Written By: OTR Solutions | Date: 11/8/2022
When you’re running a trucking company, your cash flow is key.
Whether you are a one-man owner-operator or you’re a multiple truck business responsible for a whole fleet of drivers – you need money asap to pay for all of the various operating expenses you have.
So, what happens when you have a big invoice from a customer that’s due in 30 days but you need the cash now?
That’s where freight factoring comes in. Only the best factoring companies will know how to truly unlock your cash flow, giving you access to the money you’re owed immediately. It’s how you can keep your business running smoothly while continuing to make money, even when your customers take their time paying their bills.
Since our founding in 2011, OTR Solutions has been a leading freight factoring provider. From all the best technologies to unmatched customer support, we have you covered. When getting paid for loads as fast as possible is essential to you, you’ll want to know what you can expect from a top-notch fleet factoring company like us. So, if you’re interested in learning more about factoring and how it could benefit your business, keep reading!
Freight factoring is the process of selling unpaid invoices to a third-party company in exchange for immediate payment.
This can be a helpful way for trucking companies to improve their cash flow, as it allows them to receive compensation for their services more quickly. In many cases, factoring companies will advance up to 90% of the invoice value within 24 hours, meaning that truckers can get paid almost immediately after completing a delivery.
Freight factoring companies come in all shapes and sizes. Here is the OTR difference:
OTR’s freight factoring client portal makes it easy to manage your business as it grows. With access to a warehouse of extensive features and management tools, you have help with every part of your business. This is the place to go for accessing records, factoring invoices, requesting advances, uploading paperwork, running reports and more. The platform is designed to be flexible so that it can work well for businesses of all sizes.
Our mobile app enables our freight drivers and owners to factor from anywhere at any time! The client portal is also accessible on your mobile devices with the innovative OTR Solutions Mobile App! Available for both Apple and Android devices, you can run processes on the road from the app, such as taking photos of invoices from your phone camera and using the cropping tool to get them just right before uploading the images. You can also find and book loads, request a lumper advance, load funds onto your fuel card and so much more.
When we say “instant payments” we mean that when you factor with OTR you get paid in seconds vs hours or days like other factoring companies. This is the golden key to unlocking access to fast cash flow. It doesn’t matter if your bank is closed on the weekend or a holiday, With BOLT Instant Payments, you literally never have to wait for your money again! Ever!
Another mega cash flow solution from OTR is our suite of fuel advance and lumper advance options. Available any day of the week and easily accessible from your OTR Solutions Mobile App, you’ll have complete freedom to use and manage the funds, the way you need, and even amongst several drivers.
Factoring for freight drivers isn’t complete without a way to easily find loads. Originally referred to as Dial-A-Truck, DAT Freight and Analytics is known for having created the industry’s first electronic load board back in 1978 in Portland, Oregon, overhauling the old-school system of pinning index cards to bulletin boards. With access to more than 249 million loads posted annually, this powerhouse partnership is excellent for locating the right loads at the right prices, no matter where you are.
Freight drivers are always on the go, which means there is not much time to deal with their taxes and accounting. Our partnering with Equinox, a team of Certified Public Accountants, is the worry-free solution for always knowing where your business stands financially.
In this business, you often need equipment like road-ready dry vans, flatbeds, reefers, box trucks, and storage trailers – and you don’t always have the capital to invest in purchasing such expensive equipment. This is where our partnership with Freedom Leasing comes in extra handy. While OTR Solutions is bolstering your cash flow through invoice factoring, Freedom Leasing is giving you the flexibility to lease equipment instead of applying for long-term, restrictive bank loans.
Talk about cash flow – earn more trucking with this OTR partner. PayHawk offers a wide range of efficient and secure payment processing solutions, saving our freight trucking clients loads of time and money. Lean on their round-the-clock customer support, their committed consultation services and their transparent pricing as they provide you with a variety of payment solutions without a contract.
Those are only a few of our many partnerships in tech and freight transportation. If there’s something you need help finding let us know – our team will be more than happy to provide any information on making your business succeed.
Well, as you can see, OTR Solutions holds the keys to unlocking cash flow when carriers need it FAST. And, just like our clients, we don’t stop moving.
Known as the highest-rated factoring for freight drivers in the industry, OTR Solutions has been delivering straightforward value-packed factoring services for over a decade now.
When you need cash flow solutions – trust OTR.