5 Reasons to Consider Freight Factoring for Your Business
A common problem freight companies face is getting paid for their services promptly after making a delivery. Often, they have to wait for days or even weeks before receiving payment for their invoice in full, and that creates cash flow issues that negatively impact other aspects of the business.
BP Financing provides an easy solution that will make this a concern of the past for your small- or medium-sized business: freight factoring. Once you’ve dropped off the cargo, send your invoice to us, and we’ll get you paid within 24 hours for a nominal fee. Not only does this take the stress out of the debt collection process, but our service also provides numerous other benefits.
How Freight Factoring Can Help Your Business
1. Increases Your Cash Flow
BP Financing ensures you receive your payments the same day you send us your invoice. That means you get an injection of cash immediately rather than having to wait for your client to process the invoice and send you a check. Having that type of money on hand gives you the freedom to invest it as needed to maintain your company’s efficient operation. Whether it’s to pay bills, fund payroll, repair vehicles, or expand operations, receiving immediate payments gives you the flexibility to adapt to an ever-changing economic landscape.
2. Avoids Taking on New Debt
When companies are experiencing a lack of cash flow, they’ve traditionally turned to short term loans to provide the funds needed to stay afloat. Not only does it put a company into debt, but it also leaves you with expensive interest payments that make it difficult to get into the black again. With freight factoring, that’s not an issue. This is an interest-free financing option, and the money we send is already yours, so you’re not incurring any new debts.
3. Maintains the Company’s Credit Score
When you’re waiting on clients to submit overdue payments, you might not have the funds needed to pay bills on time. Repeated late payments negatively impact the company’s credit score and make it more challenging to get a business loan in the future. When you partner with BP Financing, you’ll always have the money you’re owed, making it easier to make payments on time and build your credit.
4. Helps Earn New Business
The process of creating invoices, following up with clients, and checking on payments takes away from the time you could be using to deliver more cargo and find new customers. Plus, if you’re always waiting on payments, you might not have the funds needed to make crucial repairs to your fleet, which causes even more downtime. Using our services ensures you always have cash on hand and frees up time to perform more critical tasks.
5. Saves the Business Money
BP Financing partners enjoy the added benefit of having a dedicated customer service team at their disposal. We’ll handle the entire process for you to ensure you get your money on time. That means you won’t have to keep your own in-house team on staff, so you can redirect the money you would’ve spent on staffing to other aspects of the business.
Contact BP Financing for your Freight Factoring Needs.
Our dedicated team has helped companies from a wide range of industries with their financial needs for the past 15 years. As a trusted partner, we’ll take the stress out of the debt collection process so you can spend your time focusing on how to grow your business. Visit us online to learn how to get started.
