Trucking Factoring Companies in Ottawa
Canada’s thriving capitol city boasts one of the country’s highest growth rates, yet its service sector economy demands the service of trucking companies throughout Ontario. If you want to take advantage of the opportunity for rapid growth but lack the working capital to get there, Factor Finders’ Ottawa truck factoring programs can provide the support your truck company needs.
Apply for Ottawa Truck Factoring Today
It couldn’t be easier to apply for truck factoring in Ottawa unless our funding partners showed up at your door with a check in hand. Until that happens, all you have to do is fill out a short application and submit the following:
- Articles of Incorporation
- CVOR or other commercial registration
- Freight bills you wish to factor
- Current customer list and aging
Once we receive your documents, you can receive a funding decision in as little as 3 to 5 working days and begin funding immediately on approval – receive your first advance within 24 hours of a positive decision!
Ready to Get Started?
Fill out the form below and one of our factoring experts will help you on your way!
Ottawa Truck Factoring Helps Canadian Trucking Companies Grow
If you have struggled to qualify for a business loan or other line of credit but found that your trucking company fails to measure up, you can turn to Ottawa truck factoring for the critical working capital you need. Unlike traditional lines of credit, truck factoring is based on your customers’ credit rating and is a viable funding option to build or revitalize carriers of all sizes.
The Ottawa Truck Factoring Process
You can submit the freight bills you want, whenever you need to maintain steady cash flow and control your factoring costs. As long as the loads have been delivered and the freight bills are accurate, they are eligible for funding.
1. Send in your qualifying freight bill to your Ottawa truck factoring company.
2. The factor will review your submission and advance up to 95% of the face value within 24 hours of acceptance.
3. While the factor works with your customers to collect, you can continue running loads and submitting new freight bills for funding.
4. Once the freight bills are closed, the factor will send you any remaining amount (recourse option only) minus their factoring fee.
Based on your company size and funding needs, you may qualify for a recourse or non-recourse Ottawa truck factoring program.
Unlimited Funding Potential and Other Perks of Ottawa Truck Factoring
There is no limit to the cash you can access by truck factoring in Ottawa – the more loads you haul the more capital is available to you!
Fast cash is not the only advantage of Canada truck factoring programs, however. When you choose a factoring relationship you are choosing:
Ottawa truck factoring for start-ups
Have you recently begun hauling, or did you restructure an existing fleet? No matter your size or structure, as long as you are incorporated and have hauled your first load you can begin Ottawa truck factoring. Factoring is a fantastic option for truck companies that need to support their early operations but lack the necessary cash.
Credit support
Likewise, if your company is suffering the effects of prior financial issues then a competitive truck factoring program can help you rebound. By using the cash from your advances to pay down prior debt and current expenses, you can reestablish a high credit rating for future financing needs.
Back office back-up
The administrative requirements of any business can seem tedious, particularly for single owner-operators and small fleet owners who spend more time on the road than in an office. Fortunately, Ottawa truck factoring companies are equipped to support your back office as part of your factoring relationship. Your factor will handle invoice management and collections, as well as credit and background checks that are necessary to qualify your shippers for funding.
Pump pressure relief
Finally, as part of most Ontario truck factoring programs you can take advantage of fuel assistance options for when the road to your destination seems particularly long. You can choose from fuel cards, prepaid accounts that offer discounts and rebates at thousands of refueling stations; or fuel advances, a partial deposit that you can request upon load pickup for an additional service fee.
