How to Choose a Freight Factoring Company
Trucking is a competitive industry, and to be successful, you need the right financing. Invoice factoring is one of the best ways to receive consistent and predictable cash flow for your freight business. Factoring can provide immediate funding based on your current accounts receivable balance; this allows you to focus on what matters most – getting orders out and driving trucks! If you are looking for financial assistance with growing your company, contact us today. At Outsource Financial Services, we offer free quotes and work hard at finding solutions tailored specifically towards small businesses like yours!
Factoring Helps Small Freight Businesses Like Yours!
Lack of Credit
Thousands of new trucking companies are formed every year throughout the nation. They are granted motor carrier operating authority and sent off into a highly competitive and complex industry. Too often, it can be challenging for new and small trucking businesses to qualify for traditional financing from a bank due to their lack of credit or assets. Freight factoring is a widely used alternative that allows businesses to manage their cash flow without accumulating crippling debt through other means.
Not Enough Time Spent on Money Making Tasks
Finding quality customers and managing loads can be incredibly time-consuming. If you are spending too much time on financing rather than sales and marketing, it could severely hamper the growth of your business. Additionally, the trucking industry has unpredictable payable terms – meaning high upfront expenses such as fuel and maintenance when there is no guarantee that a customer will pay to cover these costs down the line. Your business cannot afford to wait for a customer to make full payment to continue operating. Avoid these common mistakes and jump ahead of your competition by leveraging invoice factoring.
Why Work With Outsource Financial Services?
Freight factoring is a fantastic cash flow solution for all sizes and types of trucking companies. At Outsource Financial Services, we have serviced clients working in all facets of the transportation industry, such as hazmat, over the road, last mile, and everything in between. At OFS, we want you to work the loads that are best for your lifestyle and schedule, which is why we never require minimums for how much you need to factor with us. If a lapse in work occurs for any reason or if the rates for a particular sector of the market collapse, OFS will actively work with you to find the best course of action to get you back behind the wheel in the most profitable or preferable situation.