If you were to ask small to medium sized trucking companies what it is they consistently struggle with, the frequent answer would be covering fuel costs while on the road.
Customers can often take many days to pay their invoices, depending upon the agreement in place, or sometimes just because they pay late. Late payment means less money to pay bills and cover operating costs. Filling up with fuel to deliver a load is a fundamental cost, which has to be covered in order to deliver the load. With the fuel advance program from Bay View Funding, the working capital needed to cover the cost of fuel can be obtained prior to load delivery. This means no more worry about fluctuations in gas prices, or decisions about which bills not to pay to make sure the gas cost is covered.
Bay View Funding believes strongly in enabling trucking companies to grow by helping them every step of the way. Adding the fuel advance program to their successful freight factoring, and fuel card program just made life a lot less complicated. Now operators are covered from load pick up to delivery without having to worry about enough cash to cover the load.
The advance process could not be simpler. Submit a request along with a bill of lading to show the load has been picked up, and then quickly receive a cash advance to cover fuel costs. The advance will be more than enough to cover the required amount of fuel, and can be immediately added to their fuel card for extra benefits.
Freight factoring offers an instant cash flow injection. Upon receiving proof of delivery (which can be scanned from the road), cash can be received in 24 hours, funding is available up to $5M, rates are as low as ½%, professional accounts receivable services are provide and you have 24 hour access to your online account center. The fuel advance program means access to a portion of those funds before delivery is completed.
Truckers should never have to worry about paying for gas when it comes to getting from point A to point B. Once the load is delivered, and verified, the remainder of the factoring advance is received, minus a small fee. The fuel card offered by Bay View Funding and Fleet-Tech Transportation Services (FTS) has a few added benefits. These benefits include up to 24 cents per gallon in savings, discounts at over 5,000 truck stops, Internet based reporting, flexible payment terms, and online access to thousands of repair facilities.
Don’t forget to revisit and review insurance policies regularly. Is your policy tailor made to your requirements? Also make sure you are aware of the tips and tricks to best rates. The correct insurance at the right price can keep the cost down and help save money.