It’s a lot of work to run any small business, and small trucking companies are no exception. Effectively running a company in the freight industry is nuanced. Outsourcing certain tasks can help free up time and energy for growth, adding stability and steady cash flow in an industry where neither is easy to come by. The best way to meet these goals for small trucking companies is finding a partnership with a freight factoring company. A freight factoring partnership stands out from the rest as exceptionally helpful for small trucking companies to be able to meet their goals.While cash flow is the main functionality factoring companies provide, there are many other services that can be significant in making the difference in managing business operations.Because many freight factoring companies offer services that go well beyond simple freight factoring, they have the power to help small trucking companies keep cash flowing and manage other operations more efficiently. Here, you’ll find some of the services freight factoring companies might offer and how they can help your business thrive. Express Freight Finance’s services encompass all of these and more as they go the extra mile for your business.
Freight Factoring Company Services that Benefit Small Trucking Operations
Credit Checks: Mitigate Risk, Secure Profitability
One important service that factoring companies take on for their customers is credit checks for the trucking company’s potential customers. This service allows trucking companies to make informed decisions about extending credit to customers. By offering credit to customers with solid payment histories and good credit, trucking companies can cut down the risk and ensure they’re earning what they should for each load.
Collections: Streamlined and Efficient
The least glamorous part of the job: collections. Nobody wants to hound a customer about money that is owed. It also takes up time and it can be ridiculously frustrating. When you opt to use a freight factoring company, those collections are no longer your problem. Your factoring company takes responsibility for managing collections, giving your time and peace of mind back. Factoring companies have expertise and infrastructure in place to handle them efficiently and effectively so small trucking companies can focus on core competencies.
Dispute Resolution: Protect Your Interests
In business, disputes are bound to happen. Despite the inevitability, they can be pretty awful (and potentially expensive) to deal with. When you use a freight factoring company, they serve as your advocate in disputes, using their expertise and resources to ensure you get the best outcome possible, minimize financial losses, and maintain your reputation and your business’s bottom line.
Fuel Cards: Save Cash on Unavoidable Expenses
Fuel can make up a large portion of a small trucking company’s expenses, but fuel cards can help allay some of those costs. Fuel cards are one of the most helpful services freight factoring services offer and one that many small trucking companies might not even think of when they think of freight factoring. Joining a freight factoring company’s fuel card program can help you save money on fuel as well as other services. Express Freight Finance’s fuel card holders can expect savings of $0.28 per gallon or more. Get in touch with our sales team at 877.697.0605.
Insurance: Discounts on Comprehensive Protection
Freight factoring companies often partner with other key players in the trucking industry to provide their customers with additional benefits and discounts including insurance providers. Insurance is another one of those inevitable expenses, so finding cost savings on insurance coverage can help keep overhead down and bring profits up. These savings on the coverage you need to keep your business protected are just another perk of using a reliable freight factoring company.
Equipment Leasing: Grow or Update Your Fleet
Whether you’re looking to expand your business by adding more equipment to your fleet or you’re looking to replace old equipment, a freight factoring company may be able to help. For more information on Express Freight Finance’s Equipment Leasing program, contact our sales team at sales@expressfreightfinance.com or check out the leasing page on our website.
Tech Solutions: Drive Efficiency and Growth
In the modern freight industry, technology helps trucking companies gain a competitive edge over their competitors and build smarter, stronger business strategies. To help their customers succeed, freight factoring companies offer access to or partner with cutting-edge technology providers or even develop their own tech to help them do just that. For example, Express Freight Finance offers access to load boards, TMS systems, and their proprietary MarketFIT tool that helps trucking companies find the right lanes and the right loads for their business.Call us today at 877.697.0605 to find out more about MarketFIT and how it can give you the edge you need!
In Conclusion
By partnering with a reputable freight factoring company that has its customers’ best interests in mind, small trucking companies can gain access to services they may not expect. These services can help them streamline their operations and save money on unnecessary costs, which in turn help grow their business and become more profitable.
