Whatever the size or credit score of your trucking company, it is often difficult to maintain positive cash flow and keep your AR management running smoothly. Any trucking owner will tell you that access to working capital is the key to staying solvent. Luckily, there are flexible financing options to help trucking companies of any size control their costs while gaining access to convenient funding, without the challenges involved in traditional bank loans. Freight factoring is one such option that remains popular among carriers of all sizes and scope. Because freight factoring is not a loan, you can turn freight bills into immediate cash without accruing new debt from a financial institution. Top US freight factoring companies offer funding …show more content…
If the company is not upfront with its pricing plans and fees, it is likely to their advantage and not to yours. Beware also of any hidden fees that might not immediately present themselves. When you choose your factoring partner keep the above in mind. As no two carriers are the same, also be sure to find a factoring company that specializes in trucking and who has multiple plans on offer. Accutrac Capital, a reliable factoring company providing nationwide service, offers several transparent plans. Consider flat fee factoring, allowing a carrier to secure funds from 1.59% of the value of the invoice. You might also consider flex factoring, designed for invoices that usually turn around within 10 days and offer a generous 0.49% fee. For larger operations, a factoring line of credit is often preferred, at a cost of as little as 0.022% per