Montreal Truck Factoring Companies
For domestic and international loads, single owner-operators and large fleets, start-ups and stalwarts – if cash flow is the question, Montreal truck factoring through Factor Finders is the answer.
How Does Montreal Truck Factoring Work?
Truck factoring in Montreal is a fast, business-friendly solution to working capital issues facing trucking companies of all sizes. Once you begin working with a Montreal truck factoring company, you can submit your freight bills as often as you need to keep your cash flow steady. Whether you work with Canadian or U.S. companies, factoring is an option for you.
The factoring process is simple:
1.Submit your unpaid freight bills for completed loads to the truck factoring company.
2.The factor will verify your freight bills and advance up to 95 percent within 24 hours.
3.Continue picking up new loads and making deliveries while the factor handles your collections.
4.When the freight bills are paid, you will receive any remaining cash minus a small factoring fee (recourse option).
You can choose to receive cash via wire or ACH transfer (fees apply), and either in Canadian or US dollars.
Many Quebec truck factoring companies offer a non-recourse freight factoring option in which you receive the entire advance up-front – a simpler, risk-free way to factor.
Ready to Get Started?
Fill out the form below and one of our factoring experts will help you on your way!
Montreal Truck Factoring v. Bank Loans
Traditional bank loans may be a great option for large and established companies, but for many truck companies they pale in comparison to a competitive truck factoring program. Below are just some of the differences between the two:
Collateral
Banks require a pledge of collateral, such as your units or other equipment, to secure a business loan. Truck factoring in Montreal is not a loan, so you do not have to pledge collateral!
Underwriting
Banks’ underwriting can take anywhere from weeks to months to complete, time that you are stuck waiting for cash you need now. Montreal truck factoring companies have a streamlined underwriting process that gets you set up for factoring in as little as 3 to 5 working days – and funding immediately upon approval!
Credit Rating
Small businesses (like many truck companies) still have trouble qualifying for bank loans. Companies must have a solid credit history and high rating in order to get a business loan. Not so with Montreal truck factoring! Factors base their funding decisions on your customers’ credit rating, and can approve your company even if you have a poor credit rating.
Credit Limit
Bank loans feature a static credit limit that is cumbersome to increase. Truck factoring in Montreal, on the other hand, gives you a flexible credit line that is based on – and increases in proportion to – your current sales. You can operate with peace of mind that your operating costs are covered.
Want to Learn More?
Click the Arrow to Contact Factor Finders, or call 855-322-8671
5 (More) Reasons to Start Montreal Truck Factoring
If you need more convincing, consider the following benefits of truck factoring:
Same-day funding available
Don’t wait days or weeks to get paid for your freight bills. With truck factoring in Montreal, advances are initiated within 24 hours of sending in your freight bills so you receive the cash you need when you need it. You can also choose to have your advance deposited onto a fuel card (more information below).
Build credit with truck factoring
You can qualify for truck factoring with less than perfect credit, but did you know you can improve your credit with factoring? When you apply your advances to paying down existing debt as well as ongoing expenses, you can increase your credit rating and negotiate critical discounts with your suppliers.
Flexible funding options
With seasonal sales fluctuations and changing business needs, trucking companies need a financing option that can adapt to any situation at any time. Quebec truck factoring allows you to submit as many freight bills as you need, as often as necessary to keep the cash flowing. You can even send in new freight bills while the factor is collecting on current bills.
Fuel benefits
If your working capital needs are more acute, there are two funding options that can help you stay fueled up on the road. Fuel cards are attached to a prepaid account that you can fund directly with your factoring advances. You can assign cards to each driver and set spending limits then monitor your drivers’ spending via an online dashboard. Additionally, fuel cards qualify you for discounts and rebates at thousands of refueling stations in Canada and the U.S.
Fuel advances are a special advance that you can receive when you pick up a load rather than waiting for delivery. Factors that approve fuel advance transactions will send you up to 50 percent of the freight bill amount upon pick-up and remit the remaining portion of the advance when you deliver. This option typically requires an additional fee, which your factor will include in your factoring agreement.
Back office support
Spending hours per day on the road leaves little time for handling the administrative functions of your business. When you choose Montreal truck factoring, you can take advantage of comprehensive back office support – your factor will manage your invoices, handle collections, and run credit and background on your customers for no additional fee. You can monitor your account status anytime, from anywhere with personalized online reporting available 24/7.
Articles of
Incorporation
Valid motor
certification
Freight bills you
wish to factor
Current customer list & invoice aging
Begin Montreal Truck Factoring Today!
When you’re ready to reap the benefits of truck factoring in Montreal, all you have to do to get started is fill out a short factoring application and submit the following:
- Freight bills you wish to factor
- Articles of Incorporation
- Provincial/federal truck registration (i.e. CVOR, USDOT)
- Customer list
- Current invoice aging
Once we receive your documents, a truck factoring account manager will review your information and contact you with any questions. Barring any extenuating circumstances, you will receive a funding decision within 3 to 5 working days. If you are approved, you will be eligible to begin factoring immediately!
