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Factoring For Trucking Company

Truck Drivers and Business Owners Can Use Drive N Deliver's Factoring Services Online. ​

Even though the fees charged by factoring companies can cut a driver’s take-home pay by a lot, many truckers are willing to make the tradeoff as long as it means they can keep their trucks on the road. Drive N Deliver offers Factoring is used a lot in the trucking business because getting cash right away is more important than getting cash in three months. If you’re a truck driver who needs to pay for things like repairs, gas, taxes, and payroll, the small percentage of load value you lose in exchange for faster payment is a small price to pay.

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How does a drive n deliver company work for a truck driver?

Most of the time, the Factoring For Trucking Company will pay you almost all of the money you made from the load within a few days. However, they will take a certain percentage of that amount as their fee for the service. After that, you won’t have to worry about the invoice anymore, and you can keep doing business knowing that you have money in your pocket while the Drive N Deliver Company takes care of collecting the invoice.

Here are a few stages that make up the procedure:

  1. The driver is in charge of taking the customer’s load, making the delivery, and getting the invoice signed.
  2. The driver will then send a copy of the invoice to the Factoring For Trucking Company chosen by the customer.
  3. Within a few days of getting the invoice, the factoring company gives the driver an advance payment equal to a percentage of the total invoice amount.
  4. The driver may be able to get paid up to 98% of the original value of the invoice.
  5. The factoring company handles the billing process and is in charge of getting paid by customers.
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Why Do I Prefer Factoring For Trucking Company as an owner-operator?

You won’t need a factoring company to run your trucking business well; you can handle everything on your own. You won’t lose the fees and percentage cut that a factoring company takes, but you will need to plan ahead for the long time it will take for your customers to pay you. In the end, factoring is a way to improve your quality of life, but it costs money, and a lot of owner-operators have done well by using factoring. 

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How Does Drive N Deliver work as Factoring For Trucking Company?

Drive N Deliver and sole proprietors use Factoring for Trucking Company in different ways. Some small businesses like how factoring firms help them with paperwork. Larger transportation companies may be more interested in growing their business as a whole than in getting a boost to their cash flow. Others can’t handle the amount of information and money that comes with multi-truck freighting because they don’t have the infrastructure or staff (permanent or temporary) to do so. A third-party company will bill and collect on your behalf in exchange for a “factoring fee” of a certain percentage of the total value of your invoices. When you meet their monthly volume requirements, some of them can even give you money the same day and free credit checks. In the long run, this can save you a lot of time that you can put toward other, more profitable tasks, like delivering cargo or finding new freight.

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