How to Recognize a Trusted Freight Factoring Company
It is critically important to find a “good fit” when looking for a factoring company. Factoring is an excellent option for a trucking business, but only if they have chosen a factor that works well with both their own organization and their customers. It is essential to work with a factoring company that protects a trucking company's relationship and interacts well with their customers. Use the following check list to ensure you choose the right factoring company for a trucking business:
- Does the factoring company provide full transparency with online accounting and regular reports?
- Is the fee structure easy to understand and simple to calculate?
- Ensure there are no hidden fees or surprises.
- Ensure there are no delays in the funding process.
- Check the factoring company's website for testimonials and case studies
- Ask the factoring company for references. Speak to their existing customers (your fellow truckers) and ask about their level of satisfaction.
Superior Customer Service
- Does the factoring company provide a dedicated accounts manager?
- Is their customer support service prompt and helpful?
- Does the factoring company communicate with a client’s customers in a courteous and professional manner?
- Does the factoring company truly understand trucking…not just from a lenders perspective, but from actual hands on experience?
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