The Benefits of Using an Online Transportation Factor
Today, let’s move beyond the benefits of transportation factoring in general, and talk about the specific benefits of using an online trucking factor. Let’s look at 4 benefits of using a truck factoring company that has a robust online presence.
1. You can submit all documentation and receive payments electronically.
Working with paper is quickly becoming a thing of the past. Many people pay bills electronically and get paid electronically by automatically depositing their paychecks into their bank accounts on payday. You can work the same way with your factoring company. With online access, you can submit your documentation electronically instead of having to mail in original bills of lading and other paperwork. You can also request funding and get your funds wired to your account. That means you don’t have to get back to your office to carry out your administrative tasks. You can do them on the road with an Internet connection. Some companies even provide you payments within two hours of your delivery.
2. You can work on your schedule instead of the factoring company’s schedule.
With online factoring companies, you get 24/7-access with an Internet connection. In only takes a few minutes to log in and submit your invoices. Then you’re back to delivering more loads. You don’t have to work around the scheduled business hours of a traditional factoring company. Controlling your own schedule results in a more efficient workflow, which enables you to haul more loads and earn more money. You can make your deliveries anytime, day or night, and submit your invoices immediately via the Internet.
3. You can access your customers credit status before you haul a load.
Many online factoring companies give you access to their online credit-reporting database so you can check your customers credit status before you deliver a load. Normally, you have a Company ID and password for online access and a toll-free number if you prefer to call for the report.
4. You can use cutting-edge account management websites.
Many transportation factors include access to their account services websites. This allows you to review your business in real-time. Normally, you log into an online dashboard that shows you the status of your accounts and offers you online tools to help you run your business better. You can request rush funding, check cash reserves, review your aging reports and balance, view current invoices, as well as do research on recent payments or deliveries.
By working with an online factoring company, you can manage your trucking business more efficiently. In the end, this saves you time and money and makes you more productive, enhancing your bottom line. If you have any questions or want to learn more, contact us.