When you start a new trucking company, you quickly learn expenses add up. Not only do companies in Florida need to find a place to operate, but they also must hire drivers and get a commercial fleet off the ground. This means buying or financing those trucks, which is never cheap.
You also need to buy insurance for those vehicles, electronic logging devices, and even simple office supplies for your business. You may consider a business loan, but it’s not going to be enough to cover all these business expenses.
On top of that, it may be 30 to 60 days until the customer pays after they receive their shipment. To keep afloat, the smartest move you can make is to partner with a Florida factoring company.
Factoring companies in Florida can provide that extra measure of security you need to help your business take off. With Simplex Group, we have 20 years of experience in the factoring industry. Let us be your solution as you start your business.
Simplex Group is the only company in the U.S. that offers factoring services along with compliance, permitting, freight planning, and tax reporting all in one place. Our team of experts is ready to help you drive towards success. Contact us today!
When driving trucks, having the right motor carrier permit is essential. Instead of thinking about whether or not you’re permitted to operate on California highways, contact Simplex Group and let us handle it all for you.
What Does a Factoring Company Do?
A trucking factoring company, which is sometimes called freight factoring, helps your cash flow by giving you money when you need it. Factoring makes getting money easier, which is ideal when you are first starting a trucking company.
Clients will pay the factoring company when the bill is due rather than the trucking company. Meanwhile, you don’t have to wait, allowing you to get a cash advance immediately.
Factoring is a simple way to get your Florida businesses rolling in green. With a traditional bank loan, you will be scrutinized. Using a Florida invoice factoring company means you don’t have to jump through the same kind of hoops while still getting what you need to make your trucking company a success.
Do You Need to Have a Factoring Company for Trucking?
Florida businesses in the trucking industry can run just fine without using Florida factoring companies. However, there are many distinct advantages of using an expert accounts receivable factoring team. With Simplex Group, you will get the immediate working capital you need to keep your business running, all with outstanding customer service and support.
Less Risk Through Accounts Receivable Factoring
We offer financial solutions for small business owners to help them get on the road to success in trucking. Your other options are to go for business loans, though those bank loans can be risky. Without a truck factoring company, you will be stuck waiting on payments from your customers. This could put you in a dire situation as you contend with your own expenses of running your business.
Lower Rates Than Bank Financing
Naturally, you can take out small business loans, but this means the bank will have to approve you. They will run a credit check plus an extensive background search. It could take a long time to even get approved. Your interest rate may also be high. In the long run, you may end up waiting just as long for this approval as you would have for those clients to pay.
Loans also take time to pay back. But a trucking factory company in Florida can get you same-day invoice processing. That means you’ll get cash in your account in as little as 24 hours after a sale is processed.
Get a Steady Cash Flow Without Negatively Impacting Your Credit History
Credit cards may seem like a great option, especially if your credit history is in good standing. However, even though it can give you the working capital you need in a pinch, you may wind up with poor credit in the long run. These cards often come with a high-interest rate or annual fees.
If you want your small business to be successful in the trucking sector, working with a Florida factoring company is a smart move. Most of your clients are likely small businesses themselves who will likely wait until their bill from you is due. With all these bills piling up on your end, you’ll need to work hard to pay them to benefit your credit. The best factoring in trucking is with Simplex Group. We will help your business grow. Contact us today to discuss the possibilities!
How Do You Qualify for a Factoring Company?
When you sign up for accounts receivable financing through a Florida factoring company, you will have to provide your basic company information. A credit check will also be run on your clients, which will take more pressure off of you since credit checks are another big expense when running a business. If you’re not approved, invoice factoring companies still show you whether or not a potential client is worth working with.
After you are approved, you can begin selling invoices. While some invoice factoring or accounts receivable financing programs will require you to sell a certain amount of invoices every month, Simplex Group never puts that kind of stress on you. We want you to focus on getting your trucking business up and running.
With this model, factoring companies pay less than the value of the invoice and even do so within days for a small fee. Simplex Group imposes a much lower fee than other companies in the Sunshine State. For all the major cities in the state—from Boca Raton and Delray Beach to Fort Lauderdale and Broward County—you will have a partner you can trust to provide funding and working capital when you need it most. Contact Simplex Group today to start gaining the financial flexibility you need.
Why Factoring with Simplex Group is Your Ideal Solution
In trucking, slow-paying clients can bring you down fast. Even worse, if a customer doesn’t pay the bill, you could be on the hook. Simplex Group offers non-recourse factoring, which means we will pay the bill if your customer doesn’t.
Additionally, businesses operating with a factoring company can save thousands every year and free up cash flow. You won’t need personnel when Simplex Group is handling all your back office work.
With fuel cards that save you more money on gas and supplies for your drivers, partnering with Simplex Group means you get more than accounts receivable factoring services. You get a Florida factoring company team committed to your success.
The Best Factoring Company for Trucking?
Get the receivable factoring you need through Simplex Group. No other company in the nation can provide you with all the services you need to make your trucking business a success. We are the full-service trucking compliance company that you need for everything from FMCSA compliance and permitting to accounts receivables and Florida invoice factoring. Contact our relationship managers today to get started!