Having access to fast cash can be incredibly beneficial for trucking companies, especially if you’re looking to quickly grow and expand your business. But how do you decide which factoring company is right for you and your business, and how do you avoid the ones that won’t meet your needs? Continue reading for tips on choosing a factoring service for your trucking company.
Access
Having easy access to your funding source is incredibly helpful, especially when your business is based on the road. Online access to your account 24/7 makes it simpler for you to stay on top of things, but you also need a personal touch. You should have a dedicated account manager for when there are hiccups or questions. Business changes quickly and your needs can change just as fast, so it’s important to know who to contact.
Having access to fuel cards, credit checks or collection agencies as needed can also be a big benefit. Don’t shortchange the perks that can come with a factoring company. The day-to-day benefits can be a big plus. They can also be helpful when you’re looking to shift your business up a gear or you’re looking for ways to expand such as adding another truck or driver.
Speed
One of the major draws of factoring is the quick cash, so look for companies that are able to make money available within 24 hours or less. Because copy bills are so much easier and faster to provide, you should try and find a factoring company that accepts faxes and scans of your documents. If your factoring company only funds on original bills your funding will be typically more expensive, slower, and more difficult to obtain. That can slow down the entire process and limit the benefit of having a factoring company in the first place. Since it’s important to keep moving, you should also see if you can receive fuel advances. You’ll be able to get back on the road more swiftly and pick-and-choose loads more readily if you have a fuel advance handy.
Ease
Minimum volume requirements shouldn’t be necessary. It’s also recommended that you look for flexible contracts that can be managed month-to-month rather than being forced into a year-long contract. Finding trucking factoring companies in Kennesaw, GA, that allow you to choose what to submit and how long you want to continue using their services is definitely the way to go if you want ease and adaptability.