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It’s hard to operate a business mainly a small one or if you’re just beginning and maintaining a reliable, steady cash flow can mean the difference between sinking or swimming. Unpaid invoices throw a huge twist into the works, especially if you depend on the incoming funds for payroll or rent.
QTC has professional factoring companies to provide our customers with factoring services that can make all the difference in the way they do business.
Truck factoring service also known as freight factoring allows carriers and owner-operators to turn unpaid invoices into cash. Practically, a third-party freight factoring company for trucking will effectively buy those outstanding accounts receivable at an advance rate of usually 80% to 90% of the value and then collect on those unpaid invoices themselves.
Factoring in the trucking industry indicates someone else takes the risk of non-payment. For many trucking companies, even getting a discounted amount for invoices is well worth getting a freight factoring specialist for trucking companies since they have immediate funds with which they can pay overhead costs or even take on additional work to make more money.