What is freight factoring?
Simply put, it is using an invoice factoring company to quickly turn your outstanding hauling/freight invoices into cash, so you can grow your business! Go here to check out a good video that explains this further https://www.merituscapital.com/what-freight-capital
Looking for a good freight bill factoring company?
Well, you have options. There are hundreds of freight bill factoring companies in the U.S and Canada. They in come in all sizes, with different perks, costs, offerings, and ways they run their business and service their clients. In our 20 years of servicing clients in the industry, we have noticed some of the main concerns of trucking companies looking for freight factoring to grow their business and we have worked to address them.
Top 5 Concerns of a freight factoring company
Here are the top 5 concerns we find with new freight factoring prospects and how we at Meritus Capital help our freight factoring clients and prospects prosper:
With more and more competition and brokers entering the industry, it seems as though margins are getting tighter and it can be even tougher to find business. So keeping your invoice factoring cost low is of great importance.
At Meritus Capital we have great competitive pricing and are flexible in a fee or cost structure that works for you. Often, we will have our clients set up on 10 day increments of 0.35-0.63%. This keeps the fees very low and without the large upfront fee or large bump in fees if a payment comes in late.
Ease of getting set up
Although getting set up with a factoring company is generally quicker and easier than a bank, there is always room for improvement especially with a business owner’s busy schedule.
Meritus Capital has put a lot of resources into making the onboarding process as easy and smooth as possible. We now offer an easy online application that makes it quick and painless for new prospects to fill out and upload the appropriate documentation. We also provide e-signing for contracts which saves you time and money from having to go down to get documents notarized.
Getting funded quickly once you submit invoices can be paramount to having the funds to run your next load, make your truck payment, fill your gas tank or make payroll.
Meritus Capital offers great back office customer service to make sure you get your funding in hours not days so you can get the funds when you need them.
Flexibility & Customer Service
Communication and flexibility are a necessity in a factoring and trucking companies’ relationship. Whether it is credit on a new customer, growing rapidly beyond your current factoring line size or a number of other things, there needs to be flexibility and customer service to make a successful business relationship happen.
Meritus Capital strives to help through communication and understanding to make good credit decisions that will benefit us and our clients, and offer the great customer service that we would expect from a service provider to us.
Contract & Term Length
No one wants to be stuck in a contract where they are hit with hidden fees or where they are unhappy with their factoring companies’ customer service. Especially if they are stuck due to signing a term length that they weren’t comfortable signing initially any way.
Meritus Capital will work win and keep your business by providing great services you want at a great price without the hidden fees. It is true, showing commitment in signing a longer-term contract generally can get your price down but at Meritus we are flexible to work within your comfort level.
If you have any other questions or concerns about freight factoring, please feel free to contact us and one of our representatives will be happy to answer any of your questions.