When it comes to working in a trucking business, you need to focus on your business more often than anything else. When it is time to get paid for your services, you don’t want to have to wait. You also don’t want to get a payday cash advance and get stuck in a vicious cycle with them week after week or month after month. For this reason, you need to know how freight invoice factoring works. Keep reading to learn all about freight invoice factoring and how it can help you get your money for your hard work faster than ever.
How Does Freight Invoice Factoring Work?
Freight invoice factoring is an easy way to get your money as fast as either the same day or no later than 24 hours. Once you are done delivering your load, the next step is to submit your invoice of what they owe you to the freight factoring companies that are listed for you to deliver it to. You will need a copy of the invoice along with a bill of lading ot also known as proof of your load and delivery. You can submit this information through fax, email, or scanning it on your computer and sending it that way. Then, the freight broker factoring program you send it to will verify that you have delivered your load where you were supposed to and have done your work. You will receive your cash advance instantly once everything is verified with the trucking factoring service. This service handles invoicing and everything else while you focus on your business.
Is Freight Invoice Factoring A Loan?
Why get an invoice advance loan? And is freight invoice factoring a loan, anyway? Actually, it isn’t really a loan although it seems that way. It is not a loan, rather it is a way to sell your money invoices for same day or 24 hour cash. They take your paycheck in exchange for same day or no later than next day cash. This is just a way to not have to wait for your money from your paycheck. Once you are done working, you should be able to get your money right away or at the very least, the next day. This is why this is a good thing to do with your invoices.
In a way, these freight broker companies are just that, a freight broker. But it isn’t a bad thing because they are helping you to get paid faster than you usually do.
Did you know, that is, it has been estimated, if all invoices were actually paid on time, employers would be able to hire about 2.1 million more employees which would then reduce the unemployment rate by about 27 %? Also, almost 60 % of invoices for businesses are paid late. This means they are not getting paid when they are done with their work like they should be. This is why these invoice factoring services exist. This way, they advance money to you so you don’t have to wait 90 days for your next pay. They advance you the money so you get it instantly as soon as the work you have to do is done. Invoice funding is great for your small business so you can keep it going and keep the money flowing like it is supposed to. After all, money is what makes the world go around, right?
