Freight Factoring Services Helps You Get Paid Faster
Get Same Day Cash for Your Trucking Company
New to the trucking industry, or feel like you don’t have enough cash on hand to grow your business? Freight factoring is a simple solution that can help your trucking company get paid faster for loads you haul. Factoring is a popular source of financing for the transportation industry — and it’s easy to see why. Transportation factoring gives truckers fast cash to pay for fuel, cover payroll, and fund any on-the-road expenses. Rather than waiting months to be paid for loads you’ve already hauled, trucking factoring puts cash in your wallet today.
Freight Factoring Services That Work For You:
- Same day funding on copies or faxes
- Low, flat rates from 1%
- No monthly minimum volume requirements
- No long-term contracts
- Free credit checks
- Fuel advances & fuel cards
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The Process of Factoring Freight Bills
The transportation factoring process is far more simple than traditional financing. The initial paperwork process is easy and generally only takes 3-5 days for approval. After that, you can receive cash for factored freight bills in as little as 24 hours!
How Does it Work?
On a basic level, factoring is the process of selling your outstanding invoices. First, you complete a freight delivery as normal. Next, simply submit a copy of the freight bill to the transportation factor. The factoring company verifies the invoices and advances you up to 98% of the total invoice. Then, the factor will work with your clients to collect payment for the original invoice. Once paid in full, your business will receive the remaining reserve minus a small factoring fee. Be sure to understand all factoring contracts and agreements. (Please note that no reserve programs are available.)
What Documents Are Needed to Apply for Factoring?
In order to be approved by transportation factoring companies, you’ll need to complete an application and provide the following documents: operating authority, proof of insurance, Articles of Incorporation, and a current customer list. Approval is quick and only takes a few short days.
Easy Funding for the Transportation Industry
Don’t let bad credit or past financial troubles hold you back from obtaining the cash flow you need to succeed in the transportation industry. Factoring companies look at the credit worthiness of your customers, therefore, approval is based on the ability of the shippers and brokers you’re hauling for to pay their invoices. Your credit won’t be a problem. Factoring helps both new and established trucking companies by providing steady cash flow to compete against the larger carriers. Learn more about building your credit with transportation factoring.
Funding When You Need It, Without Debt
Transportation factoring is not to be confused with a loan. You won’t incur more debt or pay high-interest rates. Simply put, factoring is a cash advance for outstanding freight bills. Approval criteria for bank financing aren’t easy and are particularly tough for start-ups and small trucking companies. Even if you’re approved, the process is long and you’re saddled with debt that must be repaid.
With freight factoring services, you can choose which clients you’d like to factor and how often. Factor Finders offers both recourse and non-recourse truck factoring programs. If you’re a small fleet or owner-operator just starting up, factoring is a smart way to access working capital for growth.
Transportation factoring is debt-free and the amount of available funds grows with your trucking business. And, you have the freedom to factor as-needed thanks to no minimum volume requirements. Trying to find the best factoring service for your trucking business? We’ve got you covered.
Same Day Cash.. And More
We’ve been helping trucking companies just like yours with customized factoring services for years. Freight bill factoring enables your company to buy more trucks, hire additional drivers, and haul more profitable loads. Thanks to factoring, you can attract new customers by offering longer payment terms. Transportation factoring also benefits freight brokers.
We work with an array of top-notch freight factoring companies all over the U.S. and Canada. We pride ourselves in learning about your company so that we can match you with the best transportation factoring company for your fleet.
The factoring company will handle all your account management, billing, and back-office tasks in order to allow you the time to grow your business and increase your profits.
Fuel Advances & Fuel Cards
Freight factoring companies give you more. Truckers can take advantage of fuel advances and fuel discounts that are available through factoring. Fuel advances provide funding upon load pickup. Fuel cards are accepted at nearly all major truck stops in the U.S. and Canada and provide significant discounts on fuel.