This month DAT celebrates its 10-year partnership with Triumph Business Capital. Triumph is DAT's exclusive provider of factoring for trucking industry, helping both carriers and brokers to get paid fast.
“Triumph is one of the most reputable factoring companies in the nation, with deep experience in the transportation industry," said Bert Goo, manager of DAT partner relationships. "We’re proud to align ourselves with best-in-class providers to help our customers,” he added.
Triumph Business Capital specializes in providing financial services to carriers and brokers. Triumph President and CEO Steve Hausman has deep roots in the transportation industry. He grew up in his family's trucking business, and he has worked as a truck driver, diesel mechanic, and manager of a truck dealership. Hausman is also pitmaster of the Triumph Barbecue Team, which shows its appreciation for customers by serving up free barbecue at truck stops throughout the country.
Triumph CEO Steve Hausman and DAT's Bert Goo
To celebrate its 10-year partnership with DAT, Triumph hauled its custom-built barbecue from Texas to Oregon and provided a free lunch to truckers at the Jubitz Truck Stop in Portland, where DAT began in 1978.
What is factoring?
Factoring can be a useful tool to improve your company’s cash flow without adding debt. Rather than waiting 30, 60, or 90 days to receive payment, a factoring company will "buy" your invoices and pay you right away -- typically in one business day -- for a fee. Factoring is not a loan, and acceptance is based on the credit-worthiness of your customer, not on your credit score. Benefits include:
- Carrier benefits - Carriers incur expenses long before they receive payment from the customer or broker. Factoring helps them meet immediate expenses such as fuel, repairs, truck payments, etc.
- Broker benefits - Brokers may wait a long time to receive payment from their customers (shippers) but they still want to pay carriers on time. Paying carriers quickly helps brokers boost their days-to-pay and credit score, which are critical in building and maintaining a loyal carrier base.
How to factor a load
The DAT/Triumph partnership makes factoring easy. Carriers can search for loads as they normally do, and look for the checkmark in the right-hand column. That means the load is eligible for factoring. Click the check mark and follow the directions to factor the load.
In DAT load boards, a green check mark indicates that the load is eligible to be factored through Triumph. Shown is the DAT TruckersEdge load board.
If you’re a broker and would like to factor a load from a shipper, visit Loadfunding.com and fill out the online form, or call Triumph at 800-638-8700.
For more information, visit DAT’s Factoring web page.