Many fleets are held back by misconceptions in regards to freight factoring. Don’t be one of them! We’re here to bust the myths. Learn more about freight factoring today with Porter Billing Services.
Our Fleet Does Not Qualify for Freight Factoring
A common misconception keeping many fleet owners from investing in freight factoring is that their fleet has bad credit and will therefore not qualify. However, that is not necessarily the case! The right freight factoring company will take your assets and your clients’ creditworthiness into consideration.
Likewise, many fleet owners believe that they must have a monthly minimum of invoices to qualify for freight factoring services. This is not the case with all factoring companies. Several factoring companies do not require a minimum number of invoices. They allow you to factor loads as you want based on your schedule.
Others believe that you must factor all of your freight bills. However, many companies let you choose which invoices and which clients you would like to factor and which ones you would rather manage internally.
Factoring Companies Hold Part of My Funds
Often, fleet owners are hesitant to invest in freight factoring due in part to fear that their funds will not be available when they need them. With trustworthy freight factoring companies like Porter Billing Services, access to cash is immediate once your invoices have been factored. Consult with your factoring company to better understand their policies. Find an experienced factoring company that can provide quick turnover and working capital.
Hidden Fees and Long Term Contracts
Know before you go! Depending on the freight factoring company, you will incur (or not incur) various fees. You should not have to pay an application fee nor incur hidden fees. The right freight factoring company will remain transparent through every process from start to finish. Talk to your team!
With Porter Billing Services, you are not obligated to commit to a long-term contract, either. Decide when and how your fleet will factor.
Ready to Get Started?
Talk to the professionals at Porter Billing Services today to see how your fleet can make the most of freight factoring services!