OKLAHOMA CITY (June 11, 2014) — Love's Travel Stops & Country Stores L.L.C. has expanded its offerings with the addition of Love's Financial, through which it will offer factoring solutions to professional truck drivers.
Love's said its newest service is designed to help drivers manage their business and cash flow through the use of flexible cash management products with lower transaction fees.
While drivers often must wait up to 60 days for payment from shippers after delivering a freight load, Love's said it pays customers within 24 hours, providing the “capital they need between loads to cover upfront expenses, such as fuel, insurance and payroll.”
Drivers can factor with Love's free-of-charge, either remotely or at any Love's location that offers Transflo Express, the firm said. Factoring is different than a loan, which means drivers won't incur debt and won't be affected by the same level of credit restrictions.
“Professional drivers have come to trust Love's to provide them with services that will make their businesses run more efficiently,” said Gary Morgan, director of Love's Financial. “Professional drivers and transportation fleets who want to grow their businesses or improve cash flow see factoring as a tool that makes sense. Factoring through Love's Financial helps drivers meet financial obligations that often hinder growth.”
Oklahoma City-based Love's said the addition of factoring provides drivers with access to a reliable financial solution adjacent to its other amenities, which include Love's no-fee fuel card, fuel discounts, the My Love Rewards card, professional tire care services and more.