Freight Factoring FAQs

Frequently Asked Questions about Freight Factoring

Choosing a factoring company is a big decision. We’re ready to answer any FAQs or just help you determine if factoring is right for your business. We invite you to give us a call at 216-714-1839 to chat with one of our factoring representatives.

What is recourse and non-recourse freight factoring?

Recourse and non-recourse freight factoring offer different advance and fee options to best fit your trucking company’s needs. A recourse factoring program offers high advances for industry-low rates. Rates increase the longer an invoice goes unpaid, and the trucking company is responsible for freight bills that go unpaid.

Can start-ups use freight factoring to get ahead?

Absolutely! Single owner-operators and large fleet managers alike can begin freight factoring as soon as they have delivered their first load. If you have a freight bill ready, you can submit it for immediate funding.

Is there a fee to start freight factoring?

There are no application fees/no setup fees required.

Can I qualify for freight factoring with poor credit?

Yes. Freight factoring companies collect from your customers and will base their funding decisions on your customers’ credit and payment histories. You can use freight factoring to improve your credit rating by paying down existing debt.

How quickly can I get funding?

You can be approved to start freight factoring in as little as 24 hours; once you are approved, you can submit invoices immediately for funding.

Do I have to factor all of my customers?

You can choose which freight bills to factor and when giving you full control over your factoring costs. There are no minimum or maximum amounts you need to factor in a given month.

How will I receive my money after factoring?

Advances are usually sent electronically via wire or ACH transfer for immediate access to cash. You may also elect to have funds deposited onto your fuel card account.

How do I start freight factoring?

Getting started is simple! Apply online or call us to speak with a freight factoring expert. With a few short questions, we will identify the best freight factoring fit for you.