Most trucking companies borrow money against their accounts receivable (A/R) so they don't have to wait 30-90 days to get their invoice paid. This is how it works:
1. Submit your bill of lading after you deliver your load, this can be "scanned" with your smartphone or traditional scanner.
2. We send you up to 90% of the invoiced amount within 24 hours and hold back a reserve until we collect payment from your customer.
3. Once we collect, we pay you the remaining amount less our fee for the service which is usually 1%-3% depending on the length of time it took to collect payment.
Most trucking companies participate in some form of A/R financing often referred to as "factoring". This money is essential to keep enough cash on hand to pay drivers, fuel, and repairs. Nobody likes waiting for their money.
Here are some details about our factoring program:
-Most Important: WE DON'T GET BEAT ON RATES! In 2015 I haven't seen a factoring company that offers lower rates than us. Want to see? Send us your existing contract and we will beat. Who doesn't love to save money?
-We give you a fuel card. This can save you up to $.06/gallon off the cash price at select fuel stations, including Flying J.
-It is usually 24yrs to get paid on your invoices.
-This program only services the transportation industry, we are experts in over the road trucking.
If you aren't factoring, you may be able to grease the wheels on your daily operations. If you are factoring, we can likely save you some money. Contact us today to apply.