Freight Factoring is Solving Common Trucking Challenges

24 December 2018

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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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Pros and Cons of Buying a Used Car

Buying a used car can be exciting and at the same time can make you feel anxious. There are a multitude of considerations like its value, maintenance and others. Some second-hand cars exceed their purchase value while some can be considered lemons. One of the best ways to buy a used car is to go through a used car dealership, and if you’re looking for dealerships in the Greater Rochester area, you can visit the website thatsmyvision.com. However, before you come to a purchase decision, you have to know the advantages and disadvantages of buying a used car. Pros: 1. Cost Less: New car buyers usually switch cars after five years, so if you’re paying 8,000 USD for a used one instead of a new one priced at 16,000 USD, then you can save half of your money to buy another car or save it to buy a nicer one after a couple of years. Used cars, on an average, are usually priced half compared to new cars. Buying a used car can save you from long term financing fees and enables you to pay for your car faster. 2. No hidden fees: A new car deal might look and sound great, but most new cars will have hidden fees that are sometimes exaggerated, such as destination fees, dealer preparation charges, and shipping fees. Sometimes, hidden advertising fees up to 1,000 USD can even be included in the brand new car prices. On the other hand, used cars will not have any hidden charges, except documentation fees that can cost a few hundred dollars. 3. Thoroughly inspected and certified: Getting a certified used car from dealers assures buyers that they’re buying a thoroughly inspected and quality car for the price. Certified used vehicles have been reconditioned and inspected by their manufacturers or by a certifying authority. Additionally, dealerships that sell certified used cars also offer lower financing rates, extended warranties, and comprehensive maintenance programs. 4. Insurance premiums cost less: If a new car is involved in an accident, the insurance company will pay the current value of the car, leaving a price gap between the purchase price and the vehicle’s current value. This is where a gap insurance policy comes in. This type of insurance will cover the price gap between the new and the depreciated value, but it can significantly raise your premiums. However, gap insurance will not be necessary when buying a used car, as the value of the vehicle has already been depreciated. 5. Registration fees cost less: Annual registration fees are based on the vehicle’s value and year model. Generally, the first three years of a vehicle will have the highest rates, and then the rates are leveled off in the fifth year. This means that if you buy a three-year-old used car, you can easily save a few hundred dollars on annual registration fees. 6. Warranties: Used cars can sometimes have extended warranties or a part of its original warranty. Extended warranties on a used car will provide factory repairs, spare parts, and faster services. Some used cars will even have the option to create a new warranty. You can also use the money that you saved from not buying a new car to have your car warranted until 100,000 miles. 7. Simple Modifications Can Improve Value And Performance If you are particularly expert at making used cars look gorgeous, you should get great advantages by buying used cars and making few changes to its parts to make it perform like a new car. If you are buying a used Jeep, adding some quality jeep rims can make the car better and stronger. You can add off-road rims for longer-lasting performance. Changing the wheels, breaks, bumpers can give the car a great look. Cons: 1. Hidden Issues: Unless you’re buying a certified used car from a dealership, chances are that you’ll never know the car’s issues until it breaks down on you. Most pre-owned car sellers will never tell you the true history of the car. It may have been flooded, involved in accidents, or criminal cases. 2. Higher maintenance costs: If you’re budget conscious, buying a used car can be a smart financial decision. However, the money you saved from that decision can quickly turn into maintenance and repair costs. Used cars will frequently need more maintenance and repair jobs in order to run properly. These may include tasks such as tire renewal, transmission flushing, and brake pad renewal. 3. Fewer choices and features: If you're not lucky enough, buying a particular car you want with modern features and technology can be hard. Generally, if you’re shopping for used cars, you can only get what you see. Used car buyers will not have the same customizable options or choices a new car buyer can have. If you’re into a specific set of features, then buying a used car may not be the best for you. Closing thoughts: If you’re still stuck between a new and a used car, you should first weigh out the pros and cons listed in this article. The smell of a new car is great, but is it really worth it? Take your time to do some research, and always look beyond the price before you make any buying decision. Read Also: 10 Reasons To Purchase A Used Car Why You Should Have A Code Reader For Your Car

Car Insurance: What You Need To Know Before Taking The One!

