Love's Debuts Financial Service
Travel center chain offering factoring, cash management solution for drivers
Published in CSP Daily News
OKLAHOMA CITY -- Love's Travel Stops & Country Stores Inc. has introduced Love's Financial, becoming the only truckstop company to offer factoring solutions to professional drivers, it said.
Love's newest service is designed to help drivers manage their business and cash flow through flexible cash management products with lower transaction fees. Factoring with Love's gives drivers more time to focus on their business without worrying about paperwork.
"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."
Drivers can wait up to 60 days for payment from shippers after delivering a freight load. Love's pays its customers within 24 hours or less, which provides the capital they 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 addition of factoring fosters Love's "all-inclusive edge," the company said. Drivers now have access to a reliable financial solution adjacent to other amenities such as Love's no-fee fuel card, Love's fuel discounts, My Love Rewards card, professional tire care services and more.
"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."
Family-owned and -operated Love's, based in Oklahoma City, has more than 320 locations and 190 Love's Truck Tire Care centers in 39 states.