning more money. 

What This Means to You

Let’s say you just delivered a load and need a cash advance to pay for fuel for your next haul, or to make payroll for some of your other drivers. With our electronic platform, all you need to have is an Internet connection to have the cash wired into your account the same day. 

Get cash today for your freight bills from Fast A/R Funding:

• Don’t worry about getting paid late

• Make payroll on time with no problems

• Cover your fuel costs

• Get that new customer and know they’re able to pay their bills utilizing our internal credit review underwriting 

Learn more about factoring and Fast A/R Funding’s services by downloading our informative “Factoring 101” guide, or call 888.833.2286 to speak with one of our small business finance consultants.