If you’re a freight company, chances are you’re well aware of the benefits freight factoring presents to your business. Unfortunately, not every freight factoring company is created equal and you’ll have a difficult decision finding the right one.
The truth is the freight factoring industry has changed and trucking companies expect more than the typical factoring service they’re used to. They want a freight factoring company that gives them additional opportunities to grow their business, save money, and improve operations.
That’s where we’ve seen freight factoring companies evolve into full-service freight factoring companies. Don’t worry if this term is new to you; we’ll explain it all below!
What Does Full-Service Mean?
One of the best ways to describe the concept behind a full-service company is by explaining it with a car wash analogy.
When you think of a car wash, you expect to go through the large machine and receive a nice exterior wash/dry. A full-service car wash, however, will take that service a step further and detail the exterior, clean the tires, windows, and, most importantly, the interior of the car.
The full-service concept is actually being adopted by a wide variety of service industries and has become a staple in everyday business. When it comes to full-service freight factoring, you will generally receive three major hidden benefits from your factor — fuel cards, truck maintenance, and roadside assistance.
If your freight factoring company doesn’t provide these, you might be better off searching for a new factor!
Fuel Cards
Can you imagine a trucking company without gas or fuel? We can’t either — and that’s why we believe every freight factoring company should provide additional fuel benefits to their clients. After all, the factoring company won’t have any invoices to factor if the client can’t make any runs.
With a fuel card, your truck drivers will always have access to gas money and you’ll even have the opportunity to set limits on each card. In addition to saving you up to 40 cents per gallon, your drivers won’t have to handle any cash and make it easier for you to manage your fuel costs.
Truck Maintenance
There’s nothing more disappointing than having a truck break down or age, especially right before an important run. Not only that, but trucks require regular maintenance in general if you want them to last.
A full-service freight factoring company will generally have a partnership with a service shop, allowing you to receive discounts on any maintenance work needed. Some companies can even save you up to $95 per tire.
Roadside Assistance
In addition to providing maintenance discounts, a full-service freight factoring company should also provide roadside assistance to their clients. They will typically offer this as part of a partnership with nationwide services.
As you can see, a freight factoring company can — and should — provide more than factoring services. They should give your trucking company the resources it needs to continue growing and remain open for years to come.
Reference
“Save 25¢ Per Gallon on Diesel Fuel.” Fuel Card for Trucking, Save 25¢ Per Gallon | RTS Carrier Services | RTS Financial, www.rtsinc.com/product/fuel-discount-program.
Apex Capital Corp. “Apex Roadside Rescue: Truck Breakdown & Towing Service.” Apex Capital | Freight Factoring for Trucking Companies, www.apexcapitalcorp.com/discounts/roadside-rescue/.