Love’s Travel Stops has expanded its portfolio of benefits to the trucking industry with the introduction of Love’s Financial. Love’s Financial will offer factoring services, helping drivers manage their business and cash flow through flexible cash management products with lower transaction fees, the company said.
“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.”
Love’s will pay its customers within 24 hours or less, which provides the capital companies need between loads to cover upfront expenses, such as fuel, insurance and payroll. Drivers can factor with Love’s remotely, or at any Love’s that offers Transflo Express, free of charge.
Factoring is different than a loan, meaning drivers won’t incur debt and it comes without the same level of credit restrictions, the company explained.
“Love’s has shared the road with drivers for a half century and brings a proven knowledge of the transportation industry and a reputation built on strong values and commitment to our customers,” said Frank Love, co-CEO of Love’s. “Love’s Financial customers can expect that same level of expertise, integrity and customer service that’s synonymous with all Love’s products. We want to become the provider of choice in the transportation factoring industry.”
