As 2018 rolls into 2019, the American trucking industry can expect the current ‘bullish’ market to remain favorable, according to recent reports. As Amazon continues to grow its operations (having acquired both WholeFoods and PillPack in the last few years), the need for more trucks on the road will continue to rise.
The US economy is currently able to absorb capacity faster than the trucking industry can add trucks and the drivers to pilot them — thanks in large part to an increase in online sales through vendors like Amazon and others. The real U.S. GDP expanded 4.2 percent in the 2ndquarter and another 3.8 percent in the 3rd, according to a Federal Reserve Bank of Atlanta report, which promises continued growth into the new year.
Of course, anyone who actually owns a trucking company will tell you that while there are more contracts available, this doesn’t necessarily mean that the money is piling up. This is because owners need to cover so many up-front costs themselves (from payroll to fuel to fleet maintenance), sometimes the costs associated with running a trucking company (even in bullish conditions) outstrip the available cash on hand.
This is why freight factoring is employed by so many trucking companies as a steady, regular part of their financing strategy. Truck factoring gives trucking company owners the ability to obtain immediate cash and accounts receivable services in order to help them operate, maintain, and build their businesses, capitalizing on invoices that would otherwise remain unpaid for 30 to 90 days.
It’s common knowledge that entering into a lending agreement with a commercial bank or an online lender often comes with a series of difficult obstacles and pitfalls, whereas freight factoring from a reliable provider allows businesses to maintain cash flow without incurring any additional debt.
Simply put, freight factoring is a financing partnership that allows trucking company owners to sell unpaid invoices at a discount to a factoring company — such as Accutrac Capital — in exchange for immediate funding when they need it most. This type of arrangement is an effective alternative to simply waiting for slow-paying customers to finally pay on their invoices.
Essentially, the factoring company advances you the value of the invoice, minus a small factoring fee, and then collects on the original invoice on your behalf. When you partner with a factoring company that specializes in the trucking industry, you can rest assured that the factoring plans have been custom-tailored for businesses of your precise size and scope.
Accutrac Capital, mentioned above, offers several flexible plans to help trucking companies maintain positive cash flow. Flat fee factoring is one example that begins as low as 1.59% per day. Flex factoring is available as an option for carriers with faster paying customs, coming in at a rate starting at 0.49% per day. Finally, a factoring line of credit is perfect for larger fleets and begins at 0.022% per day.
The qualification requirements of freight factoring are also simple, so long as your business:
Is a carrier or freight broker
Works with credit-worthy commercial clients
Maintains up to date documentation, licenses and authorities
Generates lien-free freight bills
Be sure to look for only an experienced freight factoring partner — one that provides dedicated customer service as well as free credit checks to mitigate risk and accounts receivable management services in the form of collections on your behalf.
Whether you have an established fleet or are just getting started in the trucking industry, if you’re looking to take advantage of the economic uptick by turning overdue invoices into an immediate resource, you should learn more about freight factoring from a reliable factor immediately.
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