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5 Fascinating Factoring Facts

Factoring is the solution for those businesses who struggle with their cash flow and need the funds necessary to grow. However, there's little to no information about the benefits of factoring and how it works.


Factoring can be a confusing topic for those small businesses that are just starting and need a helping hand. Here we'll teach you everything you need to know about factoring and its benefits.


An Alternative for Bank Financing

There's a noticeable number of small businesses that can't apply for a small business loan. Factoring presents itself as an alternative for getting an immediate cash flow without dealing directly with a bank.


Moreover, most banks expect their payment between 30 to 60 days. On the other hand, according to Business Observer, a factoring service expects to be paid within 90 days.


Better Payment Terms for Your Clients

Factoring helps you maintain a good cash flow, as your account receivables are sold to a factoring service in exchange for immediate cash. Thanks to this constant flow of liquidity, you can offer better payment plans to your clients without worrying about your cash flow.


Easy and Fast

Forget about the tedious process of filling out bank sheets and waiting until your business loan is approved. Factoring is a straightforward process that doesn't require too much time or effort to understand, and thanks to e-factoring, you can apply for the service without ever stepping out of your office.


Optimize Your Business Capital

A factoring service helps you meet payroll demands, optimize your inventory, and support the expansion of your business. Thanks to the immediate payout that factoring brings, you can use the capital to pay and develop your business without waiting for a customer to pay.


It’s an Affordable Option

One of the main misconceptions about factoring is its price, as most business owners think of factoring fees as it was an interest rate. A factoring service will not charge you after you pay the invoice, and their rates are relatively low in contrast with the interest rate of a loan.


Factoring presents itself as an outstanding form of financing, as it allows any business to get immediate capital in exchange for a small fee. Next time your business is struggling with its cash flow, don't hesitate to call a factoring service.

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In today's digital age, truckers have access to a variety of mobile apps that can significantly enhance their efficiency, safety, and overall job satisfaction. From navigation to load management, maintenance to fuel tracking, these apps provide invaluable tools for truckers on the road. In this blog, we'll explore the top trucking apps every trucker should have on their phone and explain why they are essential. We'll cover five key categories: trucker navigation apps, load management apps, maintenance and inspection apps, fuel management apps, and weather and road conditions apps. Trucker Navigation Apps Efficient navigation is critical for truckers to ensure timely deliveries and avoid unnecessary detours or delays. Trucker-specific navigation apps offer features tailored to the unique needs of commercial drivers, such as route planning that accounts for truck restrictions, weigh stations, and fuel stops. Examples: - TruckMap: This app provides turn-by-turn navigation specifically designed for truckers, including information on truck stops, rest areas, and parking availability. It also helps drivers avoid low bridges and weight restrictions. - CoPilot Truck GPS: Offering offline navigation, CoPilot Truck GPS includes truck-specific routing, real-time traffic updates, and points of interest such as fuel stations and rest areas. It helps truckers save time and fuel by avoiding restricted routes and congested areas. Load Management Apps Managing loads efficiently is crucial for maximizing productivity and profitability. Load management apps streamline the process of finding, booking, and managing freight loads, making it easier for truckers to stay organized and on schedule. Examples: - DAT Load Board: This app provides access to one of the largest load boards in the industry, allowing truckers to find loads quickly and easily. It includes features such as real-time load updates, broker credit scores, and detailed load information. - Truckstop.com Load Board: Known for its comprehensive load search capabilities, this app helps truckers find loads, view rate information, and connect with brokers. It also offers features like load tracking and payment assurance to help drivers manage their business more effectively. Maintenance and Inspection Apps Regular maintenance and thorough inspections are essential for ensuring the safety and reliability of a truck. Maintenance and inspection apps help truckers keep track of maintenance schedules, perform inspections, and record any issues that need attention. Examples: - KeepTruckin: While primarily known for its electronic logging device (ELD) features, KeepTruckin also offers tools for vehicle inspection and maintenance tracking. Drivers can perform pre-trip and post-trip inspections, log defects, and schedule maintenance. - Fleet Complete: This app provides comprehensive maintenance and inspection management, allowing truckers to track vehicle health, log inspection results, and receive maintenance reminders. It helps ensure that trucks remain in optimal condition, reducing the risk of breakdowns and costly repairs. Fuel Management Apps Fuel is one of the largest expenses for truckers, so effective fuel management is essential for controlling costs and maximizing profits. Fuel management apps help truckers find the best fuel prices, track fuel usage, and optimize fuel efficiency. Examples: - GasBudd: This popular app helps truckers find the cheapest fuel prices along their route, with real-time updates and user-submitted price reports. It also offers features like fuel price predictions and rewards for fuel purchases. - Fuelbook: Designed specifically for truckers, Fuelbook provides information on fuel prices at over 7,000 truck stops across North America. It also includes features like route planning, diesel exhaust fluid (DEF) locations, and trucking-specific discounts. Weather and Road Conditions Apps Staying informed about weather and road conditions is critical for safe and efficient trucking. Weather and road conditions apps provide real-time updates on weather forecasts, traffic incidents, and road closures, helping truckers plan their routes and avoid hazards. Examples: - Weather Channel App: This comprehensive weather app offers detailed forecasts, severe weather alerts, and radar maps. Truckers can use it to stay informed about changing weather conditions and plan their routes accordingly. - Waze: While not truck-specific, Waze is a valuable tool for real-time traffic updates, road hazards, and accident reports. Truckers can use Waze to navigate around traffic jams, construction zones, and other obstacles, ensuring a smoother and safer journey. In conclusion, incorporating these essential apps into your daily routine can significantly enhance your efficiency, safety, and overall experience on the road. Whether it's navigating complex routes, managing loads, maintaining your vehicle, optimizing fuel usage, or staying informed about weather and road conditions, these apps provide invaluable tools for truckers. Enhance Your Trucking Business with Atlas Factoring At Atlas Factoring, we understand the unique challenges faced by truckers. Our factoring services provide flexible financing solutions to help you manage cash flow and seize new opportunities. Apply for factoring services with Atlas Factoring today and experience the benefits of immediate cash flow, free broker credit checks, and unparalleled support. Take your trucking business to new heights with Atlas Factoring!
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