The Right Type Of Financing For Your Trucking Company In the trucking and transportation industries, both of which rely on strong cash flow to stay solvent, it becomes vitally important to choose the right type of financing. To think that all financing is the same is incorrect, and choosing the wrong type of financing for your trucking business can actually be detrimental. In an industry where you need to constantly monitor rising fuel costs, the costs of employee wages, insurance, and other overhead, maintaining solid accounts receivable and keeping your cash flow in the black can sometimes be a challenge. Freight factoring offer several main advantages including the fact that you receive high initial advance as compared to other types …show more content…
Funding of this type allows you to take on more clients and more business because now you no longer have to wait 60 to 90 days for a large invoice, but instead you can receive that money upfront. Unlike banks, factoring companies prioritize customer service, and factors such as the Accutrac Capital freight factoring company specialize in trucking and work only with trucking companies — which means they understand the ins and outs of the trucking industry and the financial realities of your trucking business. Trucking factoring companies use straightforward, customer-friendly contracts, the terms of which are clear. At Accutrac, there are several plans to choose from, including Flat Fee Factoring, from 1.59% for up to 90 Days, which is a simple, easy to manage option with a one-time cost; there is also a factoring line of credit available from 0.022% per day, the flexibility of which provides maximum value and control for larger fleets; and there is also flex factoring, which is ideal for carriers with fast-paying customers, as the rate is a very low 0.49% for up to 10