The trucking industry has been around for a long time, and there are still processes and operations which have changed very little. One of the most important aspects of the industry, trucking invoices, is still being handled the traditional way by both independent drivers and fleet owners, alike.
If It Ain’t Broke, Don’t Fix It
Waiting for payments from customers on trucking invoices is how business has always been done. A customer has a shipment that needs to be delivered. A driver delivers the shipment and the company or person at the end of the route confirms delivery. After that, the customer has a window of time in which to pay the invoice in full, or else risk being moved to collection services. This is a sound method, and it has worked up to this point, so why fix it?
But What If It Could Be Better?
While handling trucking invoices the old fashioned way may work fine for some, others would like to get paid faster, Waiting on customers for 30 days or longer can place a strain on business finances. After all, these invoices are paying for overhead, fuel, employees, equipment, and more. Not having to dip into business savings or needing to take out loans to cover logistics can mean the difference between success and having operations grind to a halt.
Handling Trucking Invoices More Efficiently
Freight factoring provides a method for handling trucking invoices more efficiently, so truckers and fleet owners get paid quickly. Freight factoring converts trucking invoices to revenue within 24 hours. In fact, freight factoring eliminates the need for collection services, and even those “friendly reminder” messages to customers for payments. Factoring services provide a constant and healthy cash flow without needing to take out those high interest short-term loans to alleviate the strain on finances. With quick and efficient turnaround, drivers and fleet owners will be able to cover basic overhead, plus position themselves for growth and improvements.
Learn More About Freight Factoring Today
If you want to jump start your receivables and get revenue faster, contact the team at Express Freight Finance. We have decades of experience in the trucking industry, and we are a leader in working capital solutions for independent drivers and fleet owners. To learn more about our programs for trucking invoices, call our offices today.