Understanding Factoring Services trucking companies

Factoring Services for Trucking Companies

It’s challenging enough to operate a business — especially a small one or if you’re starting out — and maintaining a reliable, steady cash flow can mean the difference between sinking or swimming. Operations are significantly disrupted by unpaid invoices, especially when incoming funds are necessary for payroll or rent. For this reason, we entered into a partnership with RTS Financial to offer our clients factoring services, which have the potential to significantly impact their business operations.

Why You Should Consider a Truck Factoring Service

Truck factoring, referred to as freight factoring, enables owner-operators and carriers to convert overdue invoices into cash. Essentially, a transportation third-party factoring company will purchase unpaid accounts receivable at an advance rate ranging from 80% to 90% of the invoice value and then collect the invoices themselves. In the trucking industry, factoring means someone else takes the risk of non-payment. Even receiving a discount on invoices is a sufficient incentive for many trucking companies to utilize factoring services for trucking companies, as the company gets immediate funds that can be used to pay overhead expenses or even accept additional work to increase profits.

Management of Trucking Documents

Truckers’ administrative responsibilities are frequently overlooked when the general public considers their occupation. Other factors, including data and information security, must be regarded as the world moves to digitalization. Making sure you have all your mandatory documentation and that it is appropriately completed, filed, and kept takes up a good chunk of time and effort. In addition to introducing unnecessary tension into the operation of your trucking company, this may cause additional stress. That’s where Velocity Wheel Dispatch comes in.

Comprehensive Coverage

Trucking is so much more than just driving. Sadly, we know that, in reality, there are stringent requirements for paperwork, compliance with SAFETY/DOT and other regulations, and insurance – not to mention finding, negotiating, and booking loads. Therefore, we ensure comprehensive coverage of all necessary documentation, including customs and transportation documents, proof of insurance and insurance certificates, W-9 forms, broker/carrier bundles and setup paperwork, and rate confirmations.

Expertise and Excellence

At Velocity Wheel Dispatch, we provide exceptional client care. Part of this is knowing the ins and outs of the trucking industry, including industry standards and regulatory requirements. We understand what is required, why it’s necessary, and who needs to see it. When preparing, filing, and managing trucking documentation, we adhere to the principles of diligence, accuracy, and comprehensiveness by ensuring the presence of all necessary components on paperwork. Because your success is also our success, we take it extremely seriously.

Our Approach to Document Management

Trucking documentation management by Velocity Wheel Dispatch is outstanding, whether provided independently or as a component of a more comprehensive dispatch service bundle. This is due to our understanding that differing transportation companies require distinct levels of assistance. As part of our straightforward service ideas, we collaborate with our customers to deliver exactly what they need. We aren’t trying to sell you anything you do not desire, as we know that you are more knowledgeable about your business.

But More Than Just Document Management

Many of our clients appreciate our wide range of services, as it allows them to concentrate on their core competencies. Through our dispatch service, we search for loads, negotiate rates – the highest price we can get for our clients so they make more money – and coordinate the details. We are responsible for invoicing, managing trucking paperwork, and ensuring all customer contract-related tasks are completed correctly and on schedule. In addition to these services, we are pleased to assist clients with accounting and bookkeeping, IFTA report setup and maintenance, online transportation management service, and more.