Trucking Factoring Companies in Edmonton, Alberta

Trucking Factoring Companies in Edmonton, Alberta

Once chosen as the city with the “best economic potential” for its population, Edmonton, Alberta is critical to ensuring the continuing flow of goods across Canada. Stake your trucking company’s claim on a part of Edmonton’s transportation dominance with a competitive Edmonton truck factoring program through Factor Finders!

Drive Your Sales North with Edmonton Truck Factoring

Edmonton truck factoring is a business-conscious, debt free alternative to traditional business financing. Break the borrowing mold: instead of trudging through weeks or months of underwriting to borrow a limited amount of cash at a high interest rate, breathe easier in days with the help of an Edmonton truck factoring company!

Your trucking company can be approved in as little as 3 to 5 business days, and the only limit to your funding potential is your sales. Best of all, truck factoring is not a loan so you can build your business without incurring new debt.

With your advances, sent within 24 hours of freight bill submission, you can cover a wide range of operating expenses such as driver recruitment and wages; unit repair and upgrades; and maintaining provincial and federal licensing requirements. You choose which freight bills to factor and when to keep your cash flow consistent.

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Apply for Edmonton Truck Factoring Today

The application process is quick and easy, so you can serve your shippers better. 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 will communicate any further document needs during underwriting. Once you are approved, you can begin factoring immediately.

Edmonton Truck Factoring: The Smart Solution

Fuel Assistance Options

Fuel keeps your trucks hauling – and it is as costly as it is critical. Truck factoring companies in Edmonton give you two special funding options that specifically help you meet your fueling needs.

Fuel Cards

Fuel cards are attached to a prepaid account that you can load directly via an online portal or with your factoring advances. Fuel cards are accepted at thousands of Canadian and U.S. refueling stations and also give you access to additional discounts and company rebates. Use the online dashboard to set and track driver spending, order new cards, and reload from anywhere.

Fuel Advances

are for those times when you just cannot make it to your destination alone. Factoring companies that offer a fuel advance option will advance up to 50 percent of a valid freight bill upon load pick-up and send you the remainder when you complete delivery. Additional fees may apply to fuel advance options.

Truck Factoring for Edmonton Start-ups

Edmonton truck factoring is a solution for any trucking company that has generated at least one freight bill payable by an approved customer – even your very first freight bill! Start your company strong with truck factoring, or use it to revitalize your larger or more established fleet.

Back Office Management

Edmonton truck factoring companies can radically transform your business operations through comprehensive back office assistance. Invoice management, collections, and credit prescreening are just a few of the services included in your factoring agreement. You can monitor your account from anywhere through online reporting, where you can track funding and payment transactions in real time.

Credit Building

Are you trying to bounce back from a slow period? Edmonton truck factoring can help! Once you begin factoring you can use your cash advances to pay down existing debt and build a strong credit rating for future financing needs.

How Does Edmonton Truck Factoring Work?

The typical Edmonton truck factoring transaction will follow a quick and easy pattern:

  • Submit your freight bill(s) for delivered loads to your Edmonton 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 and may be funded via same-day wire or next-day ACH transfer, or deposited onto a fuel card. You can request to receive your advances in Canadian or U.S. dollars depending on where you do more business.

If you begin a non-recourse truck factoring program, this is the end of the process! Repeat as often as needed.

If you are factoring with recourse, there are a couple more steps to complete:

  • 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.

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