Factoring for Trucking Companies

Same Day Funding for Truckers

What is Freight Factoring?

Freight factoring is a financial transaction that allows trucking companies to receive immediate payment for their delivered loads. Instead of waiting for customers to pay their invoices, trucking companies can sell their outstanding freight invoices to a factoring company at a discount. The factoring company then collects the full amount from the customer when the invoice is due. This specialized form of invoice factoring is tailored to the unique needs of the transportation industry, providing a quick and reliable way to improve cash flow.

By leveraging freight factoring, trucking companies can manage their finances more effectively, cover regular overhead expenses, and ensure consistent cash flow. This financial tool is particularly beneficial for owner-operators and small to mid-sized trucking businesses that may struggle with the delays in payment from freight brokers and shippers. With freight factoring, trucking companies can keep their operations running smoothly and focus on growing their business.

Same Day Funding for Truckers for Consistent Cash Flow

Tired of waiting to be paid? Stop waiting and turn outstanding freight bills into instant cash. As a factoring company for trucking, factoring provides the cash you need to haul more lucrative loads, cover fuel and repair costs, and keep trucks on the road where they belong.

• Rates as low as 1%
• Flat fee structures (why pay more?)
• No minimums (truck factoring on your terms – you choose which customers to factor, when you need to factor)
• No long-term contracts
• Same funding on copies (because sending originals is a hassle)
• Fuel advances before delivery (up to 50%)
• Fuel discount cards (save big on fuel costs at all major truck stops in the US and Canada)
• Non-recourse factoring programs available, providing immediate cash flow without the risk of having to repay in case of non-payment by the debtor
• No application fees
• No hidden fees
• Unparalleled customer service

The Freight Factoring Process

The freight factoring process is straightforward and efficient, designed to provide trucking companies with quick access to cash. Here’s how it works:

1. Deliver Your Load: Complete a delivery as usual and obtain the necessary paperwork, including the invoice, rate confirmation, and bill of lading.
2. Submit Your Invoice: Send your new invoice to your factoring company. This can be done through their mobile app, online portal, or by email, making the process convenient and hassle-free.
3. Get Your Advance: Receive a significant portion of the invoice’s value, usually within 24 hours of submitting your invoice. This immediate cash advance helps cover fuel, repairs, and other expenses.
4. The Factoring Company Collects Payment: The factoring company handles all communication and collection efforts with your customer, ensuring you receive the full amount owed without the administrative burden.
5. Receive the Remaining Balance: Once the customer pays in full, the factoring company deducts their fee and sends you the rest of the invoice amount.

By following these steps, trucking companies can enjoy the benefits of freight factoring, including improved cash flow, reduced administrative burdens, and increased financial stability. This efficient process allows trucking businesses to focus on their core operations and growth, without worrying about delayed payments.

Factor when you want, how you want, whom you want, and for however long you want!