*Article contributed by Sarah Williams.
Having a steady cash flow is crucial in the growth of any business. The same principle applies to the trucking and transportation industry. Aside from the constant stream of clients and bookings, having enough funds to pay all operational expenses is always preferred. Ideal as it may sound, this is not always true in the trucking industry.
You may have regular clients and bookings, but these clients usually pay between 30 to 90 days. It is where freight factoring comes in handy. While waiting for your clients to pay, you can continue your operations and get as many wheels rolling with the funding from factoring firms. All you have to do is apply for a cash advance, assign your unpaid invoices, and wait for the factoring firm’s approval. You can get your money on the same day, too.
With the number of factoring firms increasing, it is fitting to find one that will serve as your reliable business partner. Since services and terms vary, it is crucial to spend time studying your prospective partners before selecting one. So, how do you start choosing?[Read more…]