Елена Дзюба AdobeStock_605765994
altLINE, the invoice factoring branch of The Southern Bank Company, launched freight factoring, a new commercial financing product.
“We are excited about the opportunity the freight industry brings,” says CEO Gates Little. “As a bedrock of the American economy, freight truly moves America, so the future is bright for the industry and for our small part of it. Our team has been long prepared for freight factoring and continues looking forward to helping our new customers and watching them grow.”
Key takeaways:
- Through freight factoring with altLINE, single-truck and multi-truck owner-operators who can’t qualify for more traditional financing solutions will have the same level of funding opportunities as their counterparts and competitors.
- Freight factoring with altLINE allows carriers to get paid more quickly, and reduces the amount of time spent on managing receivables, as dedicated account managers will oversee client ledgers for invoices that have been factored.
- Further, altLINE performs complimentary credit checks on carriers’ existing and prospective customers, significantly reducing the likelihood of partnering with businesses likely to commit fraud.
- If approved, carriers can begin sending outstanding receivables to altLINE in exchange for an immediate cash advance of up to 100% of the value of each invoice.
