Factoring can deliver Fast Cash
Factoring can deliver Fast Cash for the transportation industry
The transportation industry in Canada has grown at a fast rate over the years and continues to grow. The competition for survival and growth has become increasingly difficult making it important to have some kind of financial support available to small and medium businesses. This will help your business stay competitive with the major players in the transportation industry. Now, as an owner of a transportation company you need to understand the concept of "clever financing". One method is finance factoring or trucking factoring. This concept does have some benefits that can help your company.
Freight Bill Factoring: The greatest advantage is the financial aid provided with the freight bills. The process of freight bills can be outsourced to the factoring service provider for a minimal fee. Basically, it eliminates the need to wait for the payment and provides you with the funding to pay your business expenses as you incur them. This gives you the necessary breathing room to pay expenses while you are waiting for your clients to pay their invoices.
Invoice Buying: In the transportation industry there is a very common trend. Most shippers will pay their invoices in 30 to 60 days. This creates a cash flow problem for many companies since they have immediate expenses but a delayed income. This is where finance factoring is of great help. Factoring finance providers buy your invoice at a small discount, providing an upfront payment. You usually get around 90% upfront, and the reminder 10% (less discount) once your client pays.
Working Capital: This is one of the major merits of having factoring finance. Small and medium sized businesses usually face problems with invoice delays which leads to major cash crunches when it comes to operating and working capital. Factoring finance companies own the collection process of your business so in turn you get your cash quicker which helps with cash flow.
The Credit Worthiness Factor: The cost of freight bill factoring is usually based on the credit worthiness of your client, the length of time that the invoice is outstanding and your monthly sales volume. Obviously, companies with really good clients, high volumes and shorter invoice outstanding times will have lower costs. The fee for factoring is based on these elements.
Accutrac Capital Solutions is a leading factoring finance company in Canada providing finance and business review services to the transportation industry. For more details view our website at accutraccapital.com/
Factoring can deliver Fast Cash
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