Midland, TX is a major center for trucking companies serving shippers as well as the oil and gas sectors.
Freight Factoring in Midland, TX
Cash flow is at the heart of every trucking company. However, when receivables are staggered on payment schedules of 30, 60, or even 90 days, the lag in revenue can cause operations to grind to a halt. Freight factoring from Single Point Capital eliminates the waiting time but turning your receivables into cash and making funds available within one day. By using freight factoring services, trucking companies can boost cash flow and:
- Cover overhead expenses
- Make payroll
- Build up working capital reserves
- Preserve credit ratings
- Reduce the need for debt-based financing
- Check the creditworthiness of clients and brokers
- Eliminate the need for collections
Reduce the Need for Debt
When trucking companies experience gaps in cash flow due to staggered payments from clients, they usually turn to short-term loans. Unfortunately, short-term loans impact credit ratings and place debt on the books. If gaps in cash flow are frequent, this can be a recurring scenario. Freight factoring services from Single Point Capital can eliminate the need for short-term loans by providing funds for unpaid receivables within 24 hours. Because freight factoring is not a loan, trucking companies are able to preserve their credit ratings and avoid taking on unnecessary debt.
Say Good-Bye to Collections
Occasionally, receivables age beyond their payment schedules, and trucking companies have to perform collections. Trying to get payments from customers who have let payment schedules lapse can be a lengthy process that can take up to 45 days. This means that a trucking company in Midland, TX could be waiting for a month on top of the previous payment schedule to receive revenue for a job. Single Point Capital removes the need for collections by providing one-day turnaround on submitted invoices. This allows trucking companies in the Midland area to focus on hauling shipments instead of tracking down payments across multiple client accounts.
When trucking companies in Midland, TX sign up for freight factoring services from Single Point Capital, they get access to a number of extra benefits. Factoring clients can access our fuel card and fuel advance programs, which offer deep discounts at the pump so tanks never go dry. We also offer assistance when owner-operators and other entrepreneurs want to launch their own trucking companies in Midland, TX.
Get Started Today
If you own a trucking company in Midland, TX and want to boost your cash flow, contact the team at Single Point Capital. We can set up an account for factoring services quickly, and with minimal paperwork. Once your account is confirmed, all you will need to do is submit your invoices and we will make your funds available via ACH, wire transfer, or any other established method that works best for your trucking company. To get started, contact Single Point Financing today.