The History of Freight Factoring in America
The History of Freight Factoring in America
Did you know that freight factoring is one of the oldest business practices around the world? It's true! The first laws on factoring were established in ancient Babylon with the Code of Hammurabi. Fast forward to today and it's a common practice that businesses use to keep their cash flow running.
Long before that, factoring was used as a means of financing all across the world including the American colonies. Freight Factoring was used by colonists to finance their shipments of essential supplies across the Atlantic from England, Spain and other world powers. In those days, merchants were the main practitioners of factoring and they depended heavily on the reliability of their factoring partners. The same way Love's Financial clients do today!
As history goes, the colonies transitioned into the United States of America and factoring continued to be a cornerstone of the American economy. Merchants weren't the only ones using factoring! By the 18th and 19th centuries farmers, store owners and artisans were using factoring to keep their businesses running.
Today, factoring is a viable option for many businesses, including professional drivers and fleet owners. With the changing of times factoring has become like having a business partner, rather than just a line of credit. Love's Financial offers personalized choices for its Customers as well as rewards.
Love's Financial is proud to be part of the long history of freight factoring and providing reliable cash flow to our Customers. Click here to join us today or call 1-855-495-LOVES (1-855-495-5683)!