Working capital through invoice factoring

Cash flow is critical to the survival of any trucking company or small business. It is probable that you collect on open invoices 30, 60, or sometimes up to 90 days after rendered services. During this time, the day-to-day expenses continue to stack up. Simple necessary day-to-day expenses such as fuel, insurance, maintenance, and payroll can be quite a large expense, so many trucking and logistics companies and other small businesses do business with Atlas Factoring.

In an economy where cash flow is king, for every trucking company and most every other small business, the key to success is working capital. Working capital refers to the financial resources that a business has over its liabilities. Working capital is the money used to cover business expenditures and generate income. Firms use working capital to run their day-to-day operations.

Small business owners, often feel as if eternities pass between invoice payouts. For trucking and logistics companies, open freight invoices can severely limit your cash flow and ability to continue to take on more business. Atlas factoring can be of help.

Working capital, also known as cash flow, can be obtained by selling your unpaid invoices. These are financial documents that represent past sales of products or services to your clients. This is where Atlas Factoring can come into play and provide you with the financial support you need to stay afloat. This instant liquidity is beneficial to both small businesses and freight carriers, as well as any other company that uses this method of collecting their receivables to run their businesses.

Companies often run into shortfalls of working capital when they need to pay employees, purchase materials, and other operating costs. Working capital through factoring allows companies to make timely payments without delaying their work schedule. For example, a trucking company running low on funds because of a lack of immediate payment for past jobs. Here, factoring can help the company gain access to cash immediately so it can continue its work without causing financial hardship to the business. Likewise, a small business with unpaid invoices may also benefit from the same-day funds factoring can provide.

Both small and large businesses can use invoice factoring as an effective method for generating working capital with low-interest rates, and to have a third-party agency dedicated to servicing you as your accounts receivable department.

What is Factoring

Selling your open invoices or accounts receivable to a third-party financial institution called a factor, such as Atlas Factoring, for a small fee, is what factoring is. With invoice factoring you can collect the money due to you for a small fee, before the invoice is due, giving immediate cash flow. The factoring company will then collect your open invoices from your debtors. Factoring is a fantastic way to finance a business because it does not require physical collateral.

How Factoring Works

Atlas Factoring will purchase your accounts receivable. When you submit your invoice, Atlas Factoring reviews the creditworthiness of the business in dept with you and decides whether to purchase the invoice. When Atlas Factoring agrees to buy the invoice, you receive payment immediately. Atlas Factoring also will serve you as your account receivable agency, by collecting those invoices for you.

Advantages of factoring

• Working capital financing

• No collateral required

• Easy access to cash

• Quick turnaround time

• Low-interest rates

• Flexible payment terms

• Ability to pay bills and all your accounts payable regularly

• Business owners can focus on running their business

• Your business gains the service of a professional accounts

Why you should consider invoice factoring

Atlas Factoring offers financing options to businesses that have seasonal peaks in sales or work with clients who are invoiced with a net 30, 60, or 90. By providing working capital to these businesses, Atlas Factoring helps them avoid going bankrupt while still receiving payments from clients. Factors also assist businesses that do not qualify for traditional bank loans. Because factors work on a commission basis, they charge lower rates than banks. Factors allow businesses to receive funding without having to give up ownership rights.

Work with the experts and the best factoring company

Atlas Factoring has had a long-standing and established reputation of good standing with its clients since its beginning. Most of our clients stay with us long term because they enjoy the low rates and the access to financial experts. We will not lose you in the shuffle amongst larger companies. Atlas Factoring prides itself on giving personalized attention to all its clients, working together to establish a stable financial future for your company. The road is open for growth with us, get more for your miles. Atlas Factoring is here to serve you.

GET A FREE QUOTE HERE

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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!