T
he last economic cycle led global trade to a significant increase causing the transport industry to experience unprecedented demand, propelling businesses to new heights. However, as the market stabilizes, transport companies now face a pressing challenge – the prevalence of unpaid freights. These unpaid invoices are stifling cash flow and hindering the growth of transport businesses. Fortunately, unpaid freights are a familiar for Clams Trans and in this article, we share some key principles to follow in order to swiftly recover your dues and keep your business on the fast track to success.
The Problem Unraveled🚚
As the transport market adjusts to decreasing global trade, unpaid freights have become a persistent headache for transport companies. These unresolved invoices disrupt cash flow, impede operations, and strain relationships with suppliers and employees. These challenges proved to be unsurmountable even for the big players, visible through Yellow [1] and Surge Transportation [2] ‘s recent bankruptcy filings. With decreasing demand and freight rates dropping [3], every transport company should possess a robust strategy can turn the tables in their favor.
The Manifestation of the Problem✒️
Unpaid freights manifest in various ways, causing significant hurdles for transport companies. Late payments create cash flow bottlenecks, making it challenging to meet expenses and invest in growth. This cycle often leads transport companies to delay their own invoice payments, further exacerbating the issue. The time for a proactive and decisive approach is now.
Experience and Expertise
At Claims Trans, we have walked the path with numerous transport companies, facing and overcoming the problem of unpaid freights. Our expertise extends to handling multiple cargo claims involving freight withholding and unlawful deductions in damage claims. We understand the intricacies of your industry, and this invaluable experience empowers us to deliver results like no other.
The Path to Success🧩
Wondering what sets apart the most successful transport companies when it comes to recovering unpaid freights? Here’s the secret formula that guarantees results:
1. Thoroughly Assess Financial Status: Our cutting-edge tools delve deep into public and private databases to assess the financial standing of potential clients. Armed with this knowledge, you’ll make informed decisions, minimizing risks of non-payment.
2. Issue an Official Voluntary Payment Invitation: Our expertly crafted and polite payment invitations, complete with interest accumulation, leave no room for misunderstanding. Your clients will understand the implications of non-payment without any friction.
3. Engage Legal Experts: Should the need arise, our legal team, well-versed in debt recovery and transport industry intricacies, steps in to navigate any complexities swiftly and efficiently. Regardless of the debtor’s country of origin, our multitude of successful lawsuits in numerous European states allows us to provide legal protection internationally.
4. Consistency is Key: With Claims Trans by your side, you’ll stay consistent in your efforts until the invoice is paid in full. We’ll maintain open lines of communication and handle necessary documentation promptly, reinforcing your commitment to getting what’s rightfully yours.
5. Explore Barter Arrangements: In situations where cash flow is a concern for the client, explore the possibility of accepting cheaper loads or goods in exchange for the outstanding amount. This arrangement can be mutually beneficial and maintain a positive business relationship.
6. Installment Plans: For clients facing financial challenges, offering installment plans can ease the burden of a lump-sum payment. Structuring a reasonable and structured installment plan demonstrates goodwill and the willingness to support your clients during challenging times.
The Conclusion🚀
Unpaid freights no longer have to be a stumbling block for your transport business. With our unparalleled expertise and successful track record, Claims Trans ensures your cash flow stays robust and your business thrives. We understand the challenges you face, having dealt with multiple cargo claims involving freight withholding and unlawful deductions. Let us be your strategic partner in the pursuit of recovering unpaid freights, so you can focus on what you do best – driving your business towards unparalleled success. Take the first step now and contact Claims Trans today to put your business back on the fast track to prosperity.