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More and more trucking fleet owners feel like jugglers than managers. If you own a small trucking fleet, one thing you have probably already figured out is that growing your fleet is no picnic. If you though your cash flow as a small fleet is tough, you haven't seen anything yet. You are about to become a juggler in the middle of a three-ring circus.
Indeed, cash flow becomes a trickier juggling act with each and every power unit you add. Diesel, driver settlements, licensing, insurance, permits and repairs all become very predictable cash drains—and even larger as you grow your fleet.
It's no wonder that with all those expenses hitting daily, weekly and monthly that so many trucking company owners everywhere are walking the high wire without a net if they have no source of outside capital to catch them when they stumble.
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Factoring companies for trucking are the trucking fleet's safety net. A factoring safety net allows you to turn your freight bills into immediate cash, your business will perform less like a high wire act and more like a well-oiled machine.
With collections averaging over 40 days in the trucking industry, who has enough capital to support all those regularly occurring daily and weekly cash needs? The one thing that's not predictable is the timing of your cash collections. Have you ever issued pay checks on Friday, just hoping that you will find a pile of checks in the mail on Monday morning, rush the deposit over to the bank and miraculously cover all those checks? There are better ways to spend a week end than to lay awake at night hoping for that pile of checks to come in.
Don't be a juggler. If those collections don't come rolling in over the week end, you're going to be shelling out the cash to your bank in the form of NSF fees—or worse, explaining to your drivers, vendors, and employees why you didn't have a safety net. Consider the embarrassment of bounced checks and cost of covering NSF checks. Doesn't a factoring safety net make more sense?
We find that smaller fleets, say those with 5 to 25 power units can get by with factoring their freight bills only twice per week. Larger fleets, say those with 25 to 250 power units often factor their freight bills daily. With a factoring safety net, trucking fleet owners can be business managers—not circus performers. And by the way, enjoy your week end!
At 1st Commercial Credit, we have account representatives specializing in trucking and transportation businesses. Whether your trucking company is running dry vans, reefers, or flatbeds, you must be successful at managing these challenges:
- Maximizing cash flow
- Avoid doing business with slow paying accounts
- Minimizing uncollectible accounts
These challenges are our primary focus. In addition to factoring your freight bills within 24 hours, we can provide pre-screening of your new or existing freight brokers or shipper accounts, collect your receivables, and provide you with easy to understand, real-time, on-line access to all your factoring data.
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We offer lending services in the United States, Canada and the UK
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