Factoring is a great tool for small and mid-size businesses. Companies across practically all industries use factoring to provide cash flow for their business. More than $2 trillion dollars was factored last year. This isn’t some small-time business loan. Factoring is a major piece of the global economy.
Over the past 10-15 years the trucking industry has faced numerous struggles with the huge increase in gas prices wiping out many of the small carriers that could no longer compete based on pricing. The majority of the independents had to give up their freedom of being self-employed and forced to work for or be bought out by the larger carriers. Now that the economy and gas prices have dropped and somewhat leveled off a bit numerous small carriers are once again reviving and jumping into the competition mix.
Factoring is used by large and small businesses across practically all industries today.The transportation industry is no exception to this. Trucking companies across the country use factoring to improve their cash flow and keep their trucks on the road.