Every business owner knows cash flow is important for growth. With the standard payment time being 30 to 90 days in the trucking industry, drivers need a reliable way to keep their businesses running. Thankfully, financial services like freight factoring and quick pay are available to help. Both services provide options to help drivers generate cash flow, but it's up to the driver to decide which is the best fit for them and their business. Here’s why the benefits of freight factoring outweigh the convenience of quick- pay.:

Payment Time

• Quick pay: Payment times can often vary depending on the broker you partner with. It can take one to five days.
• Freight factoring: Freight factoring is well known for its next-day payment service; some even offer same-day payments.

Load Availability

• Quick pay: Not every broker offers a quick-pay option. If you need cash flow and can't wait 30 or more days for payment, you might be limited in which brokers you can haul for.
• Freight factoring: Freight factoring is a third-party funding source which gives you the freedom to shop higher-paying loads from almost any broker while maintaining access to next-day cash.

Consistency

• Quick pay: Brokers who provide a quick pay option will typically have varying funding methods. This leaves you with excessive fees and extra work to manage a variety of payments.
• Freight factoring: Payments come from a single company, giving you one consistent source to manage. Freight factoring through Love’s Financial also gives you a personal account representative to deliver unmatched customer service and help manage your invoices.

Benefits

• Quick pay: The primary benefit is getting paid before the traditional 30 to 60 days.
• Freight Factoring: Freight factoring can come with a lot of benefits if you partner with the right company. Most factoring companies, including Love’s Financial, provide back-office support, a dedicated account representative for your company and next-day payments.

The Love’s Financial Advantage

Love’s Financial buys invoices for the loads you’ve already delivered then collects from your customer. Once approved and setup is complete, you simply send us your invoices along with proof of delivery and Love’s will pay you within 24 hours.

Love's offers:

• High Advances: Up to 99% access to cash from your invoices.
• Professional receivables management: Back-office support, billing, collections and a dedicated account representative.
• 24/7 Online access: Review account, reporting, free debtor checks and ongoing credit support.
• Fast & Flexible Financing: Hassle-free account setup, no hidden fees, and same day or next day funding.
• Competitive pricing options.
• Bundled packages available: For greater savings, bundle factoring with discounts on fuel, tires and maintenance.
• Credit: Enjoy our no fee Love's Express Credit card, with minimum $2,500 guaranteed credit line for fuel, tires, maintenance or in-store purchases.
• Earn More My Love Rewards Points when you factor with us, plus earn points on qualifying purchases.

The Bottom Line

If freight factoring is a good fit for your company, call Love's Financial today at 1-855-495-5683 to learn about benefits, such as fuel discounts, a $2,500 credit limit card, roadside assistance and more!