It’s always exciting to witness a trucking company grow in size, expand its operations and reach new levels of success. The victories a company achieves along the way are usually due to what resources were available to the company and what partners they chose to take on.
When you partner with us here at OTR Solutions, you have instant invoice payment solutions and some of the best tools for truckers in the marketplace. In this guide, we will cover all the information you need to know about these trucking tools and how they alone make the decision to factor with us far worth it. Let’s get started!
How does a trucking company experience growth?
When it first starts up, a trucking company usually consists of just a few trucks and drivers. As they grow, they begin to add more trucks and drivers. And eventually, if they grow even bigger, they may even add warehouses and distribution centers.
There are many things a trucking company needs to take into account as they expand their business. They must make sure they have enough vehicles to accommodate the increased demand for their services. They must also ensure that their drivers are properly trained to handle the larger trucks. And they also need to have a well-developed marketing strategy in place to attract new customers. But, one of the main forces behind some of the fastest growing and most successful transportation companies is their decision to leverage a factoring company for truckers, giving them unwavering financial support and a toolkit of handy resources.
What is freight factoring and how does it work?
Freight factoring is a financial service that provides trucking companies with working capital. Under this arrangement, the factor advances the trucking company a percentage of the value of each load it hauls. The factor then collects payment from the shipper when the load is delivered. This system gives trucking companies the flexibility to maintain a steady cash flow, as they don’t have to wait 30-90 days for payment. In addition, a true non-recourse factoring company for truckers, like us here at OTR Solutions, can provide protection against slow-paying or defaulting shippers. For example, if a shipper fails to pay, the non-recourse factor will assume responsibility for collection. As a result, freight factoring can be a useful tool for managing the financial risks associated with running a trucking business. What other resources might a freight factoring company provide its clients? We will look at that next.
Tools for Truckers Offered by OTR Solutions
At OTR Solutions, not only do we provide instant invoice payment solutions – we also offer a wide range of tools and resources designed to help truckers succeed. Here is a breakdown of some of the innovative tools for truckers that would be available to you by partnering with our non-recourse freight factoring company.
Let’s look into a few of our tools for truckers, and how they work!
BOLT Instant Funding
Imagine never having to wait for your money ever again. With BOLT Instant Payment solutions, you can get paid in seconds vs hours or days! It doesn’t matter if a bank is closed or it’s a holiday or weekend – with our fast and easy process you have access to cash flow that you otherwise wouldn’t.
OTR Clutch: Tailored Banking for Truckers
Introducing OTR Clutch – the first banking solution exclusively built for truckers. Enjoy benefits such as fee-free overdrafts, 0.25% cash back on every dollar spent with the OTR Clutch Debit Card, and an advanced mobile app tailored to your banking needs on the go. Experience a banking solution that truly understands the life of a trucker.
OTR Solutions Fuel Card
OTR’s Fuel Card helps you save on diesel at over 8,000 truck stops and gives you easy access to funds for emergency repairs and maintenance – without having to wait hours or days. Whether it’s for a truck tire replacement, trailer repair or cost of fuel – the OTR Fuel Card is here to help!
With the OTR Solutions Client Portal, you can do so much more than submit invoices for payment. With an integrated platform designed to meet your needs as a growing business, scale easily and efficiently on our secure cloud-based system with intuitive technology.
The next time you’re on the road and need to make a quick business decision, don’t waste time getting out your laptop. Simply take out your phone and use our Mobile App! With its built-in camera function, all that is needed are clear images of documents such as invoices; you can crop them before uploading them directly onto our servers so you can get paid faster than ever before.
OTR Solutions’ Fuel Finder is an innovative tool that helps truckers locate the cheapest diesel fuel nearby and it is accessible from right within the mobile app. It’s easy to use and offers real-time updates on prices, so truckers can quickly find the best deals and plan their routes accordingly. With this feature, truckers can optimize their fuel expenses, save time and maximize their profits.
Requesting a Fuel Advance is easy with the OTR Solutions Mobile App and Client Portal. When you request advances to your fuel card, not only are ample funds provided – even for non-fuel purchases – but it also allows users complete freedom when pulling money at an ATM or using the funds in their own vehicle’s tank! Start exploring all that our service offers by getting started today!
We asked our clients for feedback on our trucking tools and they all said the same thing: “We need a solution to paying lumpers.” OTR Solutions is excited because we’ve created an easy way – that costs nothing – yet allows you to request up to $250 in order to pay your lumpers. And it happens within seconds when you request it through your OTR Mobile App!
Need a tool that will help you create a professional website for your trucking business? With ELEVATE, you can own your web domain, have a company email address, and access a customizable website with branding and information. ELEVATE is an affordable way to increase a trucking business’s credibility and professional presence, leading to potential thousands of dollars more in profits each year.
Safety Score Monitor
Monitor your CSA basic scores at a moment’s notice through the OTR Solutions client portal. Using your motor carrier and DOT number, you can view your safety scores in real time If any one of your scores falls below (or exceeds) its suggested benchmarks, an alert will be sent to you directly from OTR Solutions’ system so that you can take action.
As you can see, when you partner with OTR Solutions, you’ll have all the trucking tools you need to succeed in the trucking industry.
FAQs about freight factoring
What are the benefits of freight factoring?
Freight factoring can be a great way for businesses to get the cash flow they need to cover expenses and keep operations running smoothly; especially when the factorer offers instant invoice payment solutions like OTR Solutions does. It can also help businesses improve their financial situation by increasing their accounts receivable turnover ratio.
Are there any drawbacks to freight factoring?
One potential drawback of truck factoring is that some factoring companies can be expensive. The fees charged by providers can vary, but they typically range from 2-5% of the invoice value. So keep that in mind as you look at pricing. To learn more about the fees you can expect please see our “How Does Invoice Factoring Work” guide.
Who is a good candidate for freight factoring?
Freight factoring exists specifically for trucking companies that rely on payment for their freight shipments. It is typically best suited for businesses handling a large number of loads and that struggle with slow-paying customers.
How To Get Started with Freight Factoring
Factoring is a great way to get your business the cash flow it needs to grow. If you have been considering truck factoring as an option for your company, now is the time to act. OTR Solutions has been helping businesses just like yours for over 10 years and we are here to help you too. Contact us today and let us show you how easy and beneficial trucker factoring can be for your business and how to get started on leveraging the best tools for truckers on the market.