Hunt was a strategic businessman, despite only having a seventh-grade education, and his ability to foresee the deregulation of the trucking industry in the 1980s gave him an advantage. What began with five trucks and seven trailers, has since become the largest publicly held trucking company in North America. Johnnie Bryan Hunt founded the company in Arkansas in 1961, as a side business to his poultry feed company. is one of the largest transportation logistics companies in North America, serving customers throughout the United States, Mexico, and Canada. You’ll have the cash you need to fuel your trucks, pay your drives, and invest in your business. Get approved in just 15 minutes for a customized program that fits your needs. Hunt or any other freight brokers, get paid same day on your invoices by factoring with TCI Business Capital. Hunt Invoicesįor more than 20 years, TCI Business Capital has provided freight factoring services to trucking companies throughout North America. As long as your customers have a good payment record, you're practically assured of getting accepted for factoring.ĭo you think that freight bill factoring would work for your company? If you need to find a sure source of funding to cover unexpected costs or the price of your business expansion, then the benefits of freight bill factoring may be enough to help you take your company to the next level.Home > Who Factoring Benefits > Trucking and Freight > J. Transportation factoring is not a loan, which means that you can apply for it without having to worry if you'll pass the credit check or if you'll have to save up for a deposit. On the other hand, using a bank loan or a credit card restricts you to a hard limit that may put a crimp in your business plans. Since you can choose how many of your invoices to factor each month, you also have a flexible cash flow limit.
Instead of having to apply for a new loan every time you run into difficulty, you can just factor a larger amount of invoices the next month to increase your cash flow. One benefit is the ready access to funding that this arrangement provides. What makes freight bill factoring so convenient? There are several advantages to using transportation factoring. Instead, the factoring company collects the payments from the customers and remits the rest of the invoice to the business after deducting its fee. This frees the business owner from having to make collection calls or track payments. When a company factors its freight bill, it also releases the responsibility for collecting from the customer. Transportation factoring is basically a cash advance funding arrangement that allows company owners to sell off their customer invoices and receive a lump sum payment for the value. But, what's involved in freight bill factoring? What are the benefits of freight bill factoring? How Does Freight Bill Factoring Work?
#Invoice factoring transportation how to#
If you've been worrying about how to boost your cash flow, freight bill factoring may be just the answer you've been looking for. If your company is operating close to the red line, all it takes is one unexpected cost to derail your business permanently.
Between high fuel costs, vehicle repairs, and taxes, transportation businesses are vulnerable to the problems that come with low cash reserves. Freight companies, though, are particularly susceptible to cash strains.
Nearly all independently-owned companies run into cash flow problems.
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