You’re a Nashville truck factoring company. You haul loads across the nation, keeping America moving. Let’s be honest, waiting 30,60,or even 90 days for payment can be a pain. Truck factoring companies can help. They will buy your invoices, and pay you immediately. It’s easy, right? It’s not quite as simple as you might think.
Finding the right partner to help you keep your wheels moving is more than just getting cash quickly. It’s also about understanding your needs and finding a partner that can provide all of your truck factoring needs. You want someone who is knowledgeable and will not leave you in the dark when you are most in need.
Imagine this: you’ve just finished a long trip from Nashville to Los Angeles. You’re tired, but there are bills to pay and gas to purchase for your next trip. You can’t wait for payment. Factoring companies will buy your invoice at a discounted rate and provide you with immediate funds.
Not all factoring firms are the same. Some companies will nickel and dime you with hidden charges or lock you in contracts that feel like prison sentences rather than business agreements.
Transparency is the first thing to consider. You want a company who is transparent and doesn’t have any hidden costs or unpleasant surprises. You can ask questions such as: What is the advance rate? What additional fees are there? What invoices can I factor?
Customer service is another thing to think about. Imagine being put on hold for hours or speaking to a person who does not know what an axle grease is. It’s not fun! It’s not fun!
Let’s now talk about flexibility, because the life of a trucker is not predictable. Your factoring partner must offer flexible terms to fit your specific situation, whether you are an owner-operator of trucks or run a fleet.
In this industry, one size does not suit all. What works for one truck driver may be totally wrong for another. Make sure that they have options specifically tailored for trucking companies.
Anecdote – I knew Joe, a trucker who operated his small business in Nashville. He thought a large factoring company would take care of his needs, but boy was he mistaken! He felt as if he were driving with his hand behind his back because of the restrictions!
Joe switched to a local, smaller firm that better understood his needs. And guess what? His business flourished! It’s not always about the size of your business. Sometimes, it’s more important to find someone who understands what you want.
We live in a digital age, where even our coffee makers are digital. Modern factoring companies should have online portals that allow you to submit invoices without stacks of paper piling up inside your taxi.
Don’t forget the reputation of your company, either. Word spreads quickly among truckers. You can tell if a company is doing well if other drivers are raving about it.
Last but not least–and I know this may sound trivial, but it’s important: How do they treat YOU? Are they looking at your business as a dollar sign or are they truly interested in helping it grow?
You’re choosing these people to handle your hard-earned cash, so make sure you choose wisely.
Conclusion (oops!) It’s not rocket science to choose the right truck factoring firm, but it does require some diligence from YOU! You’ll be glad you did the next time around!
Happy trails to you!