Insufficient or uneven cash flow can prevent your business from meeting its full potential and even stunt your long-term growth as a company. Trucking businesses face a number of unique challenges when trying to grow their business, including fuel costs, inventory, and more. Fortunately, your trucking business has a few resources at its disposal to keep cash flow problems at a minimum. Factoring has become a major player in cash flow management in the trucking industry, allowing trucking companies to manage their business cash flow easily and conveniently.
Build Better Credit
Few things can cause a business to fail like poor cash flow and bad business credit. Factoring allows business owners to build strong business credit by providing them with access to same-day funds to cover their expenses and pay off previous debts, and by working around potential poor credit history to provide adequate funds to get your business up and running. With sufficient funding, you’ll be able to rid your business of debt and focus on expanding your business.
Take Advantage of Flexibility
The factoring process allows for more flexibility than the average bank loan, which means your business can take better control over its operating costs. By factoring only the invoices you want, and only when you need the extra cash flow, you can decide what funds your company will use, when, and on what. Your business remains in control of your funds at all times, with no minimum or maximum requirement regarding invoice amount or frequency.
A reliable cash flow allows your business to take on bigger, better projects, knowing that your cash flow won’t be interrupted by unpaid invoices. Whether you’re interested in expanding your truck fleet, or opening up a new office, factoring can help. Not only will you be able to manage your cash flow, you’ll be able to add to it by attracting new business and creating new opportunities for your trucking company to expand. Even simple things like offering discounts and incentives becomes easier with dependable invoice factoring.
Banks typically offer a “one size fits all” solution to most of their clients. Factoring companies, however, provide personal assistance with dedicated account managers who are familiar with your company’s individual circumstances and business goals. Factoring companies can also help your trucking business by offering additional administrative assistance with collections support, online reporting, and credit card verification.
Get the best deal for your trucking company with Charter Capital’s invoice factoring. Take advantage of our low rates, same-day funding, no-term contracts, and more today.
- 6 Leadership Secrets Every Small Business Owner Should Know - December 9, 2021
- Five Ways Invoice Factoring Services Can Help Grow Your Business - February 23, 2021
- When to Consider an Invoice Factoring Service Instead of a Bank - January 4, 2021