Factoring Your Freight Invoices
Same Day Funding and Easy Approval
Freight factoring services turn your invoices into cash. Working with freight factoring companies help owner-operators and trucking companies immediately receive payment for loads that have been delivered. Selling your invoices to a factor gives you access to cash within 24 hours of delivery, rather than waiting on slow-paying brokers and shippers.
How Does Freight Invoice Factoring Work?
1. Deliver your load as usual.
2. Submit a copy of the freight bill to the freight factoring company. Along with a copy of the invoice, you may need to include a bill of lading or proof of delivery and a rate sheet. This paperwork can be submitted easily via scans, email, or fax. The factor will verify that the work was completed.
3. You receive an instant cash advance. Once the factor verifies the freight invoice, you’ll receive up to 98% of the amount right away. As long as the invoice is submitted by a set time (typically early to late afternoon), you’ll receive cash on the same day. Funds can be delivered to you via ACH, wire, check, or loaded directly on to your fuel card account.
4. The freight factoring company collects invoice payment from your customer. That’s right. Once you’ve received payment, it’s up to the factor to wait for customers to pay. The factor handles the invoicing and collections, enabling you to focus on your business.
Factoring isn’t a loan, so there is no debt to repay. It’s a popular financing solution for truckers that involves selling your invoices for same day cash. We’re ready to help your trucking company secure a steady source of working capital. Contact us to learn more about our services and get a competitive rate quote. When we say competitive rates, we mean it! Rates start at 1% with no long-term contract required.
Request a Factoring Quote
Low rates from 1% and no long term contract. Start here!
Freight Invoice Factoring Benefits
Freight factoring provides fast cash to carriers. Small and medium-sized freight companies can easily secure financing needed for fuel, repairs, operations, and payroll. Receive a virtually unlimited credit line without performing credit checks or analyzing financial statements. Benefits of invoice factoring for the trucking industry include:
- Free online load boards and credit checks
- Fuel discount cards
- Fuel advances – Receive up to 50% cash advance upon load pickup
- No long term contracts are required
- No sign-up fees
- No minimum volume requirements
- Recourse and non-recourse freight factoring programs
Factoring a freight invoice is a flexible lending solution because your business size and credit history (or lack thereof) won’t impact your ability to factor. Transportation invoice factoring decisions are based on your client’s credit and ability to pay their bills, since they are the ones responsible for bill payment. This funding option is a great solution for owner-operators and startup trucking companies that lack the financial background to qualify for bank loans. Nonetheless, it’s also used by larger, long-established businesses to maintain a positive cash flow.
Ready to Start Factoring Loads?
You can start transportation factoring today. Here’s what you’ll need:
1. Request an online quote or call 855.393.2286
2. Complete the application and submit the following paperwork:
- Operating authority
- Proof of insurance
3. Get approved within 24-48 hours.
4. Start submitting invoices
Count on us for Freight Invoice Factoring
Growing a transportation business isn’t easy, especially when you have to compete against the larger trucking firms for loads. We work with a nationwide network of truck factoring companies and use our expertise to find you the perfect freight factoring program for your business. If you’re looking for low fees and high advances, you’ve come to the right place.
Additional Information for Trucking Companies