Freight factoring companies are an increasingly common way to free up cash flow in the trucking industry. The elements of running a freight business are relatively simple:
Pick up a load
Deliver the load to a specific location
Get paid for the transport and delivery of goods
However, it is rare for a customer to pay you quickly. In fact, the average time it takes for an invoice to be paid is 40 days. Some cases take much longer. Factoring for truckers is a way to get the money you need, when you need it.
Using invoice factoring, you can get paid in as little as 24 hours. As a small business owner, you outsource the collection of payment for your invoice to a freight factoring company like WEX Capital. We buy the invoice from you at a minimally reduced rate. This frees you up to focus on getting loads while we focus on collecting payment.
And because you get paid quickly, you have the revenue to cover expenses as they occur — no need to use a credit card, withdraw from your business savings account, or take out loans.