If you’re reading this right now, you’re here for one of two reasons:
- You were searching for a website that gives tips on steelhead fishing, or…
- You wanted to find out how to make the smart choice for the best factoring company in trucking.
If you chose #1, you might want to go here: http://www.in-fisherman.com/rigged-ready/nw/the-top-10-steelhead-rivers-in-the-west-coast/
If you chose #2, you made a great choice. Waiting to get paid for the invoices you’ve sent can put you into the dreaded Cash Flow Crunch! Steelhead Factoring offers the best factoring company services that help your business run more smoothly, while adding to your bottom line. This is just part of what makes Steelhead Factoring the best factoring company.
Top Factoring Company – Why Steelhead Factoring?
Don’t Wait for Your Customers to Pay You…
We can immediately advance you up to 95% of an invoice. Once we receive payment, we send the remaining 5% to you minus the factor fee. Steelhead acts like an Accounts Receivable Department for you. If you’re just starting your business, don’t have the credit for bank funding, or need billing and collections help, Steelhead can help you the same way we help the big guys.
We Check the Credit of Your Customers.
One of the things that make us the best factoring company is our credit checking service. We can pre-screen your potential customers, looking for poor credit and payment problems. You don’t need to worry about that, we do! Our online Client Portal gives you 24/7 credit checking ability. We help you build a solid client base.
Your Steelhead Freight Factoring team keeps track of invoice processing for you. We contact your customer’s bookkeeping department to check on payment processing progress. Our team can uncover any problems that might result in payment being delayed. We immediately contact you to resolve them.
We are ALWAYS There For You…24/7/365
You wake up in the middle of the night in a cold sweat. “Did I send those invoices off? When will I get paid on the last one I sent?” Then you relax, realizing that the answer to these questions, and many more, are only a few computer keystrokes away. If our office is closed, you can still connect and receive the information you want through our Client Portal. Invoice payment status, anticipated payment times, and monthly reports are just a few of the things you can access day or night. You have a team assigned to your business and their goal is to provide you with the best customer service possible.
Same Day Funding
Once you come on board with Steelhead Factoring, you’ll have convenient same-day or next day funding options. Send your documents via fax, scan, or email photos. As soon as your account team receives them, they begin processing your funds. It’s as simple as that.
These are just a few of the reasons Steelhead Factoring is the smart choice and a top factoring company in the marketplace. There are a lot more and we’d be happy to talk to you about them. Call us at 1-800-727-33771.
There area few key items to explore when searching for the best factoring company option to pay you quicker on your receivables. It is important to examine the details to ensure your trucking company take the right path in order to grow the business.
1. Find a Factoring Company with Experience
In order to make your business more efficient is to team up with a finance outlet that has experienced the various ups and downs of the economy and the trucking business in general. You’ll find better results working with a company that has specific experience your industry as well.
2. Factoring vs a Bank Loan
While leaning toward a small business loan seems like a decent fit, don’t always assume it will work best for you transportation company. Loans come with interest while invoice factoring do not. Factoring simply allows you to increase the amount of funds your receive as more invoices are submitted.
3. What Does Factoring Involve?
It is important to fully understand what parameters come along with partnering with a factoring company. A factoring fee is typically charged for the services provided. This can range anywhere from 1% to 5% depending on the specific industry, time the invoices pay, and the total monthly amount factored.
4. Work with a Factoring Company You Trust
Make sure you explore your options in order to find a company that delivers a good vibe. If you don’t feel comfortable with a factoring company you are looking to work with, ask more questions to get the right “feel” or simply look at other options.
5. The Whole Package
What other services or benefits does the factoring company offer? You should be getting your money’s worth from the value-added services. Think about how they can help you grow your business by finding additional freight, obtain the best fuel discounts, offer collection services, or offering a quicker turnaround on your advance. You’ll also need to be conscious of their ability to respond to your email or call.
Learn more about Steelhead Factoring and how you can grow your business to the next level – Invoice Factoring.
How did we get to this thing called the ELD Mandate?
The FMCSA, part of the Department of Transportation, several years ago enacted regulations impacting the number of hours professional truck drivers are allowed to drive without resting. Rest and sleep was an excellent alternative to bennies, gallons of coffee, cans of Red Bull, and playing Mega Death CDs at full volume in the cab.
These Hours of Service (HOS) rules became law in 2011. In 2015, FMCSA adopted new legislation. This required that by the end of 2017, all commercial truck drivers have an electronic logging device (ELD) installed on their trucks. These will replace the handwritten logs drivers had to fill out. The ELDs are actually connected to the truck’s engine, reporting time of use.
An Expensive Gamble!
