Staffing Light Industrial
Long Haul Trucking Company
Long haul truck drivers who handle the rigors of the road with the upmost professionalism deserve to be highly compensated. Successful long haul drivers must deal with dangerous driving conditions as well as being away from home for long stretches of time. They also need considerable skill to safely drive a commercial truck all the way across the country. As the owner of a long haul trucking company, you probably want nothing more than to provide the best salary and benefits package in the industry. That may not be possible when you don't have consistent cash flow to meet payroll and your trucking company's numerous other expenses.
Cash shortages are common in the trucking industry when customers average 60 days to pay their outstanding invoices. It's just one of the things you have to deal with to keep your current customers happy and attract new ones. At 1st Commercial Credit, we understand this dilemma all too well because it is one that is experienced by many of our clients. Fortunately, our factoring lines of credit for long haul trucking companies are an easy solution. We provide you with 80 to 90 percent of the value of each invoice that you submit to us for factoring. After deducting a minimal service charge, we forward the rest of your funds after your customer has remitted full payment.
Common Customer Scenarios
Every long haul trucking company has unique financing needs, but we have found many similarities among our customers. These include:
In addition to providing immediate cash flow, 1st Commercial Credit offers our trucking industry customers fuel card discounts and advances, free credit checks and initial account set-up in three to five business days.
How We Approve Factoring Lines of Credit
When your dedicated account representative has received all required documentation, he or she first verifies your company's business credentials. The next step is to determine the credit worthiness of each customer invoice that you submitted for factoring. We consider your customer's payment history with your company as well as the overall credit history. Your request will be approved after we confirm the credit strength of your customer.
Collection of Unpaid Invoices
We ask you to assign the value of your factored invoices to 1st Commercial Credit so we can recover our money when the customer pays in full. You should continue to bill your customer as you normally would except for changing the payment remittance address to ours. After we receive the full payment and deduct our service fee, we send the rest to your trucking company. The invoice balance is then set to zero. You may request an ongoing factoring line of credit using invoices from the same customer or another customer that is equally trustworthy.