Do You Need Factoring for Your Trucking Company?
Truckers work hard and deserve quick and reliable pay for their efforts. However, brokers are not known to be quick with payment turnaround. After submitting an invoice to your broker, you could end up waiting anywhere from 30 to 90 days to get your money. For most people, a 90-day wait to be paid is not sustainable.
A reputable factoring service can be helpful. In this video, David McGill will explain precisely how factoring services work and how they can benefit your business.
McGill will show how traditional payment works by creating a helpful illustration on his whiteboard. He will then show us how sending that invoice to a factoring service instead of a broker can speed up the payment process. Truckers no longer have to wait 30 to 90 days to get paid. Instead, the factoring company will ensure that payment is in your bank account within 48 hours.
In addition to this helpful walkthrough of how factoring companies work, McGill will also share his recommendation for a factoring service that he uses for his own trucking business. If you’d like to understand better how a factoring service can benefit you and your small business, be sure to watch the entire video. Don’t forget to hit subscribe for more helpful videos!