We are delighted to announce a remarkable new partnership with G Squared Funding, a freight factoring company with deep expertise in improving and protecting the cash flow of its trucking clients. This collaboration enables us together to offer comprehensive services to the trucking industry, seamlessly bridging the gap between insurance and factoring for truckers.
With 23 years of experience in handling invoice factoring for the trucking industry, G Squared Funding specializes in crafting personalized financial solutions tailored to the working capital needs of each trucking company.
Cover Whale and G Squared Funding embrace mutually held core values of exceptional customer service, transparency, and efficiency.
Enhanced Insurance and Freight Factoring Services for the Trucking Industry
G Squared Funding’s expertise in the transportation and trucking sector enables them to cater to a variety of financing requirements. By partnering with G Squared Funding, we can help address more of the financial and operational challenges faced by truckers.
Factoring, a form of accounts receivable financing, enables businesses, in this case independent owner-operator truckers and small trucking fleets, to convert their outstanding invoices into immediate cash by selling them to a freight factoring company. Truck factoring can effectively eliminate the waiting period for payment from shippers and brokers which can often be stretched up to 90 days or even longer.
Truckers and trucking fleets find factoring particularly beneficial because recurring cash expenses like fuel, repairs, insurance costs, and driver compensation continue while they wait months for payments on invoices for services already rendered. Freight invoice factoring services provide trucking businesses with instant funds, easing the burden of operating costs while awaiting invoice payments from truck brokers and shippers.
And while banks may be hesitant to loan to new trucking companies, G Squared Funding’s freight factoring services empower truckers with the necessary liquidity and stronger cash flow — without forcing them into unnecessary debt.
Cover Whale and G Squared Funding: Aligned on Customer Experience and Value
One reason we admire G Squared Funding is their commitment to personalized client service. G Squared Funding’s practice of assigning dedicated account managers to clients demonstrates their commitment to outstanding customer support.
Our shared focus on flexibility and customization makes us ideal partners among insurance and factoring companies in the trucking industry. G Squared Funding, for instance, offers clients the ability to choose which customer relationships to factor without mandatory usage or minimum volume requirements. Another place where we’re aligned? Transparency. While Cover Whale is committed to simplifying trucking insurance and ensuring policyholder privacy (for more on our commitment to privacy, download our Driver Privacy FAQs), G Squared Funding’s unique one-page contract offers an easy-to-understand solution with transparent terms for invoice freight factoring.
Optimizing the Financing Experience with Freight Factoring Companies
Speed matters when it comes to both insurance and factoring for trucking invoices. So, we are happy to partner with a company like G Squared Funding that offers seamless, same-day payments without unexpected costs.
Our partnership with G Squared Funding broadens Cover Whale’s reach in the trucking industry. We’re excited about this collaboration and invite you to stay tuned for the latest news and updates about our partnership with G Squared Funding, one of Cover Whale’s picks for the best freight factoring companies in the industry. Embark on this journey with us as we continue providing premium services for the trucking industry and transforming the trucking experience. To learn more about our most recent partnerships, be sure to check out the Cover Whale blog.
Frequently Asked Questions about Factoring Services for Truckers
What is a factoring company and how does factoring work?
A factoring company helps businesses improve cash flow by purchasing outstanding invoices at a discount.
Here’s how the factoring process works:
Billing Clients
Once a business has delivered products or services, they generate invoices with specific payment terms, which may extend up to 30, 60, or 90 days.
Invoices Sale
Instead of awaiting payment, the business can opt to sell its unpaid invoices to a factoring company (or factor) for a certain proportion of the total billed amount.
Initial Cash Injection
Upon purchasing the invoices, the factoring company forwards cash in a predetermined sum, granting the business instant access to funds.
Payment Recovery
The factoring firm assumes the role of receivables collection on the original invoice.
What are the other benefits of factoring in the trucking industry?
Trucking industry factoring supports healthier working capital by quickly converting receivables into cash that can be used to pay for ongoing expenses. Factoring also facilitates smoother cash flow management, enabling carriers to offer competitive pricing and payment terms to shippers and freight brokers.
Freight factoring companies may also help trucking fleets find more cash to invest in equipment and technology. They can also help owner-operators build stronger credit profiles by ensuring regular and timely payments to suppliers and creditors, enhancing business reputation and trust.
How long does it take factoring companies to pay truckers?
Factoring companies typically ensure trucking businesses receive payments as quickly as possible. Once a trucker submits the required paperwork, it’s common for payments to be made within a day or two. However, it’s important to check with the particular factoring company’s policies and procedures to understand their exact payment expectations.
