Posted on 04 Jan, 2017
Categories: Trucking Business
One of the most common ways that trucking companies improve their cash flow is through freight factoring. Instead of waiting however many days it’ll take for a broker to pay for the load you hauled, you sell the invoice to the factoring company, and you get cash immediately.
How to Factor a Load
There are a number of businesses out there that offer freight factoring, and DAT has a special arrangement with Triumph Business Capital. Any load on DAT TruckersEdge that has a green check mark next to it has already been pre-approved for factoring by Triumph. That check mark also means that Triumph will pay within 24 hours after the load is delivered, and the load also qualifies for a fuel advance.
In other words, if you partner up with Triumph, any load you see on the board with that check mark means you can get paid right away.
Triumph offers other back office services for owner-operators, plus fuel advances for a $15 flat fee.
Jason Mullican from Triumph recently paid a visit to the Trucking Podcast to explain the ins and outs of factoring and how it could be a business tool to help grow your company.