Freight Factoring is Solving Common Trucking Challenges

Published on: 24 December 2018 Last Updated on: 24 February 2020

According to the American Trucking Associations (ATA), U.S. freight volume has risen 4.2% in 2008, fuelled in no small part by a manufacturing industry rebound as well as a healthy economy.

ATA Chief Economist Bob Costello says that the growth rate is expected to ease to 2.3% per year from 2019 through 2024. This growth rate, however, will offer very little relief to shippers who still struggle with a driver shortage.

According to Fortune, this lack of qualified drivers many trucking companies competing for the same small pool of workers, with some companies complaining that only 1% to 2% of applicants meet the necessary requirements.

This shortage is creating a noticeable ripple effect, as companies vying for workers who meet the necessary qualifications are offering much higher pay and signing bonuses. According to the ATA, the median pay for drivers in this category is $59,000, while experienced drivers working for private fleets see as much as $86,000 a year.

Trucking companies are paying more than ever to secure capable drivers, and when you combine these expenses with rising fuel and maintenance costs it’s no wonder that so many owners experience frequent cash flow issues. It’s obvious why the trucking industry is considered to be a challenging one.

The good news for owners is freight factoring has become an increasingly popular and mainstream financial solution to accessing immediate funding.

Freight factoring is an arrangement between a factoring company and a trucking company, in which both parties benefit. A trucking company sells its unpaid invoices at a discounted rate to a factoring company in exchange for a cash advance, allowing them to meet their expenses.

The factoring company charges a nominal fee while holding a percentage of the invoice amount in reserve. The factoring company, as part of its service, collects on the invoice from the original customer, and when they do, the percentage held in reserve is remitted. Click here to learn more about the ins and outs of invoice factoring and how it can help your trucking company thrive in challenging times.

This straightforward arrangement solves an ever-present cash flow issue that many trucking companies face. By factoring invoices, owners have access to cash they need to pay their drivers and meet other costs, while no longer sinking valuable time into making collections and tracking down payments.

Without freight factoring, trucking companies are at the mercy of slow-paying customers and will wait 30 to 60 or even 90 days to receive much-needed payment for deliveries they’ve already made.

Freight factoring from a reliable company such as Accutrac Capital provides a much-needed cash flow surge to:

Start-up operations
High-growth companies with insufficient working capital
Companies in transition
Companies experiencing a tough year or experiencing a change of ownership

In a world where overhead costs — such as rising driver wages — can outpace cash on hand, factoring restores the value of overdue invoices and frees trucking company owners to concentrate on growth and customer service, rather than worrying about chasing down payments. If you run a small trucking company or a nationwide fleet, freight factoring could be the cash flow solution you’ve been looking for.

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10 Reasons to Purchase a Used Car

Looking to buy an inexpensive car? Then think about buying a used car rather than an expensive new car. Buying pre-owned vehicles can provide the same comfort as a new car, provide quality transportation for years, and can significantly save you money. Here’s a list of reasons why you should buy a used vehicle. 1. Cheaper price tag: The price of a used car is a lot less intimidating than the price of a new car. New vehicles are great to have, but cars still lose most of their value early in their lifespan. The inevitable law of depreciation remains a significant reason to purchased used cars instead. 2. Several options: If you’re buying a new car, there are only a few brands and models available for you to choose from. But, when you purchase a used vehicle, you can look around and pick a specific car that best suits your needs. 3. Cheaper insurance rates: New car insurance can be cheaper. However, the insurance rates for a used car are less expensive than they would be for new cars. It means you will be saving money on the vehicle itself and on your insurance, both at the same time. 4. Cheaper registration fees: The same as with car insurance, several states charge a cheaper fee to register a vehicle if it has a lower transaction price. While some states increase its registration fees to generate more income, purchasing a used car is a good way to avoid rising registration fees. 5. Used cars now are much more reliable than in the last century: With the help of today's technology, vehicles are designed and manufactured to last longer, which makes modern used vehicles more reliable and dependable. 6. Negotiate the price: You can purchase the vehicle for lower than its asking price if you successfully haggle about its price with the seller. 7. Cut down on maintenance costs: Maintenance costs tend to be cheaper when you purchase a used car. You can also save money on internal configurations, premium oil, and more. 8. Less depreciation: Brand new cars are bound to lose around half of their value in the first five years after purchase. However, used cars do not depreciate so fast, making your purchase a good investment. 9. Cheaper customization costs: Since you’re purchasing a used car, you may install features on your own at a more affordable price than on a new car. 10. Certified pre-owned vehicles: Certified pre-owned vehicles assure buyers that they’ll be getting a car that drives like new. It also ensures buyers that they’re buying quality and thoroughly inspected cars at a bargain price. Certified pre-owned vehicles may sometimes have an extended warranty, unique financing, and other benefits. Buying used cars in Utah, Florida or any state is exciting, especially with several great options to choose from on the market today. These are some of the reasons why buying a used vehicle is worth it. Read Also: The Top 3 Fastest Ways To Sell Your Car Privately 7 Reasons Why Teenagers Pay Extra For Car Insurance