Violating HOS regulations is risky and expensive. Every hour, it’s estimated that over $32,000 in HOS violation fines are levied. That means that in less than five months in 2017, over $107,435,000 in fines have been charged to drivers and carriers. That’s money that’s basically given away. Individual fines can run form $1,000 to over $120,000. It’s a safe bet that a $120,000 fine comes with a shutdown and loss of license. The handwritten logs have to be turned on at regular intervals. Falsifying these also carries huge penalties.
Some viewed the announcement of the ELD Mandate requirement quite skeptically. They felt that this was “Big Brother” sticking his nose in the drivers’ and carriers’ business. Having to report your activities to an electronic device was akin to having to wear an ankle bracelet while under house arrest. Because of the device’s initial cost, many saw it as a needless profit-sucking government regulation. Still others feared that their driving habits were being directly transmitted to local law enforcement. Only a minuscule 0.0002% felt that the ELD could read their minds and steal their souls.
Actually, some drivers find that ELDs may make them money. It allows them more time on the road. Handwritten logs required rounding time up to the next 15-minute increment. ELDs do it to the minute. The devices have built in audio alarms that warn the driver when they approach HOS limits. The devices do not transmit information to law enforcement agencies. Additionally, roadside inspections go much faster. HOS compliance can will now be determined at a glance. DOT audits of the carrier go faster too.
ELDs can also make money for the driver. In addition to avoiding crippling fines, by monitoring the driver’s driving habits; speeding, hard braking, excessive idling. With all drivers using an ELD, all drivers operate on a level playing field. Time is maximized, instead of letting them sit idle at a dock. A huge discovery was that the ELD Mandate did not punish small fleets or owner operators by lowering their utilization. Price volatility was a non-issue.
The implementation of the ELD Mandate levels the playing field for everyone by helping drivers maximize their truck’s performance, and by helping with HOS compliance. Both traditional and non-asset transportation companies are realizing that using real-time data and maximizing drivers’ time are defining the future of the industry. This type of innovation increases profits and facilitates more use of freight factoring companies such as Steelhead Factoring. Thus, with HOS fines going down, cash flow improves.
How Skilled Are You!
“This here’s the Rubber Duck.” In 1975, some forty-two years ago, the song “Convoy” hit the airwaves and became a number one hit song. It told the story of some “outlaw” truckers who tore up their “swindle sheets” dumping them on the scales as they bypassed weigh stations, and roared through state police and National Guard roadblocks at 98MPH! All this done while they talked to each other on their CB radios.
A lot has changed since then. Today’s long haul driver is a professional businessman, or businesswoman. Highway safety is a very important part of this professionalism. It was this emphasis on highway safety that lead to the creation of the Commercial Vehicle Safety Alliance. The CVSA is an association of North American governmental jurisdictions dedicated to enforcement of uniform safety inspections. Founded in 1980, the CVSA covers the United States, Canada, and Mexico. Every year they conduct an international enforcement event, inspecting commercial motor vehicles and their drivers. Each year, there is an emphasis on a different category of violation.
CVSA’s 2017 International Roadcheck Enforcement Event will take place over three days in June; 6/6 to 6/8. This year’s event will place special emphasis on cargo safety. Nothing is quite as thrilling as driving down an Interstate and seeing a flatbed load of train car axles break loose and come flying toward you at 80 MPH.
Inspectors will be primarily conducting the 37-step North American Level I Inspection, checking both the driver and the vehicle. This is the most thorough roadside inspection CVSA gives. This year, there will be special attention paid to cargo safety.
Drivers will be required to show their drivers licenses, shipping documentation, hours of service documentation, and registration. Inspectors will also be checking for the influence of drugs and/or alcohol. The vehicle itself, and its many operating systems, goes through a rigorous inspection. International Roadcheck is the world’s largest targeted enforcement program on commercial motor vehicles. Every minute during the Roadcheck Event, 17 trucks or busses are inspected across North America. Since this program began in 1987, over 1.5 million roadside inspections have been conducted.
If the vehicle successfully passes the CVSA inspection, the inspector will affix a CVSA decal on the windshield. Vehicles displaying the decal are generally not subject to re-inspection for three months.
In addition to the Annual International Roadcheck Enforcement Events, the Commercial Vehicle Safety Alliance, through its trained governmental inspectors, conducts an additional 4 million inspections. These are based on procedures and criteria created by CVSA, known as the North American Standard Inspection Program. The CVSA is administered by the U.S. Federal Motor Carrier Safety Administration, the Canadian Council of Motor Transport Administrators, Transport Canada, and Mexico’s Secretariat of Communications and Transportation. This group ensures that vehicle and driver safety criteria are uniform throughout North America.
New technologies and levels of training have enhanced the professionalism of the trucking industry. The CVSA works on keeping everyone safe. The days of “a Jimmy haulin’ hogs,” and “callin’ all trucks” to “go a-huntin’ bear” are gone.