Factoring for Transportation Companies

Boost your transportations company’s cash flow with factoring solutions.

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Funding Solutions for Your Transportation Business

In the transportation industry, trucks are always running, and people are always moving. Freight and trucking companies are consistently at odds with their clients’ payment schedules, creating cash flow gaps. These gaps can create financial strain, no matter how well-established you are. For these reasons and more, most trucking companies use invoice financing for their transportation services.

Invoice financing, also known as factoring, is a strategic process trucking companies use to get a cash advance on their outstanding payments. As a freight factoring services provider, we at Porter Capital are dedicated lenders. We prioritize your independence by offering upfront cash advances on your invoices. You can take your business to the next level in the transportation industry with more working capital.

Transportation Deals We’ve Funded

 Our team has provided factoring services for the transportation industry for decades, so we know how to handle your needs. Check out some of the deals we’ve funded for the transportation industry below.

$60K Funded to a Freight Hauling Company

$500K Funded to a High-Tech Logistics Firm

$60K Funded to a Non-Emergency Medical Transportation Company

What Is Freight Bill Factoring?

It’s especially common in the trucking industry to wait at least 30-90 days for payment. Small and large businesses alike often can’t afford to wait months for funding, which is where trucking invoice factoring comes in. Instead of waiting on your clients to submit their payments, you can factor your bills and get an instant advance.

Porter Capital offers quick and affordable factoring services for the transportation industry. By factoring your invoices, you pass the collection responsibility to our team, making it easier to manage your daily expenses. Here’s how we at Porter manage our factoring services for trucking companies:

  1. Your company submits a verified invoice to our team.
  2. We deposit up to a 95% advance within days.
  3. You proceed as usual with your funding while we wait for payment from the client.
  4. Once the amount is paid in full, we return your remaining balance minus a small factoring fee.

Benefits of Financing for Trucking Companies

Freight bill factoring services offer unmatched funding potential for all your outstanding invoices. Whether you operate a nationwide transportation fleet or a local freight service, your business can enjoy the security and flexibility of invoice factoring. With upfront funding for all your overhead expenses, you can focus on expanding your company and doing more with what you have!

Invoice factoring can change the way you manage and apply your monthly budget. Get paid for your services instantly with Porter Capital’s invoice financing for the trucking industry. Businesses choose us for our:

  • Streamlined process: We’ve perfected our factoring services for transportation companies over more than 30 years of business. We deposit your advance in days and streamline the billing collection process.
  • Loan alternatives: Some businesses won’t qualify for standard loans or lines of credit. Our invoice factoring application accepts many candidates regardless of credit or collateral.
  • Long-term partnerships: After you’re approved once for invoice factoring, we at Porter become your partner for life! You can choose to factor every invoice or use our services seasonally — no obligation necessary!

How Porter Capital Helps Trucking Companies

As a trucking company, you already manage a lot of moving parts. Allow the team at Porter Capital to handle the billing. Invoice factoring allows you to experience hassle-free payment plans without inconveniencing yourself or your clients. Clients remain in control of their payment preferences while you enjoy instant funding for all your necessary expenses.

At Porter Capital, we’ve simplified the factoring process. Along with our invoice financing assistance, we are also available for back-office support in any way you need, from collections to post payments.

Choose Our Factoring Services for Your Transportation Company

Invoice factoring allows trucking companies to take advantage of instant payments without disrupting client relationships. In an industry where most payments take at least a month to complete, it’s an asset to access your funds immediately. Get your invoices deposited in your account in days with Porter Capital’s financing services to grow your trucking company.

To learn more about your options for invoice financing, contact our team online or call 1-800-737-7344.

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Frequently Asked Questions

There is no denying that the transportation industry is enormous. Millions of rail cars, trains, vehicles, and vessels take goods across a giant transportation network. The good news is that invoice factoring can benefit businesses operating within this vast network. Many transportation businesses use invoice factoring to manage large fleets, freight brokers, and owner-operators.
 
Moreover, freight factoring is a wonderful solution for the transport industries when it comes to increasing cash flow and making payment times predictable. Bank loans are relatively a problematic option, considering the fact that businesses require established credit to qualify for the funds. The option is a non-starter for fleet owners who just started the business or are going through a rough patch. Freight invoice factoring allows businesses to receive money for their invoices in advance without having to take loans. Businesses can use the option to make payments for drivers, repairs, and gas.

Small and big companies receive instant funds, so their financials are regularly in the green. There is no need to dip into emergency funds while waiting to get fully paid after a transport job is done. A factoring company makes it easier to manage the more important aspects of your business.

Having instant cash doesn’t just prevent you from dipping into emergency funds to stay afloat. It also means companies don’t need to go into debt to pay for salaries, fuel, repair costs, and operational expenses. The first benefit directly impacts the second; a same-day cash flow means you have money to keep your business running!

Without a factoring company by your side, borrowing or extending a credit limit while waiting for your payment takes time. Depending on your credit scores, there are limits to how much you can borrow or extend.

However, this is not the case with factoring companies. As long as your partners and supplies have good credit, they can take in small or large delivery jobs for your business to grow with the increasing demand without any delays.

Another bonus of a factoring company is the credit check assistance they offer. This doesn’t mean they’re going to check your credit to see if you’re good to work with. Instead, part of their service is checking your customer’s (the receiver) credit for you! They’ll assess the work assigned to them and provide you with information that can lower costs or maximize future job orders.

These credit check services provide a sense of security since they account for what the customer can pay for and make that work in their favor.

A factoring company provides relatively new freight providers with equipment loans! Trailers, lifts, and cargo straps are just some of the provisions available when working with freight factoring providers. These allow freight companies to focus on their actual service instead of worrying about where to get them and how much they need.

The terms are accessible, too! They can finance around 90 percent of equipment acquisitions with a loan period of up to 48 months! In this manner, freight providers can continue servicing the transport needs of customers and gain immediate cash flow to grow their business even further!