How Do Self-Driving Cars Really Compare To Human Drivers

Although a lot of comparisons have been made between self-driving vehicles and human drivers, not all of those comparisons have been fair or accurate. One study found that distracted driving accounted for approximately 4 million accidents each year. That is almost half of the 11 million crashes that take place on an annual basis. Unfortunately, the problem only seems to be getting worse as distractions like texting become more and more common. Researchers recently analyzed a group of 28 studies, comparing the data. According to their findings, texting or looking at a phone while driving can have numerous adverse effects, ranging from limiting the ability of the driver to detect stimuli, to decreasing reaction times, causing a loss of control over the vehicle, and increasing the rate of collisions. Based on this information, some researchers even believe that texting while driving is more dangerous than operating a vehicle at the legal limit for alcohol or while under the influence of marijuana. The problem isn't only limited to teenagers. Older adults are every bit as likely to be guilty of texting while driving. They are also far more likely to talk on their phones while driving. One of the primary arguments used by proponents of self-driving cars is that they eliminate distracted driving. This, in turn, could possibly decrease the number of crashes, limiting the number of deaths and injuries that occur on an annual basis. In actuality, however, comparisons between self-driving vehicles in human drivers don't necessarily bear that out. According to studies, over 90% of the automobile accidents that occur in the United States are caused by driver error. In theory, stopping these accidents could reduce the new for the Trevino Law Firm in Corpus Christi, but also, save the lives of the same number of people as were killed in Vietnam within just two years of the technology being introduced. As someone who researches human factors, I don't find that information adequate for evaluating whether or not automated vehicles would be better at avoiding crashes than humans. The only way to tell for sure is by evaluating how many times drivers avoid collisions. What are the actual odds of getting in a collision for a human driver? Of course, this is extremely hard to measure. For instance, say that you were trying to determine how many times you avoided bumping into people in the hall. To figure that out, you need to not only look at the amount of time that you spent walking down the hallway but also the number of people that were present. When a non-event occurs, it is usually overlooked or easily forgotten. However, to make a fair comparison between self-driving vehicles and human drivers, researchers need to gather statistics about the number of non-collisions that occur in both situations. Comparing Statistics Equally Accident statistics relating to human drivers are drawn from a number of different driving conditions. For instance, some statistics come from people driving when it is raining out while others come from people driving on dirt roads. The bulk of the data on self-driving vehicles, on the other hand, has been gathered from states in the western part of the country. Typically, these cars are only analyzed when the weather is good. The data itself is primarily recorded when the vehicles are driving on highways with multiple lanes in a single direction. In these types of situations, the primary tasks that the car has to accomplish include staying in its own lane and avoiding tailgating the vehicle in front of it. These types of tasks are relatively easy for automated vehicles. Of course, humans are also quite good at accomplishing these tasks. Until more data is gathered from other parts of the country and on different types of roads, however, it is difficult to make a fair comparison. In fact, it will most likely be a long time before a self-driving vehicle has the opportunity to drive as many miles on an annual basis as a typical human driver. One of the advantages of automated vehicles is that they don't succumb to human problems such as tiredness, anger, or drunkenness. At the same time, however, they lack the reasoning skills to deal with unexpected or confusing situations. They also can't really anticipate potentially dangerous situations that may be coming further down the road as a human driver could. Instead, they operate at the moment. Automated systems have a hard time distinguishing between different types of objects. A group of people waiting at a bus stop might look almost the same as an empty cornfield. If a vehicle is facing an emergency situation, most drivers take the course of action that will minimize damage to both themselves and the people around them. A self-driving vehicle doesn't have the ability to analyze the situation and decide on the best course of action. Instead, they only react in one way, which may not necessarily be the best way. Technological Advancements Create Fresh Complications Most people are on board with the idea of pursuing driverless technology, simply because there is the potential for it to reduce the number of accidents that occur. It would be amazing if these vehicles were able to stop car accidents altogether, eliminating deaths and injuries on the road. Of course, some people love getting behind the wheel and driving their vehicles. In that case, they may feel disappointed not to be able to drive their car. Of course, the new technology doesn't always result in better outcomes. All that you have to do is look at the aviation industry for examples. When new technology is introduced, the number of negative events usually increases temporarily. This may discourage people from fully embracing self-driving technology if this also occurs with automated vehicles. When comparing human drivers and self-driving vehicles, it is important to use caution. It is going to be a long time before all of the cars on the road are replaced by automated vehicles. In the meantime, self-driving cars and human drivers will have to interact with one another. How this will play out remains to be seen. If you want to honestly compare driverless technology and human drivers, you need to make sure that those comparisons are being made accurately and under the same circumstances. Comparing two different sets of data from different driving conditions won't give an accurate picture of how the technology performs in comparison to traditional vehicles. As with any major technological shift, it is important to proceed slowly and to use caution to avoid unexpected problems along the way.

