The Best Freight Factoring Company: Keeping Your Company Afloat And Running

Seeking help from the ideal freight factoring company is one of the best ways you

have to deliver and provide services without ever worrying how will you meet the cost of operations. A lot of trucking and freight companies worry on how to cash in their services, knowing that clients do not pay immediately. Usually, freight bills are paid 30 to 60 days after service is accomplished , which is a huge challenge to companies, especially those who are new in the business, not to mention the expenses they need to meet like supplies, repairs, rent, and drivers.

Knowing the Best Freight Factoring Company

One of the best solutions trucking and transportation companies have to obtain payments in a faster way is to negotiate with clients. However, this does not come easily since a lot of businessmen ignore these requests and do settle their obligations until 60 days later. Another option you have is to get a bank loan. But, this can be challenging since banks do not always offer loans to businesses that do not meet their requirements, such as two years of profitability and strong balance sheets. This is where freight factoring comes in, being the best solution to financing a transportation company.

Benefits of Getting Help from a Freight Factoring Company

Freight factorings provides transportation companies as much as 90 percent advance (sometimes even higher), providing freight businesses with the cash they need to meet their expenses, including fees for drivers, rent, fuel, repairs, and other operation expenses. The remaining 10 percent is paid later after client pays the bill.

Some of the best freight factoring companies enjoy the benefits of factoring their bills, as oppose to getting a business loan. Freight factoring is easier to obtain and quick and easy to set up in a few days. Another advantage of freight factoring is that it has no limit compared to getting loans. It is works well for business sales and growth and the companys line of financing is directly based on its capacity to grow. Only few banks provide factoring assistance that is why if you want to get this type of service, make sure you see a factoring company. You can tap the help of some of the top freight factoring companies if you yearn for this form of financing.

Monthly rates differ, depending on the customers credit rating and the amount of financing needed. Monthly rates are set on an average1.5 percent rate, for a high volume account and 3.5 percent for smaller accounts. If own a transportation company and you want it to grow, the best help that you can tap is that from a top freight factoring company .

by: Sheryl Lopez

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