Improve Financial Stability With Transportation Factoring

All businesses require some form of financing, no matter what development stage they are in. In the trucking industry, invoice factoring — also known as transportation factoring — helps you maintain positive cash flow to handle day-to-day operating expenses and to accelerate growth. A trucking business that uses ongoing financing as part of its financial strategy signals strength and stability rather than weakness.

Factoring Improves Customer Relationships 

One of the greatest concerns owners face when it comes to employing invoice factoring is how it will affect their customer relationships. A company that routinely uses transportation factoring is more likely than not to be recognized as healthy because it cares about maintaining positive cash flow. Through factoring, customers continue to give you their business because you are able to offer reliable delivery time and again.

Successful trucking businesses grow by serving their customers and managing those customers’ perceptions. One of the keys to maintaining healthy, positive relationships is to offer service even while waiting for payment from previous jobs. Transportation factoring allows you to capitalize on outstanding invoices while still delivering service to customers who have yet to pay.

The Many Benefits of Transportation Factoring

The benefits of invoice factoring apply both to your trucking company and to your customers. If your customers are larger firms, they will have likely worked with factoring before. They understand that factoring companies are well-versed in accounts receivable processes and have years of experience in collections management. Intimate knowledge of transportation factoring and invoice processing allows for factoring companies to take on the job of collections which in turn improves the flow of documentation, clarifies information, and makes for quick and easy resolution of disputes — all of which any customer loves to see.

Here’s how it works. When you factor your invoices through a trusted partner such as Accutrac Capital, you deliver your freight as normal, but instead of sending your invoice documents straight to your customer, you instead send it to the factoring company, who will pay you a generous advance right away — often the same day you apply. You’ll receive up to 97% of the invoice minus a small factoring fee, and the other 3% will be held in reserve until eventual collection of the invoice. Visit the Accutrac site for FAQs about factoring for transportation companies and qualification details, as well as a more precise description of the process.

Finding the Right Partner

It should go without saying that choosing the right factoring company is a vital decision. Make sure to find a factoring partner that is not overly aggressive in their collection; also make sure that your factoring partner thoroughly understands the complexities of your industry — trucking and transportation hurdles are unique, after all. Finally, be sure that your factoring partner manages their collection duties effectively and with discretion.

Freight factoring with a reputable partner comes with numerous benefits including:

  • Immediate access to funds
  • Professional Accounts Receivable Management
  • Risk Management, and
  • Total Transparency

A solid factoring company will provide simple and convenient funding services and will come with a bevvy of cost saving valued added services, which may include:

  • Preferred Currency Exchange Rates
  • Cash Advance B4 Delivery
  • Discount Fuel Cards
  • Equipment Financing

With some customers taking up to three months to pay, many carriers and owner-operators in the trucking and transportation industry are simply not financially prepared to handle the wait. With the financial support provided by invoice factoring, businesses can find the relief they need to focus on stability and growth.

10 Key Income Sources That You’re Yet To Exhaust

Whenever you find yourself a little short on the money that you need, you probably wish that you could earn more. It’s something that many of us think from time to time. Because when you’re generally quite good with your finances, you know that you’ve covered all of your other based. When you’ve been through your monthly expenses to cut them down to a minimum, when you watch how much you spend, and you’re very conscious to save some money each month, you’re already on the right track. But what are you meant to do when you’re paycheck just isn’t quite covering what you need it to? Whether you still struggle to make ends meet, or you’re doing okay but you’d like to increase your income, it’s time to take action.

Because that’s the thing about your monthly earnings – they aren’t always going to increase themselves. And when you’re only working with the one paycheck, you’re probably quite limited on how you could increase it. But, at the same time, don’t let this dishearten you. Because it really doesn’t mean that your paycheck will stay the same forever, or that your financial situation will have to stay like this. Instead, when you accept your situation for what it is and then vow to make a change, you can start to improve your income. The key is to start taking steps towards making it happen. So let’s look at ten different income sources that you’re yet to work on.

1. Getting A Pay Rise

First up, you’re going to want to think about the ways that you can raise the paycheck that you already get. For many of us, it would be great to get a payrise in the next few months. If you’re not somebody that actively chases a pay rise every few years or so, then you may want to start thinking about how you can do it. Ask for a payrise can seem scary. But if you know that you work hard, and you have evidence to show that you deserve it, it can often be so much easier than you think.

2. Getting A Second Job

Another simple way to make sure that you’re increasing the income that you have, is to get a second job. Maybe you’ve already reached the top salary that you can get, or you just want to get an instant top of us cash, then there are a range of second jobs that you could work on to bring that extra money in. If you have time in the evenings or weekends, this could work out for you really well.

