CST Financial’s Collection Process Sets 2015 Processing Records
With the shipping and transportation industry in full momentum with deliveries during the holiday season, asset based lender, CST Financial, sets record numbers.
Salt Lake City, Utah (PRUnderground) December 28th, 2015
Peak holiday season is here. This means that retail shops are booming, and the freight and transportation industry is hustling to stay on top of deliveries. While a busy period of deliveries for truckers may sound beneficial, it can plague some freight companies with stretched financial assets. More deliveries mean more fuel expenses. With many freight recipients not paying for the job until weeks or months later, drivers are left figuring out how to cover the expenses of the next delivery.
CST Financial helps the trucking industry with receivable finance and freight bills, as well as factoring solutions. CST Financial’s collection process has allowed their customers to stay on top of collections. Their flexible financing solutions has helped the company set records on their processing time and on-time payments.
Kara Harris, CST Financial’s Office Manager, comments. “Every industry is dependent on cash flow, but especially the shipping and freight industry. Drivers live or die by having available capital. We’re glad that we can offer competitive options for the industry to not only stay afloat but to get ahead.”
Without factoring, a freight broker or shipper hires the owner-operator to haul a load. The owner-operator fills out the customer carrier packet. They then must have funds to haul the load in advance. The owner-operator delivers the load to the receiver and the owner operator bills the freight broker. After an average of 30 days or more, if payment is not received the owner-operator must start their own collections process. Quite a time-intensive process.
With CST Financial’s factoring solutions, a freight broker or shipper hires the owner-operator to hire the load and deliver to the receiver. After that, the owner-operator submits the freight bill to CST Financial and receives payment within 24 hours. CST later receives payment from the freight broker or shipper, saving the owner-operator time, headache, and financial strain.
The shipping and transportation industry is in full swing this time of year. Access to capital is a must. To learn more about CST Financial’s asset based lending, visit www.cstfinancial.com or call 801-566-2028.
About CST Financial
CST Financial has been providing freight factoring services to small businesses and owner-operators for over 13 years. Offering accounts receivable finance and trucking invoicing, CST is today\’s premium truck factoring company.