The Best Freight Factoring Company: Saving Your Company From Financial Ruin
The best freight factoring company offers is one of the most effective way to keep
your business running without worrying how are you going to meet the cost of operations. Transportation company owners are usually worried with one problem: clients pay their bills late. Usually, they settle the bills 30 to 60 days after the service is accomplished, which stresses companies, especially those that are new and growing, not to mention the expenses they need to meet like supplies, repairs, rent, and drivers.About the Best Freight Factoring Company
One of the alternatives available for trucking and transportation companies to get fast cash is to negotiate with their clients, but this does not come easily most businessmen opt to settle their bills 60 days later. Another alternative is to get a loan from a bank. This can be challenging however because banks do not usually offer loans to businesses that cannot meet their criteria, like two years of profitability and strong balance sheets. This is where freight factoring comes in as the best solution to financing a transportation company.
Benefits of Getting Help from a Freight Factoring Company
Freight factoring provides freight and trucking companies as much as 90 percent advance (sometimes higher) on freight bills after receiving the application. This allows them to have the ready cash under disposal to meet their expenses including fees for drivers, rent, fuel, repairs, and other operation expenses. The remaining 10 percent serves as a minimal fee that paid in advance after the client pays the bill.
A lot of freight companies get the benefits of factoring their bills, compared to getting a business loan. Freight factoring is easier and faster to obtain and it has no limit compared to acquiring loans. It is directly linked to a business sales and growth.
Cost of factoring financing
Freight factoring is fairly competitive. Monthly rates vary and are usually based on the credit rating of the clients and the amount of financing needed. Usually, monthly rates average 1.5 percent for a high volume account and 3.5 percent for a smaller account. If you have a transportation company and you want it to grow, perhaps the best help that you can have is that from a top freight factoring company.
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