Ever wondered what your dog is doing at home while your hauling freight? This video captured a dog’s life while his owner was on the job…
When you’re on the road a lot, the radio becomes your best friend. Nothing beats making long drives more durable than great songs. And let’s face it, nothing beats songs about trucking. That’s why we compiled a list of trucking songs that have to be on your playlist.
Top 10 Trucking Songs Playlist
- Six Days on the Road
- On the Road Again
- Drivers’ Paradise
- Truck Driving Man
- 500 Miles
- Truck Drivin’ Son of a Gun
- Freightliner Fever
- Keep on Truckin’
- Man Behind the Wheel
Improperly packed cargo is dangerous when you’re unloading your truck. Make sure to make the most of the space you have and pack your cargo the best way possible. Check out this video for tips on how to secure your trucking load:
Trucking companies understand how difficult it can be trying to run an operation while waiting for invoices to be paid. Some clients may not pay until 60 days after a job has been completed.
Meanwhile, the trucking company must continue to pay its bills in order to keep their business afloat, sometimes on very little cash. Labor must be paid and gas purchased without any cash from the client (at least not for 30-90 days).
Many trucking companies are forced to rely on credit to keep their businesses going or risk losing everything. One option that is starting to be used by many businesses in the industry is freight bill factoring.
Freight bill factoring provides a trucking company with fast cash. Instead of waiting 30-90 day to get paid for jobs they already, they can be paid in 7 days from a factoring company. This gives companies the money they need to pay their drivers, recoup their transportation costs and also take on new jobs, all without taking on any new debt.
The process of factoring (also referred to as invoice funding, to financing, and accounts receivable factoring) is simple enough. It involves two things, a company’s invoices and a factoring company, also known as the factor. The factor purchases a company’s invoices for cash and then collects these invoices for a business for a fee. Typically this fee is somewhere in the neighborhood of 1.5%-3.5%.
Here is an example: Super Road Trucking Company may have just completed a $50,000 job for a client with very good credit. They have invoiced their client and expect to be paid in 30 days. This means that Super Road won’t be able to use any money from the client to pay their driver, gasoline or any other related expenses for that particular job. Because they don’t yet have the money they are having trouble financing new business and have thus turned down several large contracts.
They decide to use a factoring company. The factor pays Super Road $45,000 for the invoice and then collects it themselves. Once the receive it, they return it to Super Road, minus agreed upon fee. Problem solved, further damage averted. SuperRoad get the money they need and is now able to continue with operations.
Hopefully, you are able to see the benefit of freight bill factoring. It is an opportunity for truck companies to get capital to continue or expand operations without taking on any new debt. It is important to note that this only works if the company or person who owes the balance on the invoice has good credit. This provides insurance for the factor that they will receive their money after fronting it for the company.
Standard charges for this type of service differ but fall often somewhere between 1.5% and 3.5%, though this can differ. The costs will be affected by invoice periods. If a company allows for a 60-day turnaround, they will be charged more than a company that has a 30-day turn-around. This is because it may take longer for the factor to recoup their money.
Freight factoring: What is it exactly?
Freight Factoring is a service that is closely tied to the factoring business model. In factoring business, you are provided with the finances to keep your business operating if you lack the funds to do so. Factoring has provided many small businesses with the financial means necessary to keep on operating and keep exponentially expanding their growth.
Factoring for freight services closely resembles that base model for factoring, Through the use of cash advances from factoring services, many freight and carrier companies have gotten the funds they need to pay off current expenses. And they have used that cash advance from freight factoring services to keep their business growing and at the same time get more clients for their business too.
Freight factoring works through the factoring company purchasing customer invoices on behalf of the freight company. They can do so and in bulk because they can purchase shipping invoices and orders at a discounted price. They can then “sell” these shipping invoices to freight companies. Freight factoring companies are essentially funding the trucking and carrier companies with the initial money to cover the expenses of finishing a shipping job.
Freight factoring services also make it easier for the carrier companies to handle the accounts receivable portion of the business. This is because freight factoring companies will be in charge of collecting the payments from the customers, leaving the freight companies themselves with less risk of getting paid. As long as the freight and trucking company finishes the job, they will be paid by the freight factoring service that they have chosen to work with.
Many freight companies have availed of factoring services. This is because freight factoring companies can provide a wide range of beneficial services to companies. The services of a freight factoring company are usually also adaptive to the needs of their clients, so if you need a tailor fit plan to fit your needs, then you can usually ask the factoring company for more information or a custom quotation that could go for your budget. This kind of flexibility and adaptability of factoring companies has made it so that even for small freight companies, with only a single operator and owner, it can still be economical to hire a freight factoring service.
Freight factoring services can also be especially beneficial to companies in need of an injection in cash flow. This need for funding could stem from the fact that expenses in the trucking industry can be high. Through the use of freight factoring services, many companies can get some funding to complete a job. And they are even able to grow their income because they can potentially gain more clients by getting more jobs from a factoring company. The cash advances from a factoring company could cover expenses such as gasoline, repair and maintenance costs, rental fees, and other kinds of expenses that you would need to cover if you want to keep your freight company in operation.
Freight factoring companies are also very easy to work with. They will often provide high-quality service with responsive customer support. Many freight factoring companies also have flexible plans for their various clients, who have different needs. Getting adequate funding to cover the costs of carry goods can be especially difficult for small freight companies. That is why factoring services could make it possible for you to get your expenses covered in a hassle-free way through working with a freight factoring service.