Truck Factoring Companies in Toronto

Whether you are a single owner-operator or the manager of a large fleet in Toronto, Ontario, a truck factoring company can keep you on the road where you belong. Gas isn’t cheap, we all know this. The last thing you need to worry about is whether you have the capital to provide fuel for your truckers to get from place to place. Invoice factoring companies that specialize in trucking are here to alleviate this stress.

Trucking companies cannot afford to be short on money. Whether it’s for fuel, payroll, or truck parts and service, invoice factoring companies can provide you with the funds to keep your business running without any bumps in the road. No matter where in Canada you’re based, Factor Finders can get your trucking company the cash it needs to keep rolling. Our factors also offer free credit checks on potential customers and account monitoring with 24/7 online access from anywhere.

Whether you’re located in Toronto, Mississauga or elsewhere in Ontario, we’ve got you covered.

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Freight Factoring in Toronto is Different

Truck factoring in Ontario is a simple solution to most cash flow problems. Unlike a traditional business loan, freight factoring converts your existing freight bills into cash you can use to cover your business expenses and invest in growth. Factor Finders will partner you with the best truck factoring company in Toronto to suit your specific business. No need to waste time searching, we will do the work for you. We work with the best invoice factoring companies around Canada and in the United States and don’t take chances when it comes to your money.

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Toronto Truck Factoring is Diverse

Benefits

There are significant additional advantages to working with a Toronto truck factoring company rather than a conventional lender. Consider how the following benefits might help your company above and beyond an infusion of cash.

Fuel Cards

Provide discounts on fuel at thousands of Canadian and US refueling stations. Many stations also offer a rebate for using your card at their facilities. You can control driver spending and access reports from anywhere with an online dashboard. Your Toronto factoring company can load any portion of your advance directly onto the fuel card at your request, and you can begin using the account by filling out a simple form.

Fuel Advances

Special fuel advances can be approved when you pick up a load rather than waiting for delivery. The advance is typically 40-50% of the freight bill amount.

Administrative Support

Keeping up with administrative work can be difficult when you are trying to deliver loads on time and remain compliant with transportation standards. Let your factoring company help with a variety of back-office management options.

Start-up Businesses

Your trucking company can begin a Toronto freight factoring program no matter how big it is or how long you have been in business. Our extensive network of Toronto, Ontario truck factoring companies provides specialized service to single owner-operators and start-ups as well as mid-size and larger fleets.

Credit Building

Not only can you begin truck factoring in Toronto with less than perfect credit, but you can also use freight factoring to improve your credit rating! Pay your suppliers and drivers on time without worrying about a payment gap and set yourself up for future credit needs at the same time. Factor Finders will only run a credit report on your clients, as they are the ones ultimately paying the bills!

Invoice Factoring for Toronto Truckers: The Basics

Invoice factoring is an easy process that oftentimes gets overlooked when small businesses are looking for additional sources of funding. Approval to begin factoring invoices only takes three days and you can factor as much as you need, as often as you need, to maintain the level of working capital that works best for your trucking company. Here’s how the process works with a Toronto truck factoring company:

1 Complete a delivery; send the freight bill to the Toronto truck factoring company

2 The factor will verify the freight bill and advance up to 95 percent of its value within hours

3 Continue running loads and factoring freight bills while the factoring company collects from your customers

4 When the freight bill is paid, the factor will send you any remaining amount minus a small factoring fee

Flat rate and variable rate structures are available depending on your monthly volume and truck factoring needs.