Guest Post by: TCI Business Capital
Freight factoring, also known as invoice factoring, is a common cash-flow solution trucking companies use to maintain and grow their operations.
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Invoice factoring works by selling your invoices to a factoring company in exchange for immediate payment. The factoring company advances you around 80-95 percent of the invoice amount. Once payment is received from the customer, the remaining balance is remitted to you minus a fee for the services.
1.Eliminates Cash-Flow Gap:
Many trucking companies wait 30, 60 or even 90 days for customer payment. This causes a cash-flow gap which makes it challenging to keep your business running. Freight factoring eliminates this gap by paying you the day you’re ready to invoice.
2. Quick Cash:
When companies need quick cash in order to continue to run their business smoothly, invoice factoring provides them with the quick cash they need.
Unlike business loans or lines of credit, the approval, setup and funding process is quick and streamlined.
TCI Business Capital offers 15 minute approvals, quick setup and same-day funding for trucking companies across North America.
LEARN 12 SECRET STEPS HOW TO MAKE $950 MORE PER TRUCK / MONTH
Hey! I'm George J.Magoci and I will send you a FREE eBook where you can learn 12 secret steps how to make $950 more truck/month.
3. Fuel Cards:
Many factoring companies offer trucking companies a fuel card program. These help you save money on one of your biggest expenses and makes it easier to fuel your trucks as the money from your receivables is deposited directly into your fuel card.
4. No Debt:
Unlike loans and lines of credit, freight factoring does not create debt on your balance sheet.
5.Growth:
Many factoring companies design their programs so trucking companies have the ability to grow.
For example, TCI Business Capital has custom programs ranging from $10,000 up to $20 million a month. The more contracts you accept and the more loads you haul, the more cash they’ll provide.
6. Not Dependent on Your Credit:
Companies that are unable to obtain funding from a bank because of credit can still get cash with freight factoring as it is not dependent on your credit.
7. Back-Office Support:
The best factoring companies offer other services to their clients at no extra charge. This allows you to focus on your business while your factoring company handles your accounts receivables.
TCI Business Capital offers several other services at no extra charge.
– Dedicated relationship manager
– Credit analysis and risk assessment
– Professional collector
– Online customer reporting
– Fuel card program
LEARN 12 SECRET STEPS HOW TO MAKE $950 MORE PER TRUCK / MONTH
Hey! I'm George J.Magoci and I will send you a FREE eBook where you can learn 12 secret steps how to make $950 more truck/month.
About TCI Business Capital
Since 1994, TCI Business Capital has provided cash-flow solutions to trucking companies across the United State and Canada. Our invoice factoring programs have provided trucking companies with the cash they need to fuel their trucks, pay their drivers and grow their fleets. Learn more by visiting tcicapital.com or call 800-707-4845.
