There is an abundance of technological solutions trucking companies may use to improve driving safety, improve the overall day-to-day driving experience, and help manage the business more efficiently. However, the money to fund these resources may be in a shorter supply. When your trucking business is just starting out or hits the slow period, you may not have the ideal technological resources to run your business as efficiently as you would like. So how can you compete with other trucking companies that offer more comforts and safety on the job? If you’re losing drivers faster than you’re receiving payment from your customers, partnering with a factoring company will get you ahold of your money faster so you can make necessary purchases to help your business grow and improve. In this article, we discuss how using invoice factoring and cash advances may provide the opportunity to invest in the latest trucking technology earlier than you ever could have anticipated.
Why Do Companies Use Factoring?
Whether your trucking company is new or has a reoccurring cash flow issue, invoice factoring can help. Companies commonly use factoring to cover their business expenses when awaiting payment from invoices—the trucking industry, in particular, deals with lots of logistical challenges. To be in a position best able to tackle the issues, sometimes immediate cash flow is needed.
Get Cash Immediately – The turn-around time for cash advances using factoring is often less than 24 hours. Unlike traditional financing, factoring eliminates the time spent filling out paperwork and awaiting loan approval, letting you focus on taking care of your business.
Unlimited Capital – There are no restrictions for how much or how frequently you get cash advances. Plus, you can simply get your money whenever the need arises, so you’re not locked into any long-term financing contract.
Business Growth – When you can get your money ahead of time, you can immediately address your business’ needs or issues. This means you can add more drivers and trucks to your fleet, while also addressing your drivers’ concerns and wants. Factoring allows you to finally take the next step in your business’ evolution by investing in technology to improve your operations.
Trucking Technology Trends to Look For
Curious about what kind of technology you may be missing out on? Staying updated with the latest technology will help improve driver retention. These types of advances allow truckers to stay on the job longer. By keeping truckers safe with cutting-edge technology, you may be able to attract new drivers who prefer a safer work environment over more traditional jobs in other industries. We list a few popular trucking technology trends below.
Dynamic Routing – Advanced GPS systems get as close as possible to providing you live traffic updates, automatically rerouting you when a shorter route is found based on live weather conditions, construction detours, or traffic accident information. You will save your business money by cutting down on gas costs and wear on the car, and have your drivers avoid hazardous or headache-inducing driving situations.
Safety Features – Unfortunately, heavy trucks attribute to plenty of vehicle accidents each year. Your drivers are likely aware of this risk and will look for reassuring measures to be made to assure their safety. Today, collision mitigation technology usually comes standard in most new trucks, but if you’re operating with an older fleet, you may want to find systems that can retrofit onto older trucks. In many instances, the passenger vehicle is actually the one responsible for accidents involving trucks, so finding an advanced system that uses sensing technology can avoid crashes by automatically taking emergency actions when needed. Having these features will prove you consider your employee’s safety as your top priority.
Freight Tracking – Keep track of your trailers with GPS transponders and tracking systems. Protect your assets from theft or alert your drivers when they are driving through high-theft areas. Not only can you track trailers geographically, but you can use software to track valuable information such as maintenance records, so you will never need to guess when a trailer is due for service. You can also keep tabs on how trailers are being used, which is especially handy if you rent them out. This way, you will know how long trailers are idle or how much is being transported inside at all times.
Transportation Factoring Software
Not only does trucking technology exist to improve the conditions of your business, but you can also use transportation factoring software to help manage your finances as well. Ask your factoring company about methods of tracking the status of factored invoices, wiring funds securely, and integrating with accounting software you may use. Factoring should seamlessly flow into your current financial structures, and technology can help with this as well!
Advanced Commercial Capital: Risk-Free Debt Factoring
With Advanced Commercial Capital, your trucking business assumes very few risks! Because of the unique nature of our non-recourse freight factoring service, there are no consequences to you if your clients fail to pay their invoices. We also do not require any long-term contracts and do not charge termination fees.
Additionally, we offer:
• Fast and flexible funding options, paying you in as little as one hour for your freight bills
• Strong relationships that foster your success
• And valuable benefits that save you both time and money, from our free fuel discount card program to free credit checks
All of these are just some of the reasons why our clients choose to stay with us for the long haul.
Advanced Commercial Capital can help your trucking company succeed in ways you never thought were possible.
Talk with our team to learn more about how non-recourse debt factoring works by giving us a call at 855.465.4655 or reaching out via our online contact form. We look forward to offering you the easiest and smartest way to factor your freight bills and get the cash you need, without any surprises.