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OKLAHOMA CITY -- Love's Travel Stops & Country Stores' new program, Love's Financial, offers professional drivers more time to focus on their business and less time bogged down by paperwork.
Love's Financial is designed to help drivers manage their business and cash flow through flexible cash management products with lower transaction fees. The service makes Love's the only travel stop company to offer factoring solutions to professional drivers.
"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."
According to Love's, 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 location 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 added.
Other services Love's offers drivers include a no-fee fuel card, fuel discounts, My Love Rewards card and professional tire care services.
"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."
Oklahoma City-based Love's Travel Stops & Country Stores has more than 320 locations and 190 Love's Truck Tire Care centers in 39 states.