The ultimate goal of any freight factoring service is to ensure you get the money you’re owed quicker than if you invoiced a broker or shipper and waited for payment. With freight factoring, you pay a fee, which can be as low as 1%, and you get paid immediately (an advance) by the freight factoring company. They bill your client and get reimbursed for the money you were advanced.
When you’re choosing a freight factoring company, the right selection of features can make a tremendous difference to your operations and ability to grow. Here are the additional services and features you shouldn’t overlook.
Multilingual Staffing for Support
If you can’t get help in your native language, it’s frustrating. If English isn’t your first language, avoid language barriers by choosing a freight factoring company that offers customer support services in multiple languages.
Factoring Terms That Benefit You Over Them
Before anything else, see what the payment options are. Several things can make freight factoring more of a hassle than it needs to be. First, does the factoring company give you 100% of the amount you’re owed (minus factoring fees) or are you only given a percentage?
Some companies will only set up arrangements where you get 90% or 95% of the money you’re owed. The rest is held in escrow until your client pays the factor. If they never pay, you may not see that remainder. Ideally, look for a freight factoring company that offers 100%.
Ask if the arrangement is recourse or non-recourse. Non-recourse protects you from being forced to repay the money you received if the client never pays the invoice. With a recourse arrangement, you could have to pay back the money you were advanced.
What are the freight factoring fees? Is the company using a flat fee system or are there hidden fees or fees that increase if a client doesn’t pay within the set period? Ideally, you want the lowest factoring rates possible and a flat fee system. If a company won’t offer you that, you should check the competition to find a better deal.
Saint John Capital offers 100% advances, flat fees, and incredibly low factoring rates. With a fleet of 11 or more trucks, you could pay a fee of just 1%.
Click & Pay API Saves Time
Instead of having to draft up a bill of lading, get everyone to sign it, and provide copies, use Click & Pay API and handle everything electronically. You can send a copy of the signed bill of lading to your client with a few clicks. There are no more paper copies to keep track of and bulky filing cabinets to keep organized and cleared out from time to time.
Instant Payment Options Ensure Fast Payments
Your driver picks up or drops off a load. At this point, scan the bill of lading into the app and submit it for payment. You’ll have payment within a day or two. If you want same-day payments, make sure you submit the request before noon EST and arrange to have the money you’re owed deposited to your Saint John Capital Business Visa.
With the app at Saint John Capital, you can get a 50% cash advance as soon as your driver picks up the load. If you wait until it’s delivered, you get a 100% cash advance. The app makes it easy to submit a bill of lading through the app. You don’t need to scan, fax, print, or mail invoices again. Our app generates the invoice you need for your accounting software.
Apply for a Line of Credit
Don’t put business expenses on high-interest credit cards. You might need that emergency truck repair to keep your company going, but a credit card isn’t always the smartest option. Apply for a low-interest line of credit to cover emergency expenses.
Make Sure a Find Load App Is Available
A find load app is an important way to boost your revenues. You’re going to have days where a driver is heading to the drop-off location with a partial load. That’s wasted space. With a find load app, you can use your phone or tablet (both iOS and Android) and quickly find another partial load going to the same city or town. Fill the rest of the trailer and get double the money.
On the return, use a find load app to fill the trailer with cargo heading back. Instead of getting paid for one haul, you’re now able to get paid for two jobs there and at least one job on the return. You’ve made more money on a single trip.
Another benefit to a find load app is that you can stop taking low-paying runs. Look for the highest-paying work and take those jobs. Not only will you earn more money, but a find load app helps you ensure your drivers are on routes they enjoy.
The find load app can have an unlimited number of users. Not only can you keep checking for work, but your dispatchers and drivers are also able to look things over and share their input.
Check Business Credit Reports for Free
Are you hesitant to take a job from a broker or shipper you’ve never dealt with before? This is a common fear, but it shouldn’t keep you from making more money. Receive free business credit reports for any broker or shipper you’re considering. You’ll have the information you need in order to determine if a new client is too risky to work for.
Gain Real-Time Location Information and Keep Clients Updated
Track loads apps are also important when it comes to business operations. Your driver’s been on the road for four hours and hasn’t arrived at the destination yet. Your client calls to get an ETA. You know your driver cannot answer a cell phone call without pulling over, so you could use a track loads app to find the current location and update the client.
Track load apps are also helpful for assigning new loads while your driver is on the road. Say you’re checking the find loads app and come across a high-paying rush job. You can claim it and assign it to your driver in a matter of minutes.
Save Money On Every Fill-Up
Stop paying full price for gas and diesel. With a Saint John Capital Visa, you get gas discounts on the fuel your drivers need. Even if you’re only saving a few pennies per gallon, it adds up fast. You can also use a Visa card to pay at the pump and save time when fueling up.
The Visa card is accepted at truck stops across the U.S. and any stores or restaurants that take Visa. Your driver’s personal credit scores are not used to determine eligibility. They no longer have to carry company cash when they’re on the road. Any fuel or truck expenses they encounter are charged to the business Visa.
Saint John Capital offers each of these features. Our rates are the lowest you’ll find, especially if you have a fleet of 11 or more trucks. We offer low-interest lines of credit, a find load app with millions of loads, and same-day payments. Sign up with ease and let us help you grow your business without the added stress of worrying if you’ll ever get the money you’re owed.