Keep On Trucking
Invoice Factoring Keep On Trucking
Author: Stephanie Clarke
Date posted: 03.21.23

Rick has been operating his small carrier business successfully for several years. His company features reefer (refrigerated) transports of reefer freight for produce distributors in his home state of Florida. He has a growing number of distributors under annual contracts. He is aware of the opportunity to grow his business as a number of his existing clients are expanding their operations and several new distributors have reached out to him with interest.

Despite being one of the smaller carriers in Florida, Keep On Trucking remains a steadfast mantra for his company. Furthermore, it consistently and successfully transports reefer loads along the I-95 and I-10 corridors, effectively catering to wholesalers and retailers. In light of its remarkable dedication to keep on trucking to set an inspiring example for others in the industry.

With business growth, Rick encounters cash flow hurdles. He seeks a solution to keep on trucking through fuel, repair, and payroll demands, ensuring uninterrupted service for current clients and the ability to welcome new ones on board. With their determination and commitment to keep on trucking is poised to overcome these obstacles and maintain their upward trajectory in the industry.

Keep On Trucking

He currently invoices customers monthly, but finds only a limited number actually pay their invoices quickly with most paying after 40 to 45 days, which is creating the cash flow issues. After looking at all the options available to him, Rick decides to bypass the traditional loan route and try invoice factoring to meet his cash flow needs and cover his operating expenses and maintenance costs. . Invoice factoring allows businesses like Rick’s to essentially sell unpaid client invoices to access the cash needed for short-term finances with low fees and without the need for a traditional loan. Invoice factoring will help Rick keep his reefer freight fleet running by meeting his cash flow issues. It will also provide some breathing room for him to grow his clientele.

With ongoing invoice factoring, Rick has been able to meet payroll easily. He can also cover fuel costs and keep his fleet of trucks well-maintained.  After a year, he has also been able to add 10 new annual contracts with more in the works. Rick is able to choose the level of invoice factoring needed at any given time. This helps him make ends meet when his slower paying clients create challenges for his company. Not only has invoice factoring kept Rick’s cash flow issues from affecting his company growth, but it has also allowed Rick to add an additional driver to his fleet. This comes without the burden of a traditional loan, and there is the prospect of another driver being added soon.

Keep On Trucking
About The Author | Stephanie Clarke

Stephanie has a bachelor's degree in psychology and has been a professional writer for over 15 years. Her client list includes New York Times bestselling authors, publishing houses, prominent public figures and successful business owners. She resides with her family in Florida.

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