Credit and Collection Services
Factoring companies take on the responsibility of collecting payment on the factored invoices. This frees freight companies from the financial risks associated with non-payment of invoices as well as the interruptions associated with chasing up and collecting payments from customers.
One of the biggest expenses for freight companies is fuel. However, fuel is essential for the day-to-day operation of a transport company. Fuel advances ensure that small transport companies with outstanding receivables have the cash flow to purchase fuel when they need to.
Factoring companies that offer services tailored to the freight industry are often able to offer fuel discounts to their factoring clients, thanks to 3rd party agreements with fuel companies for discounted fuel. This reduces overall fuel costs for freight companies.
It’s important to remember that not all companies that offer freight factoring will include the same benefits in their services. Researching the individual factors and the specific features of their freight factoring services is the best way to ensure you partner with the right factoring company for your needs.
Factoring Companies Canada can put you in touch with industry-leading factoring companies in your area.
Contact us for a factoring rate quote today, or view our Factoring Guide to find the information you should know to compare factors for yourself.