Do you own or operate a trucking company and want to take advantage of invoice factoring? We got you covered. In this article, we will help you choose a company that provides invoice factoring for trucking companies. Without further ado, let’s start:
Why work with an invoice factoring company?
Being the operator of a truck company, we’re sure that you have already come across a number of financial problems. Driver salaries, truck repairs, fuel expenses, and other financial problems can be quite unpredictable, however, they are not avoidable. Aside from those problems, you still have to wait for payment for the services that you’ve already rendered. The standard payment method in the trucking industry is invoicing, and invoices can take a while to get paid. While money is sleeping in invoices, you cannot use them in the meantime.
You might possibly wait weeks, and in some rare cases, even months before your invoices can be realized. This can have a crippling effect on your finances, especially if you are already having some troubles since your cash flow will be affected.
One advantage of working with an invoice factoring company is that you’ll be able to slash the time spent waiting for your invoices to be paid. No matter how large or small your trucking business is, you’ll find value in working with an invoice factoring company.
1. Riviera Finance
Riviera Finance has been providing invoice factoring services since 1969. Riviera Finance can pay for up to 95 percent of your trucking related invoices with an upper cap of $2 million, Payments for invoices are paid within just a day. The process is quite fast too, taking only 4 – 7 working days from your date of application to approval and funding date. There are a total of 30 offices within the U.S. and Canada, and if there is no physical office located close to your location, online applications are also a choice.
What’s more, there are no credit score, income, or length of business required to be eligible with Riviera Finances. You only need to present your invoices and freight bills.
In case you still have questions or other inquiries, it is possible to plan a consultation for more information about the services offered by Riviera Finance free of charge.
2. BlueVine
BlueVine offers a bigger cap for your freight invoices at up to $5 million. This is ideal if your trucking company has a lot of uncollected invoices. BlueVine can provide 90 percent of your invoices as an upfront payment, depending on your qualifications.
BlueVine will set the maximum amount that you can receive upfront, which is dependent on factors like your credit score, number of transactions, and your customer’s credit rating. The minimum credit score to be eligible to get invoice factoring from BlueVine is 530, and your monthly income should be no lower than $10,000. Additionally, your business should be existing for at least 3 months.
