Today we’ll talk about Freight Factoring, one of the most popular (and useful) applications of Factoring of Accounts Receivable. Keep reading to learn more!
What Is Freight Factoring?
Just like Factoring in general, Freight Factoring is a financing method that provides you with fast cash by Factoring your unpaid invoices.
In this case, “Factoring” means selling your unpaid receivables to a company called “Factor.” The Factor pays you immediately minus a small fee and then collects the invoices directly from your clients.
The main advantage of Freight Factoring is that it eliminates the 30-to-90-day period you have to wait for your clients to pay you. This way you have cash on hand to keep your business moving forward.
Whether you need to pay for repairs, fuel, or insurance, you can rest easy knowing that with Freight Factoring you always have an ace up your sleeve.
What Are the Advantages of Freight Factoring?
In a previous post, we talked about the benefits of factoring to the trucking industry. You can read the information in detail here, but this is the bottom line:
- Prevent cash shortfalls. Freight factoring allows you to manage your cash flow.
- Get cash fast. Factoring is a much more agile process than taking out a bank loan.
- Save time. Freight factoring eliminates the hassle of collecting unpaid invoices from slow-paying clients.
- With easy easy-to-increase limits, Factoring is a financing solution that can grow with your business.
How Does Freight Factoring Work?
The specifics of Freight Factoring may vary from company to company. However, when you choose ACS Factors you can rest assured that you are getting service of the highest quality delivered by a dedicated and experienced team.
Factoring your freight bills with ACS Factors couldn’t be easier. This is how the process works:
- Rate Confirmation/Delivery Order
- Deliver the load
- Prepare invoice, rate confirmation, and bill of lading
- Submit to ACS
- Get PAID TODAY!!
ACS Factors Helps You Turn Your Invoices Into Immediate Cash
At ACS Factors, we help you get the capital you need to move your freight business forward. We are located in Upland, California, and have many clients in the distribution and logistics corridor which includes Ontario, Riverside, Fontana, Jurupa Valley, and Moreno Valley.
Reach out today by email (email@example.com) telephone (909-946-5599), or through our social media accounts on Facebook, Twitter, and YouTube, and start converting your accounts receivable into cash today!