Load factoring gives you cash on hand to keep your business running smoothly. Working with a load factoring company like Triumph allows you to handle your invoices ASAP, without waiting months for payments to come in.
Truckers thrive on the hustle of making their next delivery. But you shouldn’t have to worry about paying off bank loans, especially if you can receive an advance on your invoices within hours. When you factor your invoices, load factoring companies like Triumph take a small amount off the top in exchange for quick cash turnover, so you can cover your operating costs.
With day-to-day costs like fuel and maintenance to consider, trucking expenses can quickly add up. Don’t miss out on business opportunities because you’re waiting to get paid for your deliveries. Load factoring with Triumph makes sure you can get funds quickly and easily, so you can focus on upcoming business.
To run an efficient business, you need to be able to cover your operating expenses and meet customer demands. Load factoring ensures you have the funds available to provide quality service. Plus, by working with Triumph, you can rest assured that your customers will not be made aware of any cash flow issues.
Load factoring helps truckers stay afloat in a business where your income is often dependent on elements outside of your control. Once you sell your invoices to Triumph, they will provide you with cash upfront and handle getting payment from your customers. Usually, about 90 percent of your pay for the load goes through within 24 hours. Then, Triumph will pay you the rest, minus a small factoring fee, once the invoice goes through.
With bank loans you end up paying more interest over time. Plus, interest rates can be quite high for startups and newer businesses. Instead of charging interest, factoring companies charge an upfront fee, usually just a small percent off the top, in exchange for turning your invoice into cash.
Factoring is a good alternative to bank loans because it’s more predictable and it helps you to avoid growing loan debt. With factoring, you’re always spending your own money.
Triumph offers many different kinds of factoring deals, so there’s not a single flat fee for their services. For example, if Triumph determines that one of your customers is at risk of not paying your invoices, your fee might be slightly higher for that customer. Triumph will also look at how long each customer generally takes to pay their invoices, how much volume you are transporting, and other aspects of your business in order to determine pricing.
When you partner with Triumph, you get more than money. You get a dedicated team that supports your business with invoicing, collections and credit analysis.
Register with Triumph Business Capital and get paid faster today!