Truck Factoring for Owner Operators
If you’re looking for a method of getting paid faster and more efficiently than the typical invoice structure that takes 30 to 90 days to settle, truck factoring may be the solution for you. You can get access to the money that is already due to you, just much faster. If you need cash right away, you don’t have to worry about taking out a loan or charging up your credit cards. You just need to find a factoring company that is able to purchase your accounts receivable. The factoring company will deal with collecting the payment from your customer, and you simply can focus on your business. This type of funding can give you quick money for fuel, can help you fuel the business for faster growth and can grow your organization to higher levels than the competition.
Money for Fuel
One of the biggest expenses for owner-operators of a trucking business is the cost of fuel. As oil prices fluctuate from season to season, you can never get comfortable in knowing what to expect when it comes to gas or diesel costs. If there is a sudden increase in the price of filling up the tank, truck factoring can be a way to help cover the costs without taking out a traditional loan. You can get this vital cost of business taken care of by signing off on your customer’s accounts that have yet to be paid. Let your lender continue to wait for accounts to be settled, while your vehicles continue to deliver orders.
Fuel for Growth
As an owner and an operator, you may have started out small, or even on your own with a sole truck. When you start taking more orders and planning more routes, you may find that you need more resources, more trucks and more employees in order to achieve the level of success that you know is right for your transport business. Truck factoring gives you a way to slowly grow without having to search for growth capital fund sources. Instead, your business can continue to fund itself.
Grow Against the Competition
If you are looking to expand your trucking operation, funding sources like factoring can help your fleet stand out against the competition. When you’re throwing all of your financial resources into the function of your company, it can perform better than all of the rest.
Tractor-trailer owner operators can use truck factoring to help make their entrepreneurship’s operations run smoothly. This cash flow solution gives owners and operators more money for fuel, growth and ideal market share.