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Better Factoring Options for Trucking Companies
Operating a business, especially a small one or a startup, is challenging enough without the added burden of maintaining a reliable cash flow. Unpaid invoices can significantly disrupt operations, particularly when you rely on incoming funds for payroll or rent.
That’s why Logity Dispatch has partnered with professional factoring companies to offer our clients factoring services that can revolutionize their business operations.
What is Freight Factoring?
Freight factoring, also known as truck factoring, allows carriers and owner-operators to convert unpaid invoices into immediate cash. A third-party freight factoring company buys these outstanding accounts receivable at an advance rate of typically 80% to 90% of their value and then collects on those unpaid invoices themselves.
Why You Should Consider a Truck Factoring Service
Factoring in the trucking industry transfers the risk of non-payment to someone else. For many trucking companies, receiving a discounted amount for invoices is worth it, as freight factoring specialists provide immediate funds. This enables companies to cover overhead costs or take on additional work to increase their earnings.