Insufficient cash flow can cause your business to not meet its full potential, and can even put a halt to your long-term growth. Trucking companies face many unique challenges when trying to grow their business, including fuel costs, inventory, and more. Fortunately, your trucking business has resources available to you to keep cash flow consistent. Invoice factoring has become a popular cash flow management tool in the trucking industry, allowing companies to manage their cash flow easily and conveniently.
Build Better Credit
Poor or inconsistent cash flow and bad credit can be major contributors to business failure. Factoring allows business owners to build up strong business credit by providing them with quick access to a cash advance on their invoices to cover their various expenses, as well as to pay off any debts. If you’re looking to build your credit, this is a great choice for you. Factors are typically willing to work with businesses with a less than great credit score as long as their clients being billed are creditworthy.
Take Advantage of Flexibility
Factoring allows your business more flexibility than traditional funding. Because of this, your business can have better control over your expenses. By factoring just the invoices you want, and only when you need to, you can decide what funds your company will use and when to use them. With this type of funding, your business remains in control of it’s finances at all times.
Reliable and consistent cash flow lets your business take on bigger and better projects, knowing that your cash flow won’t be disturbed by invoices left unpaid. Some businesses want to open up a new office, others want to expand their fleet. No matter what your business’s next project is, factoring can help you achieve it. In addition to better managing your cash flow, you’ll be able to add to it as well, by attracting new clients and creating new expansion opportunities for your trucking company. Simple things like offering discounts and incentives to new clients becomes easier with dependable cash flow.
Get the best deal for your trucking company with CoreFund Capital’s invoice factoring. Take advantage of our low rates, fuel cards, no long term contracts, and more today.