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.
Trucking carriers still face many of the same problems as the small business owner. How to obtain financing for daily operations. The answer to this question is using factoring companies for trucking and factoring your accounts receivable invoices.
Factoring companies have been around for many years starting out with their main focus in the apparel industry. Over the years they have diversified to cover just about any small to mid-sized business that is unable to qualify for the traditional bank loan due to size, profitability, or age of the business. Smaller sized trucking companies have discovered that using a factoring company is a great source for their financing needs.
As technology has improved so have the policies and procedures for obtaining financing by factoring invoices. Long gone are the days of having to compile and sort stacks and stacks of invoices, and shipping documents and make copies of them. You also no longer have to depend on overnight or regular mail to submit your schedules and hope they get there in time for review and purchase prior to your next big haul and the much needed gas purchases for your daily operation.
Now a days thanks to technology there is a much quicker and more convenient method for the assistance of submitting and processing invoices by going online and paperless. Factoring invoices with Fast AR Funding is about as simple and easy as it gets. It’s as easy as logging into our website, entering your customer and invoice information into our data base, upload a copy of your invoice, contract and or bill of lading and submit.
Factoring companies for trucking is a great way to give you the working capital your firm must have so you can meet your daily operational needs such as;
- Purchasing gas and supplies
- Funds for advertising
- Possible growth
No matter what type of business you’re in from the trucking industry, general services, to manufacturing the basic needs of the business owner are all the same. They all need working capital on a steady basis to survive. Using factoring companies to provide your working capital needs, is the answer.
When making your final decision on choosing a factoring/invoice purchasing facility it’s important to make sure you have an experienced staff along with a firm that has state of the art technology. This will make the process from submission to the funding of your receivables as stream-line as possible. This is especially true when you’re looking for a factoring company for trucking.