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A quality professional freight logistics factoring company industry offers customized financing plans suitable for all types and sizes of trucking, rail and aircraft freight transport. In some parts of the world, freight delivery vehicles include commercial ships and smaller boats for partial or entire freight logistics routes. However, the vast majority of factors in the US—both domestic and international—provide financing to trucking, rail and aircraft freight transport companies.
The best freight factoring agents employ officers, managers and staff members with excellent knowledge and experience in the industry. These expert factors fully appreciate and understand the seasonal highs and lows in both business activity and working capital flow that freight logistics companies must encounter and overcome. Most importantly, these highly skilled factors are prepared to work closely with each individual freight transport enterprise to enhance and assure their continual business operations and success.
In what specific ways can freight factoring aid a freight transport company?
The steady supply of cash flow that factoring provides to freight logistics companies has greatly assisted myriad trucking, rail and aircraft freight transport businesses in achieving their business goals, profits and continued success. Modern professional factoring services are very economical and efficient for freight transporters. Aside from ensuring each transporter the receipt of a steady stream of working capital, the majority of these factors also offer such back office features as billing services, customer credit evaluations and collections processing. When the factor takes over operations of these business functions, it enables the freight logistics company to concentrate on the strategic planning, loading and transporting of freight deliveries.
The majority of freight transport factors recommend invoice factoring for their clients. In the process of invoice factoring, the freight transport company forwards an outstanding invoice to the factor. The factor then issues most of the invoice balance due figure to the transport company as working capital, retaining a small percentage as a reserve amount. Payment is then made by the invoice customer to the factor, and the factor sends the freight transporter the amount in the reserve account after deducting a small service fee.
Invoice factoring can be of great benefit to companies in the freight logistics industry. Each individual company must seek the factor most suitable for meeting its financing needs. Once a company locates the right factor and engages factoring services, the following tips can enhance the working relationship:
The highest quality factors for companies in today's busy freight logistics industry offer numerous varied professional services along with the knowledge and expertise to greatly enhance their clients' business expansion, profits and continued success.
The process of applying for an accounts receivable advance is fast and simple. Our application is just two pages and we require minimal supporting documentation. We are different than a bank because we don't actually borrow money. Your company's accounts receivable invoices are all the collateral you need to guarantee access to immediate working capital. You can apply for the full face value of the unpaid invoice or any portion of it. We do not enforce invoice minimums or monthly receivables minimums. When you are applying for a freight factoring for the first time, we ask you to submit the following:
That is all there is to it. After we have confirmed your business credentials and the credit worthiness of your customer, you will have the cash in hand within a week. We hope this provides reassurance that your trucking company will be able to meet the new industry standards with ease.