How Does Truck Factoring Work?
Truck factoring is a business-friendly alternative to conventional financing methods such as bank loans. Rather than create new debt, factoring your freight bills allows you to convert your own open receivables to immediate cash that you can use to keep your business on course. Factoring for truckers is a fast, simple process that owner-operators can use as needed:
- Run your loads and submit your freight bills to the trucking factor
- The factor will purchase your freight bills at a discount and advance you the cash within 24 hours of verification
- Use the cash you receive to run your trucking company – source new loads, upgrade your equipment or purchase new trucks, pay your operators or invest the cash wherever you need it most!
- Your customers will pay the truck factoring company directly.
- The factor will remit any balance due to you, minus their fees.
In addition to purchasing your invoices, many Wisconsin truck factoring companies will offer fuel discounts or cards that you can use at various refueling locations around the country. Use factoring fuel cards at all the major truck stops to save money on every fill up.
Ready to Get Started?
Fill out the form below and one of our factoring experts will help you on your way!
Why Choose a Wisconsin Truck Factoring Company?
Our Wisconsin trucking factoring partners work with owner-operators and small-to-mid-sized trucking companies hauling a variety of goods including dairy and other agricultural products; consumer goods; cars, trucks, and other vehicles; and hardware and software products. Factoring is also available for freight brokers.
If you still need convincing that factoring for truckers is the best option for your company, consider the benefits of truck factoring over other finance methods:
Factor only the freight bills you need, and submit them as often as you need. There is no limit to the amount you can potentially factor.
Save time and get your money faster by submitting copies, rather than waiting to find an overnight shipping box.
Receive back office support from your truck factor, including collections calls and credit verification on your new customers.
Enjoy a line of credit that grows with your business, rather than a static limit that may be far lower than what you need.
Ready to Start Factoring Freight Bills?
All you need to start a trucking factoring program with Factor Finders is a current customer list, aging, and Articles of Incorporation. Once we connect you with a Wisconsin truck factoring company, you can receive a proposal and be approved in as little as 3-5 business days!
There are so many good reasons to begin a Wisconsin truck factoring program today, so contact us to get started.
Not in the transportation business? There’s a Wisconsin factoring company for nearly every industry. Contact us and we’ll help you find the best factoring company in Wisconsin for your business.
