There is no doubt that COVID-19 had a tremendous impact on every industry in the United States. Unlike other sectors, the trucking industry cannot shift to remote operations. Manufacturers still need deliveries of raw materials. Supply chains for medical equipment have ramped up, and every industry is relying on truckers to keep our businesses and our economy moving. To ensure there are no hold-ups and to weather this storm, trucking companies need fast access to revenue.
Making Up Lost Time
Trucking companies are currently experiencing gaps in revenue from shipments made a month or longer before the COVID-19 outbreak was in full swing in the United States. As businesses tighten hours of operation, those gaps in payments can place a severe strain on cash flow for trucking companies. In order to get fast access to revenue from unpaid receivables, trucking companies and owner-operators alike are turning to factoring services. Factoring services take outstanding invoices and convert them to cash so trucking companies can get caught up-to-date on revenue. Factoring eliminates gaps in cash flow so fleets can cover overhead, make payroll, keep the fuel tanks topped off, and build up capital to meet the challenges ahead. By factoring receivables, trucking companies can avoid taking on unnecessary debt and preserve their credit ratings while creating a reusable source of working capital.
Beyond Catching Up on Revenue
Factoring is used by trucking companies of all sizes. Even owner-operators who don’t want to wait a month or longer to receive payments for their work can use freight factoring. While freight factoring allows trucking companies to get fast access to revenue from older receivables, it can also be used as a means of future-proofing cash flow. Trucking companies can use factoring as shipments are delivered to get access to revenue within 24 hours of submitting invoices.
Express Freight Finance is a national leader in factoring services for the trucking industry. We have even expanded our operating hours to accommodate trucking companies in every time zone in the US. Our new hours are:
Mon-Fri: 8 am to 8 pm (Mountain Time)
Sat & Sun: 8 am to 5 pm (Mountain Time)
Contact Express Freight Finance today to get access to revenue that’s locked up in your unpaid receivables.