Products and Services
Freight Bill Funding and So Much More
Our Freight Bill Funding (freight bill factoring / freight bill financing) programs relieve the pressures in cashflow and time in running a trucking company. Bibby Transportation Finance ("Bibby") has developed products and services to help you in financing your trucking business and streamlining areas of the administrative side of your business.
Turning Freight Bills Into Cash
This is an easy process. For your initial funding you can either;
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Complete the freight bill funding application form and fax to us at (615) 574-5715 or email to sales@bibbytf.com.
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If you wish to speak to one of our Marketing Representatives first then call us on 1-800-964-7139.
The initial funding process, from receipt of application, normally only takes from two to six business days, depending upon the size of your trucking business.
After your initial funding you will get up to 95% of funding on your freight bills within 24 hours.
Freight Bill Funding
This works by Bibby purchasing your freight bills and advancing you up to 95% of the verified freight bill value. We have a selection of freight bill funding programs tailored to your needs and can through our flexible program tailor a program exactly to your businesses needs.
Our client service team is dedicated to only servicing trucking clients and, therefore, is experienced not only in your needs but also in how to deal with your clients in a professional and courteous manner. As part of our Freight Bill funding program you will receive;
- within 24 hours to either your Funding bank account or loaded directly to a Bibby Fuel Card (our renowned fleet fuel card service).
- Dedicated, professional account executives operating a collection service for you. Last year Bibby Financial Services collected over $5 billion in accounts receivables for over 6,000 clients.
- Free credit checks of your clients
- Management - issuing statements, mailing of invoices, verification and collection calls
- Bad Debt Protections - you can choose whether your facility comes with bad debt protection or not
- Online Access to your facility with full reporting
- Imaging - online access to images of remittances / checks received from your clients
Additional Services - So Much More
As a division that is dedicated to servicing trucking clients, Bibby Transportation Finance has developed additional services to make running your trucking company easier;
- Bibby Fuel Card - all our trucking clients are eligible for our fuel card program the Bibby Fuel Card. You can choose to have your funds in full or part loaded to it. It is accepted at over 4,600 locations across the United States and Canada. You can also access your funds through ATM's and issued PlusChecks™ can be drawn where the fleet fuel card is not accepted.
- Permit Services - you and/or your drivers will from time to time need to purchase permits; fuel permits, trip permits, oversize/overweight permits. You can apply for these online or through a toll free number and we will fax the permits to you as soon as possible.
- Driver Documentation Drop Off - the ability through our driver documentation drop off service to have delivery documentation drop off at truck stops, this documentation is then scanned overnight and the images delivered through your online access. This can cut days off the funding cycle.
- Compliance Services - we can provide you with a service to keep you compliant with fuel tax reporting and driver log auditing with online access.
- Discounted Insurance Services - through our partners we can give you access to discounted insurance programs to save you money including long haul trucking insurance & cargo container insurance, etc.
Why Do Trucking Companies Choose Bibby?
- We know your industry - Bibby Distribution Services, our sister company, is the largest family owned distribution company in the UK with over 1,500 trucks and over 2,600 staff. Bibby Transportation Finance is dedicated solely to the trucking industry.
- Fast Funding - you will receive funds on your verified freight bills within 24 hours of receipt either to your bank account or to your Bibby Fuel Card. For initial funding on new facilities we expect to have you funded within 2 to 6 business days of receiving your application and supporting documentation, the time depends up the size of your business.
- Competitive Rates - everyone refers to their rates as competitive. We mean it. We typically save our clients at least 20% in fees over their existing funder, often much more. Why? When you fund over $5 billion of receivables a year you have economies of scale you can pass onto your clients.
- Stability & Openness - We are financially stable and open with our information. Want proof? Ask for our parent companies annual report and we will provide it. Ask our competitors for their audited balance sheet... surely a funding provider will be willing to show you their financial strength?
- Flexible - We do not have rigid credit policies, we will look at your business and your business's situation and work with you to develop a solution for your needs.
- Our Services - We offer more than just cash against your freight bills; we offer you a professional collections service and a suite of additional services.
- Variety - Whether you have 1 truck, 400 trucks or somewhere in between, whether you are in shipping or whether you are a broker, we are happy to work with you.
What Sort of Trucking Companies do you Work With?
As long as you have not pledged your accounts receivable as collateral we can work with you. If they are pledged to another factoring company or bank we will work with you to get these paid off by our factoring facility on the initial funding.
Companies are usually;
- Family owned businesses that do not want their personal assets secured as required by banking lines of credit
- Growing businesses that want a cost effective facility that will grow with them
- Businesses that have seasonal peaks and valleys.
- Trucking companies that are tired of overpaying for a poor service provided regrettably by some of our competitors
We will also work with trucking companies that are looking to restructure their businesses (for example through a Chapter 11 or D.I.P. financing) or where the proprietors that have credit not acceptable to banks or other freight bill funders not sympathetic to the issues and pressures in growing and running your own business.
Freight Bill Finance - How Do I Get Started?
We want to work with you and are looking forward to developing a program for your funding needs;
- Call 1-800-964-7139
- Email sales@bibbytf.com
- Or fax completed Freight Bill Funding Application Form with supporting documentation to sales@bibbytf.com
We look forward to hearing from you!
