Does Your Factoring Company Understand Trucking?
One of the first steps when looking for a factoring company, and possibly one of the most important, is to find a factor that specializes in your industry. The unique and highly demanding nature of the trucking industry requires factoring companies to have experienced and knowledgeable staff to navigate potential issues and offer assistance when times get rough. It is important to choose a factoring company that understands the trucking industry without the client having to explain their business. The best freight factoring companies go one step further by providing additional resources such as helpful blog articles with information to assist your efforts as a business owner. Identifying metrics, such as key performance indicators, to monitor progress towards your strategic goals is just one such example.
Look for:a factoring company that specializes in trucking.
A good factoring company should improve collections while decreasing their clients overhead costs. Ongoing credit analysis of customers, reporting and cost effective accounts receivable management are just a few of the advantages that a trucking industry specific factoring company offers.
Not only will they have the resources to best meet their client’s needs, specialized transportation factoring companies will provide a selection of specific services designed for carriers. The best freight factoring companies will offer, not only specialized factoring services, but further value added services to increase cost savings. A robust Fuel Discount program is the ideal supplementary service offered by a few industry experienced factoring companies (see page xx for more information). If the factoring company you are researching does not provide value added services, perhaps it’s time to investigate further options.
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