The feeling of running a trucking operation in Philly may be similar to juggling flames while riding on a bicycle. Cash flow is important, so when clients delay payments, the pressure can build. Enter Philadelphia truck factoring, which can help keep your business moving.
Imagine: You just completed an arduous delivery from South Philly in Center City. You’re ready to take on the next assignment, proud and exhausted. But wait, your client says that you’ll be paid in 30 days. Thirty day? This is a long time when you consider the high cost of fuel and the tight deadlines on payroll.
Like a superhero, truck factoring can be a lifesaver. You sell your invoices at a reduced price to a Factoring Company instead of waiting around for that elusive payment. The factoring company pays you immediately, often within 24 hour.
What’s wrong with that? “But, what’s it all about?” The fees are part of the cost of running a business more effectively. You can get the same thing faster by paying for express mail rather than regular snail-mail.
Now, let’s take a look at the way this works in Philly. Because of its unique rhythm and quirks the truck factoring process in Philadelphia is slightly different. Philly traffic, for one thing, is notorious. Broad Street rush hour is not for those who are weak of heart.
Why is it important? Time is money. The less time spent in traffic, the more deliveries can be completed and the more invoices that are created.
We must not forget potholes. Did you ever feel like your truck would fall apart after hitting one? The cost of maintenance can rise if not cautious. Factoring can provide you with the funds needed to pay for any repairs that may arise.
Also, local knowledge is a huge factor in Philly’s trucking world. A factoring business familiar with Philadelphia is aware of these unique challenges, and can offer advice or better terms that are tailored to meet your specific needs.
The wait is over! Factoring businesses often offer extra services like credit check on potential clients and collections support when someone decides they want to hide from their payment. These extras may save you from headaches.
The Italian Market is a great place to get some fresh produce. South Philly hosts one of America’s earliest open-air markets, where trucks deliver daily fresh produce through narrow streets. Imagine trying this while waiting on late payments. It’d be chaos.
Factoring brings order to this chaos by ensuring that you have a steady flow of cash so you can focus your attention on what is most important: growing the business and making sure customers are happy.
The majority of factoring companies have moved everything to the internet, because no one has time anymore for forms.
Remember Joe Fishtown? He had a small truck fleet and was drowning in invoices that were not paid. Joe swears that it has saved his bacon.
To put it simply (and without sounding overly grandiose), the truck factoring industry is a financial lifeline, allowing businesses big and small to navigate choppy waters with ease. They can thrive in the face of competition pressures and the daily grind that comes along with running a successful company.