The most effective owner-operators are those who can manage expenses and run their businesses with minimum debt. Load factoring gives you capital upfront, so you can cover your costs on time.
Waiting for an invoice to process is one of the biggest challenges for owner-operators in the trucking business. Even the most successful truckers need to cover their operating expenses in a short timeframe, which can be impossible when customers’ invoices are slow to go through. Factoring cuts out the wait time, so you can pay your bills right away.
Bank loans come with downsides, such as high interest rates and expensive late fees. Factoring, on the other hand, allows you to sell your invoices to a reliable company like Triumph, which then takes care of getting you paid. After taking a small percentage off of the top, Triumph provides you with 90 percent of your payment upfront, and then transfers the rest once the invoice goes through.
A healthy business model means you have capital to spend. For owner-operators, it can be difficult to grow your trucking operation into new areas when you are tied down waiting for payments to come through. Fortunately, factoring can provide your business with capital upfront. As a business owner, you can use your new capital however you want — to pay your expenses, invest, or grow your business.
As an owner-operator, you need to keep up with your bills to make sure your business is running smoothly. You need to pay for fuel, maintenance, and out-of-pocket expenses, as well as keep some savings for emergencies. But waiting for your customers to process your invoices can complicate things.
Factoring offers a solution: truckers and owner operators can get up to 90 percent of their money upfront. Then, once Triumph determines that the customer’s invoice has gone through, you will get the rest of the cash, minus a small factoring fee.
Yes! Factoring is a common practice with owner-operators, and is accepted across the industry. Customers understand that trucking is a fast-paced type of business, and sometimes truckers need their payments upfront. Triumph always works politely and professionally with your clients to show that you are both reliable and professional.
Yes! In fact, that is one of the major advantages Triumph has over other factoring services. Let’s say one of your customers pays their invoices quickly, and you don’t need factoring services to help your bottom line. Triumph lets you choose which customers to factor, one at a time.
This means you’re not tied down to Triumph for everything. You don’t need to factor all your clients and you don’t need to use Triumph for every customer you factor.
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!