Skip to main content

Content is loading...

Loading...

Close

Posted September 1, 2018

fleet one pay evolve

by

Why is fleet factoring enhancing the B2B experience in trucking?

Not only has the digital payment eased and embellished the consumer experience, it has also enhanced and simplified the financial process in the trucking industry. It is hard to imagine a time where we could not rely on an ATM for immediate access to cash, check deposits or balance inquiries, and even harder to imagine a cashless exchange. We have come a long way with the way we do business, and technology continues to push us in a direction that we could not have imagined even 10 years ago. Fleet managers across the country are constantly looking to more efficient and reliable ways to process payment, and many of them are now realizing fleet factoring is one of the answers.

What is factoring?

To put is as simply as possible, factoring is a financial transaction in which a business sells its accounts receivables to a third party to make the process more efficient and more reliable in an industry where immediate cash payment is required. Often referred to as invoice factoring, the process allows for the company to focus on the specific service at hand while being supported by experts on the financial side of things. While factoring is not an applicable option in the B2C arena, it is commonly used in the B2B arena to guarantee cash flow necessary to meet financial obligations in real time. Factoring is common in many industries but has never been more relevant than in the trucking industry where financial obligations are present at every delivery. Freight factoring is a solution that benefits company, customer and contractor.

The digital age is pushing transparency and customer service

“Once shippers are able to calculate true value of customer service, hidden or unfair charges will become things of the past – while only those [freight firms] that provide better all-round customer service will stay competitive,” — Zvi Schreiber, CEO of online freight pricing provider Freightos

Fleet Factoring Enhancing the B2B Experience in Trucking

While once perceived as a threat to the industry, digitization has quickly become an asset and a differentiator. Utilizing technology has not only become an advantage for the freight company, it has also become part of the service for the freight company’s clients. Additionally, payment plays a big role in the customer service and positive client relationship. The smoother the transaction, the better the experience and relationship. Transparency in the transaction is adding to that engagement and providing freight companies with new strategies for success in how they process payments. Freight factoring is the channel by which these freight companies can provide transparency, service and ultimately trust.

Dual expertise enforces FleetOne Factoring

Payment company WEX has developed an expertise not only in digital payment but also in the trucking industry. With a strong financial foundation and specific knowledge of freight customer service, WEX FleetOne has risen to be a leader in freight factoring. By providing payment processes and tools that enhance the client service, FleetOne Factoring will also take on the risks that a freight company might not otherwise be able to assume. Because FleetOne Factoring prides themselves on customizing solution, they are able to offer both Non-recourse and Recourse options based on the level of responsibility the customer can afford to assume.

Customized Non-Recourse solutions advantages include:

  • Full advance options
  • Free same day funding
  • Flat rate
  • Easy online invoice upload with FleetDocs
  • Industry leading fuel discounts with your Fleet One Edge fuel card
  • Integration with most dispatch software at no additional cost

Customized Recourse advantages include:

  • Based on volume, rates starting as low as 1%
  • Same day funding
  • Up to 99% advance rates with no hidden fees
  • Easy uploading of documents with FleetDocs
  • Industry leading fuel discounts with your Fleet One Edge fuel card

Beyond their freight factoring capabilities, FleetOne also offers more efficient ways to control the costs that you are paying. As one of the largest expenses in the freight industry, fuel can be the toughest expense to manage, and to that end the trucking industry has been relying on tools to help.

1. FleetOne Edge OTR Fuel Card

With nationwide acceptance and deep discounts, a FleetOne Edge card can make all the difference. Keeping track of regulations, repairs, receivables, and fuel costs, many companies find themselves just trying to stay between the lines. The FleetOne EDGE card can help to maintain control.

Dual Expertise Enforces FleetOne Factoring

The new FleetOne EDGE OTR card features:

  • Largest nationwide fuel discount network at over 3,000 sites – average savings of 12 cents per gallon
  • No fuel transaction fees in the EDGE network
  • Universal acceptance at over 8,000 truck stops nationwide
  • Nationwide discounts on major tire brands – save an average of $40 per tire
  • Thousands of additional savings on wireless plans, equipment, maintenance, parts, breakdown, hotels, and more
  • Lastly, like our robust freight factoring solutions, the card offers financial support and credit to fund your operations and financing solutions to help you grow.

2. WEX Fuel Management

As mentioned above, fuel is the lifeblood of any transportation company, but price volatility can undermine your financial success by wreaking havoc with the budget. You can’t control sticker shock at the pump, but you can ensure that all of your fuel purchases are the most favorable to your bottom line.

WEX Fuel Management will examine your pre-negotiated fuel discounts and help you monitor driver compliance with purchases at your discount locations… and maximizing your saving potential.

WEX Fuel Management is a suite of web-based applications designed exclusively for customers wherever they are in the fuel supply chain. These tailored offerings address industry-specific needs to help companies optimize fuel purchases and processes, while adapting quickly to changing market demands.

Whether you’re looking to reduce inventory carrying costs, lower overall fuel and transportation costs, improve your fuel margins, or manage deliveries more efficiently, WEX Fuel Management Solutions can help transform the way you do business.

In this age of digitization and customer service, freight companies are looking to the experts to be their experts. Freight factoring, data analytics and a focus on fuel management are strengthening the freight industries and providing clear advantages for differentiation to help stay ahead of the game.


Ashley Wilks

Ashley Wilks


Topics