Truck Factoring in Canada
Is your trucking company experiencing a cash flow crunch from slow-paying shippers? Tired of waiting to get paid for providing your product or service? If you need fast working capital to cover your cross-provincial domestic or international loads, Factor Finders’ Canada truck factoring programs may be the answer.
The Freight Factoring Process
Truck factoring in Canada is fast, easy, and available whether you drive strictly in Canada or carry across the border as well. Unlike a traditional business loan, freight factoring transforms your existing freight bills into immediate cash you can invest in your company’s success.
When you deliver a load, submit the freight bill to your Canada truck factoring company. The factor will verify delivery and advance as much as 95 percent of the freight bill within 24 hours. You can choose an ACH or wire transfer or a deposit onto a factor-provided fuel card.
Continue operating as usual while the factor collects from your customer. When the transportation factoring company receives payment you will receive the remaining amount of the freight bill (if applicable) minus a small factoring fee.
Not only can you receive your advance in Canadian or US dollars, but truck factoring in Canada also allows you to factor freight bills from both Canadian and US customers.
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Benefits of Canada Truck Factoring
Canada freight factoring is a business-friendly financing option, but it is also a full-service business relationship. When you begin factoring freight bills, you are eligible to take advantage of several other benefits to revitalize your trucking company.
Our factoring partners understand that there are times you need an even faster source of cash to get loads to their destination. There are two fuel solutions that many Canada truck factoring companies offer: fuel cards and fuel advances.
Fuel care provided directly from the factor and allow you to qualify for discounted fuel at thousands of stations in the US and Canada. Many refueling stations also offer a rebate for using your card at their facilities. In addition, you can use an online dashboard to monitor and assign driver spending, and your factor can load funds directly onto the card to keep your units on the road.
Fuel advances provide a portion of your total advance on load pickup, typically 40-50 percent, for a slightly higher fee. Haul the load and refuel as needed, then receive the remaining advance when you deliver.
Back office management
Spend more time carrying loads and less time worrying about invoicing with back office support from your factoring company. Depending on your setup and preferences, your factor may create statements and invoices for your customers; also, they will provide free credit checks for your new and prospective customers and engage in proactive collections efforts to bring in payments faster. You can keep track of your account status with 24/7 online reporting.
Truck factoring for start-ups
Truck factoring in Canada is available to your trucking company no matter how large or how new it is. Factor Finders has a wide network of Canada truck factoring companies that specialize in working with single owner-operators and start-ups as well as larger, more seasoned fleets.
You can qualify for a competitive Canada freight factoring program even if you have poor business credit or are just starting out. In addition, by cutting out the payment gap you can meet your expenses quickly and improve your company credit score for future financing.
Find the Perfect Canada Trucking Factoring Program Today!
With limited paperwork and no set-up fees required to get started, now is the time to find the perfect Canada truck factoring program for your company!
Complete a short factoring application and submit the following paperwork for a funding decision in as little as 3 to 5 business days: