Cash flow problems can ultimately bring your trucking business to a halt. Freight factoring can keep your business moving by bringing in cash flow without any debt.
You might have heard about freight factoring at trade shows or from other industry friends. It can go by a number of names, like truck factoring, accounts receivable financing, invoice factoring, or transportation factoring. No matter what you call it, the purpose of freight factoring is to get you paid when the job is done.
What is Freight Factoring?
Factoring companies, like us at Corefund Capital, purchase your company’s outstanding invoices for a small fee, so you don’t have to wait the 30-90 days (whatever your payment terms might be) to get paid.
With your working capital in your hands when you need it, you can take care of business expenses without worry. If you’re handling day-to-day expenses well but are hitting a wall when it comes to growth, factoring can allow you to do things such as buy trucks, take on more loads, and hire additional drivers.
What to Look for with a Factoring Company
Your factoring company will be dealing with your money, so the first thing you want to look for is a team you can trust. At CoreFund, we pride ourselves on honesty and transparency. There’s never a hidden clause, fee, or contract line item. With CoreFund, what you see is what you get.
Rates are important to look at, but so is being able to trust your factor. Not only do we offer low rates, non-recourse options, and full advance options, but we also make honesty and integrity our top priority. Our word is our bond. We do what we say we will do and then some. We are dedicated to our clients and provide loyal service so that you can focus on your business and keep your word to your clients.
Freight factoring could be the answer to your inconsistent cash flow. Contact us risk-free for more information and to find out if factoring is for you.