Transportation factoring companies help you get paid quickly and easily. As soon as you get your invoice, you can exchange it for cash. Factoring allows you to start taking care of your operating expenses right away — without waiting on customers to process your invoices or taking out loans to get the funds you need.
Having to wait 30 to 120 days to get paid for a completed job can put a real strain on your business — especially since your expenses keep coming whether or not your customer has paid you. Instead of needing to manage your accounts receivable collection and cash flow on your own, you can sell your invoice to a factoring company for a small percentage off the top. It’s really that easy.
With transportation factoring, you can focus on delivering loads and covering expenses without worrying about when you’ll get paid.
From the costs of fuel and truck repairs to driver salaries, there are a lot of expenses that need to be covered when you take on a load. The truth is that slow-paying customers can stall your business operations as well as any plans for future growth. Whether you need cash for payroll, fuel, investment in technology or equipment, bills, or any other expenses, transportation factoring can help you get it fast. You can choose to factor all your invoices or just some of them, depending on your needs. That means no more turning down loads because you can’t pay fuel or driver costs.
Triumph makes it as simple as possible to get paid for the freight you deliver. With easy-to-understand, short-term contracts, you have full control. Whether you want to factor invoices from all your accounts or just one, the choice is yours — and you can always change your mind from one delivery to the next.
Factoring is the sale of invoices from the person or business that delivers a load to a transportation factoring company that pays the full value of that invoice minus a small percentage. That means that instead of having to wait up to several months to get your customer’s payment, the factoring company will advance your invoice within 24 hours.
Factoring isn’t lending — when a transportation factoring company buys your invoice, it belongs to them. It’s a way of getting cash for completed deliveries without having to incur debt or get a loan.
Transportation factoring is completely reputable. Unfortunately, in the early days of factoring, a few companies were charging huge fees and engaging in underhanded practices. This gave the whole practice of factoring a bad name. Luckily, a lot has changed since then and factoring is now a widely accepted and trusted funding method across a variety of industries. There’s nothing scary about factoring — it’s simply a way of getting cash when you need it.
Triumph has helped more than 7,000 small and mid-size businesses in the U.S. manage their cash flows since 2004, and is a respected industry leader when it comes to transportation factoring. Factoring with Triumph is fast and easy: once your invoices are verified, you’re free to choose how you want to receive your money.
While some transportation factoring companies make it hard to understand pricing, Triumph believes in the importance of transparency. With Triumph, you know exactly what prices you can expect from your initial conversation through the entire funding process.
DAT’s exclusive relationship with Triumph also means that you can see exactly which invoices you’ll be able to factor when you find them on the load board. When you see the green checkmark next to a load on DAT load boards, you know that it can be factored through Triumph. That means you can take on the job with the confidence of knowing you’ll be paid within just 24 hours.
All you need to do to get paid is:
With competitive pricing, a team that is designed to help you build great relationships with your customers, and real-time account information, Triumph helps you grow and succeed.
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!