Truck Factoring 101: Transportation Factoring Basics

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Transportation Factoring BenefitsFreight and trucking companies depend on healthy cash flow to stay on the road. As with most businesses, you probably experience fluctuations depending on the time of the year and economic conditions. You need cash to pay drivers, maintain your vehicles, purchase fuel and cover other business expenses. Transportation factoring is a way to ensure that you always have cash on hand.

What is Transportation Factoring?

Transportation factoring or freight bill factoring is a way to sell your unpaid invoices for immediate cash. The truck factoring company provides you with up to 95% of the value of your invoices and takes responsibility for collecting from your clients. Unlike other types of financing, such as bank loans, you don’t need a long business history or pristine credit to get approved for transportation factoring. The factoring company is more concerned with the credit history of your clients as they are the ones who are paying. Read more

4 Leading Trucking Industry Trends For 2019

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The trucking industry is experiencing quite a bit of growth right now, largely fueled by e-commerce. While this is good news overall, it also means you need to be prepared to meet the demands of retailers and consumers. The following are four of the top trucking trends for 2019 to help you prepare.

 

1. Driver Shortage

One of the biggest challenges facing the trucking industry right now is the lack of qualified drivers. At a time when the demand for freight is growing, older drivers are retiring with not enough younger drivers to replace them. There are several reasons for this including long hours and the grueling nature of life on the road. Transportation companies must find incentives to encourage more people to choose driving as a career. Otherwise, the driver shortage could have a harmful effect on the entire economy. Read more

Freight Bill Factoring Lunch & Learn Presentation

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Kim Bukovsky | Freight Bill Factoring PresentationAt Riviera Finance, we look for opportunities for our colleagues to get involved in the community and showcase their expertise. Kim Bukovsky, Midwest Development Manager, presented our Freight Bill Factoring Program and services to a transportation dispatching class on Saturday, February 25. She joined Julia Vasco with Paradox Solutions Group in their dispatch training center for a lunch and learn presentation.

Paradox Solutions Group is an in-class training center that provides everything you need to know about starting and establishing a trucking company.

They provide and assist with the following tasks:

  • Obtaining DOT and MC numbers
  • Corporations and Federal Tax ID’s
  • All U.S. and Canada truck permits
  • Form 2290 Heavy Highway Vehicle Tax
  • IFTA Calculations
  • QuickBooks and bookkeeping

In these classes, you will also learn how to work as an OTR Dispatcher. Julia has more than 15 years of experience in the transportation industry and can help you with your questions. Visit their website to learn more about their dispatch training and services – they are not a trucking company, they are a training center

Kim Bukovsky & Julia Vasco During The Freight Bill Factoring Lunch & Learn Presentation

Riviera Finance has been providing freight bill factoring to the trucking industry for more than 45 years and can help you get paid faster. Our program allows you to factor your freight bills and get paid within 24 hours.

Visit our website for additional information and approval on our invoice factoring program and services for your start up trucking company.