How to choose the best trucking factoring partner Trucking is a key driver of our economy; and always will be. Almost everything people use in day-to-day life was once carried on a commercial truck. Right now, the freight opportunities available to small and medium-sized carriers are at an all time high. truck dispacher usa
A key part of taking advantage of those opportunities is making sure that carriers can cash flow their business – the stronger your cash flow, the better positioned the carrier is to grab hold of those opportunities.
Given the importance of cash flow in the grand scheme of trucking, it becomes obvious that carriers need to give careful consideration when choosing a factoring partner.
And, carriers should look at their factoring company as a strategic business partner; not just a money source.
As carriers begin the process of selecting the right trucking factoring partner, here are 10 questions to ask:
- Does my truck factoring partner offer same-day funding?
- Does this truking factoring partner really know trucking – has their leadership actually been in the driver’s seat?
- Will this factoring partner proactively communicate with me about my account?
- Will this factoring partner provide solid credit advice in advance of my accepting a load?
- Does this factoring partner offer flexibility in their processes and procedures?
- Will this factoring partner go to bat for me if my customer doesn’t pay – will they help file on a broker’s bond or will they just leave me to struggle with it?
- Does this factoring partner offer other services or products besides factoring freight bills; especially products or services that will help my business succeed, regardless of market conditions?
- When my cash flow is stable and I no longer need factoring, will this factoring partner allow me to exit without a penalty?
- Does this factoring partner have hidden fees in their factoring agreement?
- Will this partnership help create process efficiencies that will make my business run better?
Help find the best truck factoring fit for your company
These are but a small subset of questions to ask and, depending on the answers you get, will help find the best fit for your company. We have worked with many truck factoring companies over the years and have found that our friends at Express freight Finance look at their relationship with their clients as a partnership and not just an account number.
How To Choose The Best Trucking Factoring Partner
Express Freight Finance takes a genuine interest in helping their carrier partners succeed and achieve business longevity. Don’t be afraid to ask your sales rep these questions.
If they can’t answer them in a way that is truthful, genuine and without gimmicks or fluff, then they are probably not the right partner for your business.
Choose wisely because this choice will greatly impact whether or not your business succeeds in the long run.
