Trucking factoring companies are an important part of the transportation industry, and transportation factoring companies are a way of keeping cash flow moving in America’s freight system. What is a factoring service for trucking, and what should you look for in the best trucking factoring service?
What Are Freight Factoring Services?
Factoring is a way for freight carriers to be paid more quickly for loads that they deliver. Trucking factoring companies will buy invoices for freight at a discount, which then allows the carrier to enjoy an instant cash flow. This can be a great value for carriers who are attempting to grow their business or have immediate expenses that have to be paid. Without freight bill factoring, many carriers would have to wait weeks and sometimes even months for payment to come through from certain customers.