Summary: Trucking load boards remain popular with Canadian carriers looking to get freight loads. Load boards offer a simple solution for shippers who need freight moved and for carriers with available capacity. Many new owner-operators hope to rely solely on load boards to grow their business. Perhaps this strategy sounds easy because you can find […]
How to Offer Net-30 Payment Terms
Most commercial sales typically have payment terms that give clients 30 to 60 days to pay an invoice. Offering payment terms is a way of extending credit to your customers and must be done carefully to avoid problems. In this article, we cover: What are payment terms? Why do companies ask for terms? Financial risks […]
How Does Purchase Order Financing Work? (Sample Transaction)
Summary: Purchase order financing helps companies finance their supplier costs and enables them to handle large orders. It has grown in popularity with Canadian resellers and distributors. This article explains how purchase order financing works, how much it costs, and how transactions are settled. It also provides a detailed example of a transaction. We cover […]
Why Do Purchase Order Finance Transactions Require Inspections?
Most purchase order finance companies typically require that the goods they are financing be inspected by an independent company prior to shipment. Usually, the inspection company verifies that the quality, quantity, shipment date, and other parameters meet the specifications of the purchase order. The inspection clause is usually written into the language of the letter […]
Settling PO Financing Transactions With Factoring
Summary: Purchase order financing transactions typically settle through an invoice factoring line. This settlement method adds complexity to the transaction but can provide additional working capital while lowering costs. However, these benefits do not apply to every transaction. This article discusses how the settlement process works and shows an example of a sample transaction. We […]
Advantages of Factoring Freight Bills
Freight bill financing has been gaining popularity as a way to finance growing trucking carriers. Factoring helps trucking carriers improve their cash flow by enabling them to finance invoices that take 30 days or longer to pay. This article helps you understand the most important benefits of freight bill factoring. To learn more, read “What […]
Small Business Factoring and Microfinancing (Small Companies)
Most financial institutions don’t offer solutions to smaller companies because they don’t generate substantial fees. This situation leaves small businesses and self-employed individuals with few options. One financing option that works well with small companies is factoring. It’s a solution designed to help with cash flow problems due to slow-paying clients. This article covers: A […]
Make a Successful Trucking Company Using Financing
Starting and growing a trucking company in Canada can be very profitable when done correctly. Unfortunately, many new truckers get into problems because they don’t use the right strategy to launch their business. This situation usually leads to expensive mistakes. In this article, we discuss some important points that owner-operators must consider if they want […]
Is Invoice Factoring Right for My Business?
Getting the wrong type of financing can negatively impact your business. It could even put you out of business in some cases. Unfortunately, many small business owners get the wrong type of financing for their companies. It may solve short-term problems but ultimately backfires. This article helps you determine if invoice factoring is the right […]
Quick Pay Alternatives for Trucking Companies
Most owner-operators and small freight carriers prefer to work with shippers that offer quick pays. Unfortunately, many shippers and brokers don’t offer them. This situation creates a problem for truckers looking to grow their companies but can’t afford to wait 30 days or more for a shipper to pay them. This article shows you how […]