If in some case you are not getting the cash quickly and need to wait for a day or two then there is no point of getting factoring.
Furthermore, delaying with cash flow might possibly mean that they are getting the money from a bank. In that case, there are two things to reconsider:
- Borrowing funds from a bank is resulting in higher rates in your trucking business
- The funding’s stability and security
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If a factoring company works with a bank in order to pay you off then probably the best is to use the direct funding source.
On the other hand, there are the freight bill factoring companies which are independent. In that case, you need to ask them where they get their resources from.
This is an important information to know because you do not want to be cut off by your financing partner after all.
