Neither a borrower or a lender be.
This may have been great advice for Hamlet from his father at the time, we live in an economical time when few businesses can succeed if they do not have a source for financing. Fortunately, more than providing fatherly advice, transportation factoring companies offer a number of services that can help businesses of all size navigate the financial challenges that they will face.
In fact, the top factoring companies for freight brokers help businesses of all size find the solutions that they need to be successful. From paying for large orders at the time of purchase to making sure that drivers on long hauls across the country are paid on time, there are a number of instances when the best invoice factoring services are important.
Transportation Factoring Companies and Other Providers Make Short Term Lending Offers
If you have ever owned your own business then you likely understand the challenges that are part of these endeavors. In fact, if you owned your own business and did not face some kind of financial challenge you would be in the minority. From making payroll to having the funds to order items for next retail season, there are many times when businesses, especially small ones, find themselves waiting for current products to sell so that they can afford to order next season’s ordering deadlines.
Consider some of these statistics about the many ways that transportation factoring companies and other kinds of advance business capital factoring companies offer assistance to many kinds of companies:
- The economy in America depends on the nearly 28 million small businesses in this country.
- Approximately 5.9 million commercial motor vehicle drivers operate in the U.S., according to the Federal Motor Carrier Safety Administration. This is just one segment of the workers in the country who depend on regular paychecks.
- Invoice factoring is a type of accounts receivable financing that converts outstanding invoices due within 90 days into immediate cash for man small businesses.
- Bankruptcies in the U.S. increased to 25,227 companies in the second quarter of 2016, which as an increase from 24,797 companies in the first quarter of the same year.
- Factoring companies can help small businesses bridge invoice payment gaps with upfront payments that can amount to 90% of the original invoice.
Shakespeare warned both lead characters and audiences about the borrowing and lending monies, but it is important to make sure that if you are a business owner you understand the options that can help you financially succeed.