The Definition of Factoring
Factoring is when you sell your accounts receivables or invoices to a third-party (iTruck Finance). The third-party would then give you ‘cash’ to help you run your business. This is also known as: “account’s receivable factoring.”
This is done so that you can receive cash more faster then waiting 30 or 60 days from the customer. This is a very common practice that businesses use to grow.
How it works:
1) Trucking Company meets with iTruck Finance Team
2) Trucking Company fills out application
3) If Trucking Company is approved, Trucking Company will give invoices/account’s receivables to iTruck Finance Team
4) iTruck Finance Team provides ‘Cash’ in return to help Trucking Company run the business
5) Client of Trucking Company then pays iTruck the owed amount
Benefits of using Factoring with iTruck:
- Run business with steady cash flow
- Always pay staff and resources on time
- Allow iTruck to handle customer collections – giving you more time to run your business and earn more revenu
- Receive all of iTruck Benefits: most competitive rates, earn iTruck Rewards, save on fuel
Are you looking for a company do help you with factoring?