Reason #5 – Credit checks and vetting help ensure everyone gets paid
The 5th and last of the “5 Reasons Why Factoring is So Important to Truckers” relates to Credit Checks and the vetting Factoring companies perform to do our best to ensure everyone gets paid on time and in full for their hard work.
One thing nobody likes for sure, is doing a job and not getting paid. Trucking is hard work, with long, grueling hours, and when a job is done you want nothing more than to receive your money and go onto the next job. That’s why at ei Funding, we work extra hard to make sure you only work with the most reputable Brokers and Shippers.
How do we do that? We work with the industry’s largest and most comprehensive database which provides up to the minute information on your Customers, whether they’re a Broker or a Shipper.
We take the time to analyze in depth Risk Scores, which like a school report card, grades from 1 – 100 and immediately tell us what the risk is: High, Medium, or Low? Good risk scores we all want, right? But how to assess when a score is less than perfect?
One way is to look at “Days to Pay” or DTP to see what’s the current trend: Balances decreasing…or increasing? We look at DTP over a period, say 6 months or a year, because trouble signs will appear and show up as changes in their Risk Score, or increases in their DTP balances over that period.
We also look for any alerts – bankruptcies, credits revoked for non-payment, or complaints from other Factors. We dig deep and look hard into their past and current record in an attempt to predict their future payment behavior. Why? To make sure you get paid, on time and in full.
We do the work upfront, so you don’t have to later – and by doing so, we do everything possible to ensure that you only work with the best. Because at the end of the day “your success is our success”.
In summary, the 5th truth to why Factoring is so important to small trucking companies relates to the Credit Checks we perform on your behalf and is one more reason why Factors, like ei Funding and Truckers, make such good long-term partners.
To learn more about us please visit our website www.eifunding.com to read about our services, Fuel Cards, and referral program, or call us at
(407) 734-4054 to speak to someone direct.
Lastly, we appreciate you checking in on the complete series “5 reasons why Factoring is so important to Truckers” provided exclusively to you by ei Funding.
Thank you and safe driving.