Hello, I'm Paul DeLuca. I'm founder of Meritus Capital. Today, we're talking about truck invoice factoring. What exactly is it?
If you're a trucker and you've already hauled your load to the other side of the country or even just around town, you've created your invoice and now you need to get some cash. You've got to pay your fuel bill and other expenses, but your customer is not going to pay you for probably 30 to 60 days. So, what are you going to do?
Well, that's where truck invoice factoring comes into play. An accounts receivable factoring company will take your invoice and pay you 95%, even 97%, of the invoice today instead of waiting for 30 to 60 days. So, that's what truck invoice factoring is.
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