One of the main reasons truckers choose factoring as their favorite financing option is to have fast cash to fund their operations, but also their growth. This service allows your company to access your operations' payment in record time compared to the deadlines established in each invoice.
Factoring is a funding service in which you sell to a specialized company, called a factor, the invoices you have issued to your clients with extended payment terms. This way, funds that could take 30 days or even more will immediately reach your hands.
Thereby, you will always have the necessary resources to keep your operations up to date, efficiently assuming daily expenses, and allowing decision-making focused on investment and growth. And you will not need to apply for a bank loan or have your credit checked. The evaluation of your capacity is based on your clients' creditworthiness and not on your own's.
However, when you choose to factor, you need to stay focused on your growth goals. Daily activities, management of your operation, and the conditions offered by your factoring company can sometimes get in the way. That is why we present a simple checklist to verify how to get the most out of factoring, such as enhancing your company's expansion.
Have clarity about the real cost of your factoring service
The rate that your factor charges for funding your invoices in advance can be susceptible to many variations. Although you will negotiate this value with your factor before signing a contract, additional charges may increase the agreed percentage, meaning you won't get the benefits you expect from factoring. At Summar, we guarantee you'll never have to pay hidden fees, and you'll know your rate from the beginning.
Choose non-recourse factoring options
Non-recourse factoring is a modality in which you do not have to worry about your invoices' collection processes. If your debtor does not pay the factor, you will not have to return the money you received in advance, given certain conditions. While your fee may be higher, you can guarantee your cash flow in most cases. However, with Summar, you can be even safer. We developed an unbeatable credit guarantee at no additional cost, which will allow you to always count on your money. We promise never to charge you back if your client does not pay the invoice for reasons beyond your control, without conditions nor time limits.
Outstanding customer service
You must be able to rely on your factoring company and feel that they care about you. Although you will be at the head of your growth plan, it is determinant that your factor is a partner in this entire process. From facilitating your portfolio management to keeping a detailed record of your billing and its behavior, your factor must continuously guide you as a back-office ally so that you can focus on the projection and execution of your strategy.
Funding your growth is a full-time commitment. For this reason, at Summar, you'll have the full support of one of our account executives, who will become a trustable ally for your growth. They will take care of your company's factoring operations, be your main interlocutor, and guide you step by step on the path of growth.
For your factor to be the ally you need, funding is only the first step. You must be able to count on them throughout your growth process, and they must be a constant support that brings you closer to your goals. For all this, Summar is the ideal company to entrust your factoring processes: a high-quality, easy, and fast service, in combination with a product adapted to your needs.
Your trust is our commitment! Apply now and learn more details from our agents.