Since 2008, banks have been reluctant to develop associations with industries traditionally considered “High Risk”. Transportation companies, a pivotal industry in the growth of the country, ranks high in this classification by the commercial banking sector. Owners of trucking companies require a lender who understands their business and provides fast cash for freight carriers. Invoice factoring is the ideal solution for converting your accounts receivables into immediate working capital.
Obtaining the Necessary Cash Flow
Trucking companies move and deliver millions of dollars in product all over the country. Despite this being a vital service, hardworking business owners struggle to find viable ways of obtaining the necessary cash flow to run their operations.
2015 will certainly bring the opportunity to embark on new projects and new business. Owners of trucking companies all over the country aspire to find the perfect financing solution that allows convenient access to working capital and make these opportunities a reality.
Trucking Companies Require Flexible Financial Services
Understandably, the nature of the trucking industry is a challenge for most traditional financial institutions. The peculiarities of the industry require flexible financing programs and products that address the day-to-day operational requirements of freight carriers. Cash flow is king, and as such comprehensive accounts receivable financing and administration requires early planning and expedient implementation.
Qualification for Invoice Factoring is Easy
Let’s discuss factoring. Simply put, invoice factoring is the practice of selling accounts receivables at a discount in exchange for immediate cash, usually within 24 hours of submitting an invoice. Qualification for invoice factoring is easy. Accounts receivable factoring companies that specialize in the transportation industry offer invoice factoring to trucking companies provided they are doing business with creditworthy customers.
Choosing the Right Factoring Company
There are numerous factoring companies available to you, but not all are suited for your specific needs. When choosing a factoring company for your trucking business, look for one who specializes in the trucking industry. The following are specific funding options that are favored by freight carriers:
Invoice Factoring (also known as freight factoring)
- Flat Fee Factoring: a low cost, easy to calculate funding option
- Factoring Line of Credit: the most flexibility and best value for larger fleets
- Flex Factoring: the ideal funding option for trucking companies with quick paying customers
Cash Savings & Convenience
- Cash B4 Delivery: get up to 50% of the value of your load before it is delivered
- Discount Fuel Cards: significant discounts on fuel at major truck stops across the USA & Canada
- Currency Exchange: higher currency exchange rates for trucking companies
- Equipment Financing: Leverage the value of your rolling equipment, a fast influx of cash to your business.
Accutrac Capital Ensures a Positive Customer Experience
Accutrac Capital is a leading financial service provider to the transportation industry. Accutrac Capital ensures a positive customer experience by taking a personal approach to addressing the financial objectives of your trucking company. A dedicated Account Manager works with your company to guide them through the day to day process so funds are received on time, as expected.
Accutrac Capital’s experienced staff provides professional advice and industry knowledge to help mitigate customer’s credit risk. Free credit reports are available.
In order to maximize transparency and facilitate the monitoring of accounts, Accutrac Capital offers a state-of-the-art online service. Customers can monitor accounts 24/7, submit documents and reconcile accounts receivables as needed.
Assuring Reliable Access to Funds
Trucking companies may survive a “Cash-Flow Crunch”, but long term planning is required to ensure continued sustainability. The answer to this challenge, is a well-crafted plan of action that will inevitably include reliable access to funds, risk mitigation, cost saving programs and full transparency to ensure a controlled accounts receivable management.