VIVA HELPED COLD WAY TRANSPORTATION INCREASE REVENUE BY 47% AND EXPAND WITH NEW EQUIPMENT IN JUST 12 MONTHS AMID A PANDEMIC AND UNPRECEDENTED INDUSTRY CHALLENGES.
Cold Way Transportation
Growth and Establishment Struggles
With eight years in business and a burgeoning team of 65, Javier Delgado’s El Paso-based refrigerated transportation company copes with challenges those in the trucking industry know all too well. Rising fuel costs are always top of mind, as are considerations like delivering top-notch service and keeping back-office operations running efficiently. Delgado takes them all in stride. “Driver shortage is our largest hurdle,” he explains.
Even still, Delgado’s methodical approach to employee satisfaction at Cold Way Transportation makes all the difference. “When our over the road drivers come home, they can spend time with the family and rest for their next trip,” he says, giving credit to his team that handles local cartage. Delgado also makes payroll a priority, often leveraging factoring services to ensure his team is paid promptly. It hasn’t always been simple, though.
“Our prior factoring company was very slow to respond to our daily funding request,” Delgado explains, reflecting on his time before coming to Viva. “We would, at times, not get funded on critical days like payroll day.”
“THE WORK DONE BY VIVA IS FAST BECAUSE THEY UNDERSTAND THE TRANSPORTATION BUSINESS.”
Solved by Freight Factoring with Viva
Delgado knew freight factoring was the right solution for Cold Way Transportation as the business continued to grow and become more established, but his current factoring company was putting his most valuable asset—the people—at risk by not coming through when he needed funding the most.
When a friend in the trucking industry mentioned he worked with Viva, Delgado decided to take a look. Although he checked out a few different factoring companies, the decision was easy. “Once we met with the team at Viva, we knew this was the place that would help us achieve our next milestone and we instantly felt at home,” he says.
Delgado believes the low fees and customized finance solutions make Viva stand out too, but speed seals the deal. “The factoring and funding the same day was a fresh of breath air,” he remarks of his early days with Viva. “The work done by Viva is fast because they understand the transportation business.”
These days, he also appreciates some of the finer points, like the customer portal that provides on-demand information and streamlined billing process. “The right factoring company will become an extension of your back office with them taking control of the billing and collection of your loads,” he adds.
Cold Way Transportation sets itself apart from competitors by delivering top-notch service. The company’s people are crucial in this respect, but Delgado needed the equipment to be up to speed too. By bringing in additional trailers, Cold Way could ensure all clients would receive trailer service. Moreover, additional trailers would allow the company to deliver loads more efficiently, minimizing the impact deliveries would otherwise have on productivity for clients.
Solved by Equipment Financing with Viva
With Viva’s freight factoring program working well for Delgado, he decided to inquire about securing equipment financing too. Viva was happy to help and created a solution to meet Cold Way’s unique needs.
“We have more than we need in assets. For every tractor we have three trailers,” he explains. This helps Cold Way lead the pack in service and is opening new avenues for growth.
Delgado has big plans for the coming year. “We are currently seeking a larger warehouse to provide USDA inspections and customer warehousing,” he says. Plus, the company aims to increase its fleet by 20% in the next 12 months—all made possible through his entrepreneurial spirit, dedication to service, and tailored financing solutions from Viva.
No matter what industry you’re in if you invoice other businesses after goods or services are delivered, like Javier, then invoice factoring may be your ideal cash flow solution. As one of America’s leading specialty finance companies, Viva has decades of experience and offers a variety of funding solutions to meet the needs of small-business owners today. If factoring sounds like your ideal business booster, start with a complimentary rate quote.