Accidents happen, so it's very important to reassure that you have financial coverage and driving safely on the road. While having a car coverage is a legal requirement to stay protected financially at the time of the accident, people often overlook it. They consider insurance as another expense in the event. However, the best insurance coverage will offer cover for the injuries to other drivers, passengers, and their property. If you are going to take the one for your new or vintage car, keep these tips in mind: The Amount Of Coverage You Need: Before deciding upon the type of insurance, think of the total amount you need to invest in the car coverage. If you have a new car, a comprehensive policy would be helpful; else you can go for the liability policy. Liability coverage: This insurance cover damage is done to other insured vehicles that you are legally obligated to pay. However, it doesn’t cover damages done to your own vehicles. For instance, your vehicle accidentally damaged another car, and you are faulty, the liability insurance comes in. However, the best part of this insurance is that it is not deductible. This means, if you are using this coverage, you don’t need to shell money out your pocket. Comprehensive coverage: This type of insurance goes beyond liability coverage, as it covers damages that are done to other vehicles as well to your own vehicles. Also, the coverage includes damages made not only from the natural sources but also in the storm. Additionally, when you make a claim for this coverage, you have to pay something from your pocket. Furthermore, the coverage also depends on the assets incorporated the case as well as the age of the car. Check coverage, the price for the insurance, and the renewal period to pick the best policy that suits your needs. How You Can Buy! Policy provider, dealer, broker, web aggregators, there are many people to whom you can connect to get the best very cheap car insurance policy. Keep a background check of the insurer; make sure they have a valid registration number, which proves their authenticity. IDV And Why It Is Important? Insured Declared Value, is the current market value of the vehicle, which refers to the highest amount payable by the insurance provider for the vehicle insurance policy. You can call it the maximum amount you can easily claim for the total loss of your vehicle. It is also helpful in case your vehicle gets stolen or damaged and can’t be repaired. Insurance Claim Settlement Practice It’s a formal request made by the policyholder to the insurance company to offer a complete compensation for the loss. It offers coverage for medical claims and other death benefits on behalf of an insured person. Also, every company has its own rules and procedure, so look for the one that suits your budget and get you faster claim. The Insurer: Having a reliable, authentic and trustworthy insurance provider is a must to get the best insurance policy. Knowing the financial standing of the company will also help you shortlist the best policy at prices that suits your budget. Do check your insurer's overall statistics, the fiscal consistency, claim rejection ration and more. Additional Covers: To get the optimum protection for your car, do look for the add-ons for car insurance. For instance, if you drive long distance and late nights, you can have a road assistance insurance add-on. This will help you get the best assistance at the oddest times and whenever needed. Overlooking Personal Insurance: Having personal insurance will ensure that not only your vehicle but you will also stay safe. With personal insurance, you will get protection against physical loss and other disabilities. You can avail this insurance for some or all passengers that are travelling in your vehicle. Intermediates In The Policy: Due to lack of time, people often look intermediates; however, intermediates only promote products they get a commission for. So, don’t trust them completely; instead, compare quotes and then decide. To get the best car insurance policy, make sure to check claim related rules of the company, cost, and the company’s reputation. Do check them and get a safe deal! Read Also: 7 Reasons Why Teenagers Pay Extra For Car Insurance Car Insurance For Electric Vehicles Explained Why You Need Classic Car Insurance?

