Menu
Ken Miller founded Liquid Gold Trucking, an oilfield water hauler in the Williston Basin, in 2017. Fast forward to 2023: the business had experienced modest growth, but was slow at the time. After winning a large new contract with long payment terms, he needed cash flow to make payroll and fund further growth.
“Because we had been slow, cash was tight,” said Ken. “We couldn’t afford to wonder if [our customer] was going to pay within the 30 or 45 day net terms, so we went with [invoice funding] and started working with FundThrough.”
Getting invoices paid early gave Ken the funding he needed to grow.
“After we started working for [our customer], the work blew up. In three months, we tripled our total number of drivers, including contractors. In a six month period, we doubled our number of company drivers. In one year, I’d added ten trucks and trailers,” said Ken.
Additionally, he was able to pay his contract drivers faster, differentiating Liquid Gold Trucking as an employer. With more capital on hand, Ken could also make the strategic decision to buy trucks for cash instead of leasing.
“Originally, we thought we’d move away from [invoice funding] after getting busy. But our contractors love that they get paid within a couple weeks of turning in invoices. It’s such a seamless process, such a great system…we saw no reason to move away from it,” said Ken. “More than half of the equipment we’ve bought in the last year or year and a half we’ve been able to buy with cash from funding our invoices. That’s given us more flexibility in how we do the work while saving us money compared to the cost of leasing.”
Introducing FundThrough to his client was stress-free.
“It was seamless. My manager who handled that said it was a pretty easy process, and it’s been a pretty easy process ever since we started.” said Ken. “I understand the concerns, but I look at it this way: if an oil company is afraid of using somebody because of an invoice funding company, then you probably shouldn’t be working for them anyways, because the oil companies don’t have to deal with [the invoice funding company] unless they’re not paying their bills.”
Early invoice payments are helping Ken unlock cash flow and a bright future for Liquid Gold Trucking.
“The great thing about FundThrough was being able to invoice and then get the cash,” said Ken. “That helped us accelerate growth, and grow quicker than we’ve ever grown before.”