VeoGlobal is the primary source for invoice factoring and financing solutions for the freight and trucking industry. We have hundreds of connections to the best lenders and will pair you with an invoice factoring company that specializes in the type of freight you carry.
Many freight and trucking companies are faced with cashflow problems because their clients wait for 30, 60, 90 days to pay them. This causes cashflow crunches because the freight and trucking company still need to purchase fuel, equipment, and pay their carriers. Factoring their invoices as well as other specialized financing solutions allows them to have access to much-needed capital to meet their cash flow needs.
Factoring your freight invoices allows you to have access to cash immediately.
Truckers keep America moving. Freight haulers deliver goods for consumers, equipment to manufactures, seed for farmers, gas for gas stations, even cell phones to retailers. Without freight companies, the entire United States would grind to a halt. Despite the necessity of the trade, retailers, manufacturers, farmers, etc. tend to pay their trucking venders very slow. Waiting for 30, 60, 90 days is a problem for the average trucking company because in the time without payment, the owner still must pay for gas, equipment, payroll, repairs, etc.
Because of slow paying customers, a trucking company must decide to grow or not to grow. With carefully managed growth a trucking company can very slowly increase their revenue, but it can take up to ten years to come to a point of substantial growth. A second option is to factor their invoices. Factoring their invoices will allow a trucking company to get cash in their pocket almost instantly. This, in turn, can be poured into growth, more equipment purchases, more bids, etc. Scaling is simple when a trucking company factors their invoices.
Trucking Invoice Factoring Process
- Carry freight, bill your client as usual
- Send completed BOL/invoice to your factoring company
- Receive an ACH advance from the invoice factoring company
- Instead of paying you, your customer will pay the invoice factoring company
- Receive the remaining cash minus a fee once your customer pays the factoring company
In addition to factoring your invoices, VeoGlobal provides you with the following services at no charge:
- Free credit checks for our prospective client
- Complete accounts receivables management
- Professional collection calls that will NEVER hurt your relationship with your client
- Consultation for growth and cash flow
- An account executive team specifically trained in staffing to provide you with the very best service
So what are you waiting on?
Contact us today, and not only will someone call you back within an hour, and you will also be able to personally talk to our Owner and CEO of VeoGlobal who will review your needs, and ensure that your Freight and Trucking Factoring Needs will be serviced properly, for the best rate possible, and as fast as humanly possible.