Hello, I'm Paul DeLuca. I'm founder of Meritus Capital. Today, we're talking about truck factoring companies. What exactly is a truck factoring company?
A factoring company for truckers takes their invoices, and every single day, generates cash for them. Think about it, if you're a trucker and you've just completed a load to the other side of the country, you want to get paid. You can't wait for 30 or 60 days. By the way, you got to get back and you have to have enough gas to get all the way back, right? You need that fuel. So, what you can do is take that invoice, sell it to an accounts receivable factoring company, and generate cash immediately. Sometimes, you can generate as much as 95% or even 97% of the invoice amount.
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