The Safest Motorcycle Equipment: Gear For Every Rider

Riding a motorcycle offers a sense of freedom and adventure, but it also comes with inherent risks. As a motorcyclist, your safety should be a top priority every time you hit the road. While honing your riding skills and practicing defensive driving techniques are crucial, investing in the right motorcycle equipment can provide an additional layer of protection in the event of an accident. In this blog post, we'll explore the safest motorcycle equipment that every rider should consider wearing to stay safe on the road. Helmet A high-quality helmet is the single most important piece of safety equipment for any motorcyclist. In the event of a crash, a helmet can significantly reduce the risk of head injuries and traumatic brain injuries. When choosing a helmet, opt for one that meets or exceeds safety standards, such as the Department of Transportation (DOT) or Snell certification. Look for features such as a sturdy outer shell, impact-absorbing liner, comfortable padding, and a secure chin strap. Additionally, make sure the helmet fits snugly and securely on your head to provide maximum protection. Protective Riding Gear In addition to a helmet, wearing protective riding gear can help safeguard your body from injuries in the event of a crash or slide. Invest in a durable motorcycle jacket made from abrasion-resistant materials such as leather or textile, with built-in armor in critical areas like the shoulders, elbows, and spine. Pair the jacket with armored riding pants or jeans, which offer added protection for your legs and hips. Don't forget to wear sturdy motorcycle gloves to protect your hands and wrists from abrasion and impact injuries. Riding Boots Proper footwear is essential for maintaining control of your motorcycle and protecting your feet and ankles in the event of a crash. Choose motorcycle-specific riding boots with reinforced soles, ankle support, and impact protection. Look for boots made from durable materials such as leather or synthetic textiles, with non-slip soles for optimal grip on foot pegs and pavement. Avoid wearing sneakers or other casual shoes, which offer little to no protection in the event of an accident. Eye Protection Protecting your eyes from wind, debris, and insects is essential for maintaining visibility and safety while riding. Invest in a good pair of motorcycle goggles or a full-face helmet with a built-in visor or face shield. Look for eye protection with anti-fog and UV-resistant coatings for optimal clarity and comfort in various riding conditions. Additionally, consider carrying a spare visor or anti-fog treatment for long rides or inclement weather to ensure clear vision at all times. Reflective Gear The Cherry Hill motorcycle accident attorneys make it clear that visibility is crucial for staying safe on the road, especially when riding at night or in low-light conditions. Incorporating reflective gear into your riding ensemble can help increase your visibility to other motorists and reduce the risk of accidents. Wear a reflective vest or jacket with reflective strips, or add reflective tape to your helmet, jacket, and motorcycle to enhance visibility from all angles. Consider investing in reflective decals or accessories for your motorcycle, such as wheel stripes or side reflectors, to improve visibility even further. Motorcycle Armor For riders who engage in off-road or high-speed riding, motorcycle armor provides an extra layer of protection against impacts and abrasions. Motorcycle armor typically consists of hard plastic or composite panels strategically placed on key areas of the body, such as the chest, back, shoulders, elbows, and knees. Integrated into a compatible motorcycle jacket or pants, armor enhances protection without sacrificing comfort or mobility. Look for CE-certified armor for optimal impact resistance and shock absorption. Riding a motorcycle can be an exhilarating experience, but it's essential to prioritize safety every time you hit the road. Investing in the safest motorcycle equipment is crucial for protecting yourself from potential injuries in the event of an accident. By wearing the right gear and practicing safe riding habits, you can enjoy the thrill of motorcycling while minimizing the risks associated with this exhilarating mode of transportation. High Visibility Vest Reflective motorcycle vests with high visibility are extremely important in case you are riding during the night or in darker areas. They are cost-effective and provide the necessary safety for your adventure rides. Road crews and highway workers wear them for safety reasons. Similarly, you, too, must utilize this safety tool to maximize visibility. These vests are available in many different materials. They offer reflective and high-visibility colors to help alleviate safety concerns. So if you do not have one, you must get one. A high-visibility vest is a great option for riding in high-traffic as well as high-density population areas. These vests will save you from dangerous situations. You may want to stay comfortable, but safety is key. Protective and preventive motorcycle safety gears keep you safe while you take on the challenges on the road. They do not let safety become an obstacle in the path to your limitless thrill. Earplugs One of the most important items of safety gear for motorcycle riders is earplugs. You may not be riding a throaty cruiser with its V-twin engine. Bikes, however, are noisy. If you add traffic and wind noise to the already loud party, ear fatigue is not too far away. The excessive exposure to this high-decibel noise will start to set in for sure. In order to protect your hearing, use industrial use foam plugs to keep your ears safe. Some of them are inexpensive, but a higher-quality plug will offer a better fit as well as better attenuation. It will be a far better choice to invest in a set of custom-made plugs. Our ears are unique, similar to fingerprints. There are many motorcycle companies that offer earplugs that are designed especially for motorcycle riding. Even audiologists can make you a custom-fitted pair within a week or two. Wrapping Up It is crucial to wear safety gear amid the right clothing when riding a bike. You could be riding a moped or even a high-performance bike. As serious as crashing on a bike sounds, the right equipment will help keep you ready for all situations. There are safety helmets and eye protection to consider. Visors and goggles will keep your eyes from getting injured and increase on-road visibility. Safe riding is not just a personal choice, it is also a legal requirement to make sure that you get the right protection while on the road. If you have thoughts to share or questions to ask, please leave a comment below. We would love to hear from you! Read Also: Things to Consider Before Buying Your First Motorcycle Dos and Don’ts When You’re Involved in a Motorcycle Accident 8 Useful Tips to Help You Prepare For Your First Motorcycle Track Day

Freight Factoring is Solving Common Trucking Challenges

Furniture Removal Are an Uphill Task for the Home Owner

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Ariana Smith

I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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