by Ashley Wilks
Business automation and growth through fleet factoring
When we talk about automation in the trucking industry, we are most often joining the conversation about self-driving trucks. And while autonomous trucks are becoming a reality, they are not the only autonomous tactic that the trucking industry is implementing. Automation in everything from robotics in logistics to automated payment software is transforming the way the industry is doing business, and fleet factoring is enabling those successes.
While self-driving technology is exciting, it is also raising concerns in the trucking industry. The idea that autonomous vehicles will take millions of jobs away from drivers is actually not at all a reality. Based on the critical need for drivers, if anything self-driving capabilities should be embraced. The industry is evolving right along with the rest of the world. Drivers are aging out and the industry is looking to a new generation to participate. While that generation may not be interested in the current state of the business, they are interested in progress – which is exactly what self-driving technology presents.
Autonomous trucks might be a more exciting innovation that most but there are other automated efforts in line to help the industry in every aspect of business including finances. Managing cash flow can be one of the biggest challenges that a company faces, and while the demand for shipping seems to be increasing daily, the efficiencies in systems to keep cash flow constant is not keeping pace. That is why even successful fleets are turning to factoring for help. Fleet factoring company FleetOne Factoring allows immediate access to cash as well as resources to initiate efficiencies into other systems, not the least of which is payment.
With the holiday months included, the 4th quarter of the year is peak season for shippers across the country. Trucking companies need to be prepared to handle the largest fright volumes they will experience throughout the year. Financial supply chains need to be able to handle the volumes just as much as the product supply chain does. Fleet factoring resources allow trucking companies to answer the challenge in the most efficient ways possible. These resources can be applied to overall operational growth like warehouse storage, brokerage resources or seasonal contract workers. The reliability of cash flow creates internal confidence as well as external perception that the company is sound.
The best thing about fleet factoring is that there is no limit to the amount of funding a company can receive. During the peak quarter, as your accounts receivables increase, so too does your access to immediate cash flow from your factoring contract. Fleet factoring companies like FleetOne can provide the capital for operation sustainability and growth while the trucking company can focus on other areas of the business. Fleet factoring also offers business solutions with a customized approach. The trucking company does not have to factor out all of its invoices; they can choose to factor only the invoices that take the longest for payment. This option can make all the difference particularly in the last quarter where demand is high, and cash flow is critical. Automation in the process is also important in maintaining efficiencies at this hectic time. Many trucking companies already rely on automated software for payment and fleet factoring can be integrated into already existing processes. If the company does not have the capabilities, the fleet factoring company will manage the process for them.
Some of the automated features include:
WEB ACCESS FOR DESKTOP USERS
- Electronically submit invoices with supporting documents for quick funding
- Automatically compile supporting documents by load and stores images
- Create invoices or upload invoices and supporting documents from your billing software.
MOBILE APP FOR DRIVERS
- Easy-to-use scanning app for Android or iPhone
- Snap a picture of a BOL with built-in image quality enhancements that shippers/brokers will accept
- Communication to your drivers that the image was accepted
Just like the technology behind autonomous trucks, an innovative and experienced fleet factoring company like FleetOne can help you to keep up with the progress of the industry by providing the right solutions for your company. You should look for those factoring companies that provide the best customer service, innovative technology, and agreements that benefit your specific needs and not their own requirements. Look for a company that wants to build a long-term relationship and provide a comprehensive service to help your company advance. Most importantly, look for a company that can provide efficiencies not just for fleet payment but for other areas critical to your strategies for growth. A fleet factoring company is just as much a partner as your customer and should be considered a source for the innovation necessary to not only keep up progress but to drive it.