Factoring remains a crucial financial tool for carriers, with nearly 80% of those who factor planning to factor the same or more loads this year, according to a new Truckstop survey.
“Carriers are constantly navigating financial pressures, from unpredictable market conditions to managing day-to-day cash flow,” says Kendra Tucker, CEO, Truckstop. “Our Truckstop solutions are designed to help carriers operate efficiently and with confidence, ensuring they have the financial flexibility to keep their businesses moving.”
Truckstop also launched a new feature on its load board to help carriers operate more efficiently. The Authority Filter is designed to assist new carriers in securing business by identifying brokers willing to work with them.
Key takeaways:
- In comparison to last year, 38% of factoring customers plan to factor more loads, underscoring a growing reliance on factoring to maintain cashflow.
- The survey also highlighted that speed of payment and trustworthiness of a factoring provider are the most important considerations in a carrier’s decision to factor.
- Additionally, protection against non-payment and lower fees emerged as the top reasons carriers would consider switching providers.
- The Authority Filter tool provides transparency by displaying a broker’s authority age requirement directly within load details, allowing carriers to quickly filter loads they are qualified to haul and build relationships with brokers whose requirements align with their authority age.