3. Starting A Side Hustle

Then, there’s always the option to go with a side hustle. If you’re not too happy with your job and you’re not sure of what more earning potential there is to be had, starting your own thing on the side is a really great idea. Whether you want to write freelance, make crafts to sell, or create an online business selling a service, go for it. Doing this alongside your full-time job is a great way to build up that extra income you want.

4. Starting Your Own Business

As a step on from that, you may want to launch your own business on a much bigger scale. Think putting months into researching and planning to be able to pull this off. If you have always wanted to do your own thing, go for it. You could either start this in the side-hustle format alongside your full-time job, or go into it full-time so long as you have some financial backup to protect you.

5. Increasing Your Savings

Next, you’re going to want to turn to the money you do have. Because you don’t always have to look for new streams in order to increase your income. If you have exhausted what you’ve got, then you’re missing a trick. You should definitely look to increase your savings potential by moving your money into an account that is going to give you the best return. Then, you could even generate some income from this.

6. Starting To Invest

If all of your savings are instant access, then you could also be missing out on further income potential. Investing can help you to bring in a monthly income if you do have the right amounts to invest. So consider getting started here and make your money work harder for you.

7. Cashing In On What You’re Due

If you think you could be due some money, then definitely pursue this avenue too. By seeking assistance from the experts, such as McKinney, Tucker, & Lemel Law Firm, you could really maximize the amount that you’re due too. If you are owed the money for personal property damage, loss of income, or even something like medical bills, then definitely cash in on what you’re due.

8. Considering Passive Income

Then, there’s a range of passive income, such as Good Financial Cents show, to consider. Passive income can generate you money while you sleep, so if you’re willing to put the prep in to make it happen, this could be a great way to create a strong income source.

9. Making Money From Your Home

Next, you’re going to want to think about some income sources that are a little closer to home – such as your home itself. Because you can make money from your property in a range of ways. From renting out a room or storage space to even setting up a B&B, you may find that you can maximize the money you earn from the comfort of your own home.

10. Selling Your Old Stuff

Finally, you should definitely think about having a bit of a clear out too. If you have an attic full of stuff, you may find that you could make some great money to put into your savings or help towards living expenses, just by having a clear out and selling the things that you no longer need.

Every Little Helps: Money Saving Tactics For Everyday Costs

Why pay out more than you have to? It is something that many people think, but seem to forget all about when it comes to their own finances. In fact, too few people know how to save on every day, and mundane costs, something that might not be all that much money on their own, but sure can add up over the long term! To that end, check out the guide on every day money saving strategies below.

Coupons are well worth using.

Now, whether you are an avid fan of the show Extreme Couponers that you can see in the video below, or not, using coupons in your own life is something that can save you a decent amount of money.

In fact, here in the US, we are lucky enough to have coupons that offer products at a greatly reduced price, or even for free. Some coupons, when combined with smart shopping, can even mean you get paid to take products home from the store, reversing the entire transaction process completely. That is why clipping and using coupons is an action you need to add to your everyday money-saving arsenal.

Spread payments need to be interest-free.

Hands up if you spend hours online looking for the best insurance, or loan quote? Well, you are not alone as many of us see the value in this. Sadly what too many folks forget is that if you then choose to spread your payments out over a year, it can cost extra because of the interest that is charged for the privilege of doing this. Something that can end up eating the saving you have made!

With this in mind, looking for products and services with spread payments that are interest-free like the high-risk car insurance offered at https://servoinsurancebrokers.com/high-risk-auto/ is an important money saving tactic that you also need to aware of. Especially as so many products are offered on these terms.

Negotiation is not a dirty word.

Shopping is simple, right? You go into a store find the item you want, look at the price ticket, check you can afford it, and then make your purchase. However, that isn’t necessarily what the process of shopping needs to be.

In fact, for some types of items, it is OK to negotiate an haggle down the price as suggested in this post :https://jezebel.com/5875539/how-to-negotiate-for-a-lower-price-on-anything. Obviously, you have to be sensible with this tactic, and I’m not suggesting you haggle down the price of a single apple unless you want to start annoying shop owners in your town.

However, for bulk buys and electronics items you may find that there is more leeway on the price, or that the vendor can throw an additional bonus item in to seal the deal.

In particular, if you are happy to take a display model rather than one that is still factory sealed you can get some great bargain in this way. Something that makes it another smart tactic to add to your money-saving arsenal.