Truck factoring is a great option for business owners looking to ensure continued company growth. If you’ve had trouble with having enough working capital or getting employees paid on time, then you should definitely look into heavy duty tractor and trailers factoring.
Read on to learn how truck factoring can help your business grow.
Benefits of Heavy Duty Tractor and Trailers Factoring
However, they include more than just the typical farm tractor, and can also look like this:
These trucks can have flatbed trailers, dry van trailers, and even refrigerated trailers. Trailer length typically varies from 45′ to 53′ and width ranges from 96 to 102 inches. Usually made from steel, aluminum, or steel and aluminum combinations, heavy duty tractor and trailers have different suspension and axle settings to accommodate different tasks and satisfy state laws.
They’re used for a variety of reasons, including hauling:
- building materials
- flowers and plants
- medicine and health products
- flat, coiled, and channel steel
- home goods
- refrigerated or frozen food
How Truck Factoring Works
Truck factoring, especially in the case of heavy duty tractor and trailers factoring, ensures your company has the proper capital to cover overhead costs, pay employees and contractors, and get the materials your business needs to succeed.
Benefit #1: Everyone Gets Paid on Time
It’s a frustrating situation – for everyone involved.
Jim’s been on the road for hours and even delivered the load a bit early. Glad to be done, he calls his supervisor to report delivery.
The supervisor pauses for a moment, which makes Jim nervous. Then he says, “Jim, you’re doing a great job… But I simply can’t pay you for another day or two.”
Jim’s heart sinks. He’s heard this before.
A few days turns into a week, which turns into 2 weeks, which turns into a month.
Nobody wants to be in this situation. Jim especially, but also his supervisor doesn’t want late payments. He values his employees and wants to pay them on time and keep them happy and motivated.
But there’s a solution here to both sides of the issue: truck factoring.
Sell your invoice to a factoring company, then you’ll have cash ready to use within 48 hours. Then we’ll collect the payment and give you the remainder minus a small fee.
With truck factoring, late payments is a thing of the past. No longer will your hard-working team have to wait 45-80 days to get paid. No longer will you lose frustrated employees due to numerous late payments.
Instead, you can keep everyone happy with on-time payments.
After you’ve delivered your load, the freight factoring company will pay up to 80% of what a company owes you. A company pays the factory company, who then gives you the difference for a small fee.
Make late payments a thing of the past.
Ever dealt with a company who keeps putting off payment? No one likes to make that uncomfortable call. With a freight factoring company, you won’t have to.
Not only will they collect payments, but they’ll also be able to see which companies are credit worthy enough to work with and will handle all calls on payments.
Factoring frees up more time for you to focus on delivering quality business that the companies you work with expect.
Benefit #2: You Don’t Have to Wait to Grow Your Business
With heavy duty tractor and trailers factoring, you’ll have cash instantly ready to use within 24-48 hours. You can literally have cash in your hand within 2 days for your business.
A steady flow of capital is key to keeping your business running and growing.
You can fund your payroll without waiting.
You can get the money you need for essential business items.
And you can keep on growing your business – without any interruptions.
Best of all, pre-approval is fast and easy, and bad credit is not a problem.
Benefit #3: Bad Credit Won’t Hold You Back
Maybe you’ve tried to get a business loan with bad credit and it didn’t go well. Whatever the case, First Capital can help you get the capital you need, no matter how bad your credit score is.
First things first, though – take a look at your credit score with an app like Credit Karma. When you use Credit Karma, you can check your credit score 24/7, 365, and it won’t hurt your credit score.
Once you know your score, contact First Capital Business Finance at 888-939-1036. Our experts can give you more information on your options and how to make truck factoring work for you and your business. Yes, even if your credit score sucks, we can help you!
And we’ll help you without all the crazy penalties, insanely high interest rates, and fees a bank would give you.
Get Truck Factoring with First Capital Business Finance Today!
Give us a call today at 888-939-1036. Our experts can walk you through your options, give you more information, and help you get approved the same day. What are you waiting for? Contact us today.
Heavy Duty Tractor & Trailers Factoring | First Capital Business Finance