Truck Factoring in Calgary
Calgary’s designation as a global city and its importance to Canada’s economy makes it the ideal location for Alberta truck companies to set up shop. If your truck company needs a financial jump-start to keep goods flowing, Factor Finders’ Calgary truck factoring programs may be the answer.
Why Calgary Truck Factoring?
Calgary truck factoring stands out among other business financing alternatives because of the whole-business advantages that Calgary truck factoring companies offer. The benefits begin immediately: rather than waiting weeks or months for a funding decision, you can be approved for truck factoring in as little as 3 to 5 business days.
Receive immediate advances to cover driver pay, equipment repair and upgrades, and licensing requirements. You can factor as many freight bills as you need, as often as necessary to maintain sufficient working capital.
A Calgary Truck Factoring Breakdown
Once you begin truck factoring, a typical transaction will go as follows:
- Submit your freight bill(s) for delivered loads to your Calgary truck factoring company
- The factoring company will review your freight bills for accuracy and delivery confirmation; upon approval, they will advance up to 95 percent of the face value.
Advances are initiated within 24 hours of acceptance and may be funded via same-day wire or next-day ACH transfer, or deposited onto a fuel card account. You can request to receive your advances in either Canadian or U.S. dollars.
If you choose a non-recourse truck factoring option, this is the end of the process! Repeat as often as needed.
If you are factoring with recourse, the process continues:
- The factor will work with your customers to collect on open freight bills. In the meantime, you can submit new freight bills and run your trucking company as usual.
- When the factoring company collects, they will send you the remaining freight bill amount, minus a small factoring fee.
Ready to Get Started?
Fill out the form below and one of our factoring experts will help you on your way!
Get More Bang for Your Buck with Calgary Truck Factoring
A variety of other Calgary truck factoring program features are designed to maximize your cash flow and help you focus on running an effective business.
Fuel financing options
Fuel is critical to keeping your company together. It is also, incidentally, one of your largest operating expenses. Truck factoring companies in Calgary understand that, and have devised two outstanding options to keep your tanks full.
Fuel cards allow you to directly apply any portion of your factoring advance to purchasing fuel by depositing the funds onto a dedicated pre-paid account. You can use fuel cards at thousands of stations in Canada and the U.S., where you may also qualify for additional discounts and rebates. Online tools are available for you to set and monitor spending limits and request individual driver cards.
Fuel advances provide immediate support when you simply can’t make it to your destination alone. Factoring companies that offer a fuel advance option will deposit up to 50 percent of your submitted freight bill when they verify load pick-up, with the remainder to follow on delivery. Additional fees may apply to fuel advance options.
Start-up Calgary truck factoring
Unlike traditional loans or lines of credit, Calgary truck factoring is available to any company that has generated at least one freight bill payable by an approved customer. Use truck factoring to set your company up for continued success. Of course, larger and more established truck companies may apply as well!
Customer management
Calgary truck factoring companies can help transform the way you do business by overseeing your invoice management and collections. In addition, they will run necessary credit and background checks on your behalf to qualify your customers before you even pick up your first load. You can stay up to date on your account by accessing your company’s online reporting system, where you can track funding and payment transactions in real time.
Credit establishment and repair
Even if you are still recovering from a slow season or difficult financial period, you may still qualify for a Calgary truck factoring program. Moreover, once you begin factoring you can use the cash you receive to pay down existing debt and reestablish a strong credit rating!
Articles of
Incorporation
Valid motor
certification
Freight bills you
wish to factor
Current customer list & invoice aging
Start the Factoring Process
Talk to one of our Factoring experts at 855-322-8671
Apply for Calgary Truck Factoring Today!
The application process is quick and easy, so you can get funded and get back on the road. Fill out a short application and submit the following documents for review:
- Current freight bills to factor
- Customer list
- Articles of Incorporation and commercial licenses
- Current aging report
Your factoring company may reach out to you during underwriting for more information. Once you are approved, you can begin factoring immediately!
