February 22, 2022.
Carriers and owner-operators have a number of items to consider when signing on with a factoring company. Due to this, the sales and sign on process can require a significant time investment by the factoring company for each acquired customer. Once signed on, it’s much more cost effective to keep existing carriers and owner-operators than it is to gain new ones. One of the most important ways to retain your carriers and owner-operators, thereby reducing your churn rate, is to make their lives easier working with you.
To do that, we need to accelerate how quickly carriers and owner-operators can get the information they need to find and deliver loads, as well as submit paperwork. This way as they make money faster, so do you!
Large factoring companies do this by using mobile apps for iPhone and Android that allow their carriers and owner-operators to check broker credit, submit invoices, monitor load boards, and view their fuel cards. Small to medium sized factoring companies normally do not have the required budget and expertise to develop an application with those features from the ground up.
This is where Cargo Nerd is most advantageous. Small to medium sized factoring companies can continue to do what they do best – factor invoices – while we take care of the mobile apps and integrate the features with your existing services. This allows you not only to reduce churn, but also allows you to win more sales!
If you’re a small or medium sized factoring firm looking to better connect with your owner-operators/carriers and want to give the same app offering that the large firms do – please contact us!