The Most Common Causes of Truck Accidents

Big rigs, delivery, trucks or any kind of commercial trucks can present some serious threats to other vehicles and passengers present on the road. As per statistics, around five hundred thousand accidents from the total accidents are caused either directly or indirectly by commercial trucks. Out of these five hundred thousand, around five thousand have reported leading to deaths due to truck accidents. In order to take efficient measures for the prevention of truck accidents, we first need to understand the main causes as well. In this article, we have listed some of the most common causes of truck accidents. The Most Common Causes of Truck Accidents: 1.Cars Driving in the No-Zones areas The area behind and beside a truck is known as the ‘No-Zone’ area. A passenger vehicle or car driving in this area automatically puts itself in a dangerous position because the area is not visible by the driver. An accident can occur due to zero visibility. 2. Not Training the Truck Drivers Properly Driving a truck is entirely different from driving a car and requires an enhanced level of training. Drivers who are not properly trained may not be aware of the safety concerns and important techniques for driving trucks. These drivers, in turn, are more prone to cause accidents later on as well. 3. Speeding and Over Taking by the Truck Driver Speeding by any kind of vehicle whether it is a truck or a passenger car or even a motorcycle can ultimately lead to an accident. Overtaking while driving especially at high speeds also contributes to a majority of accidents. Most of the truck drivers tend to over-speed as a result of the unrealistic deadlines given by their companies to deliver goods in a lot of cases. Over-speeding, especially in poor weather conditions, poses a heightened level of danger for all the vehicles present on the road. 4. Poorly Maintained Trucks or Trucks with Faulty Systems A truck or any kind of vehicle needs to be properly maintained so that it can function well on the road. If a commercial truck is poorly maintained or consists of faulty systems, then it can lead to critical accidents. Faulty brakes, for example, can lead to an accident if a truck driver is not able to stop the truck at point hence leading to a collision. 5. Distracted Driving and Fatigue Drivers tend to become exhausted and even bored when they have been driving trucks from a long consistent period of time. As a result, they might be prone to falling asleep on the wheel or may look for distractions to keep them entertained. These distractions can include playing games on their cell phone or speaking on the cell phone while not focusing on the road. Speak to a Truck Accident Lawyer Today! These were some of the common causes in brief. In order to learn more in detail for filing a truck accident claim, you can choose to contact the Truck Accident Attorney Chicago for better understanding. Read Also: Why Texting Is Not A Good Idea When You Drive Why Times Are Tough For Truckers and Why It Concerns You

Freight Factoring is Solving Common Trucking Challenges

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Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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