From California to Texas, to Florida, up to New York and back again. As long-haul carriers, your drivers are on the road for days on end. Getting the paperwork in so you can invoice can be a challenge. But, without an invoice, there is no cash flow.
Factoring to create ready cash flow: Many long-haul carriers and US trucking companies rely on factoring their freight bills to speed up cash flow. Instead of waiting the 30, 60 or 90 days to be paid by a customer, they sell their freight bills and trucking invoices to a factoring company at a discount in exchange for immediate cash. Still, the problem remainsÉhow do you get the long-haul driver's paperwork to the factoring company so an invoice can be created when he's on the road?
Trucking experts who accept electronic submission
Many US factoring companies still require original documents in-hand to be able to approve a factoring transaction. The headache and hassle of trying to get paper documents to a factoring company when your long haul driver is on the road can put the brakes on your trucking company's cash flow.
Consider this example: A driver taking a shipment from California across the border into Toronto, Canada, stopping at several points enroute, may take 5 or more days to return to your terminal and submit his trip package. Invoicing can take another day or more. Only then can the Ôpaper originals-required' factoring companies begin the funding process.
The solution? Work with a factoring company that:
- Accepts electronic submission of paperwork
- Understands the long-haul trucking world and then builds their processes to solve your challenges
Trucking experts, like Accutrac Capital, build their factoring products and processes specifically for the trucking and transportation industry. That includes:
- No originals required' electronic submission: Using services like TRANSFLO Express and TripPak SERVICES, paperwork can be submitted instantaneously to the factoring company for same-day processing. If your drivers aren't as tech-savvy, email or fax are acceptable as well.
- Products designed for the trucking industry: It's as simple as drop a loadÉelectronically submit paperworkÉget paid through electronic funds transfer. Factoring companies who truly understand the trucking industry create their products to complement your business. That includes simplified flat fee factoring, no long term contract commitments, load advances and fuel cards.
For more information about factoring with electronic submission of paperwork to speed up cash flow for your trucking company, visit www.accutraccapital.com.