FREIGHT BROKER FACTORING
Are You Ready To Expand Your Freight Brokerage?
The Factoring Marketplace specializes in factoring for freight brokers. Freight factoring allows you to receive the funds necessary to grow your business within 24 hours, without creating any debt! Invoice factoring guarantees freight brokers the cash on hand to pay their carriers and cover any additional costs.
When shippers take anywhere from 30-90 days to pay their invoices, it becomes hard to cover upfront expenses and take on new loads. Freight broker factoring is the solution, allowing you to pay your drivers and maintain the necessary cash flow to run a successful transportation business. Contact The Factoring Marketplace today to learn more about factoring for your freight brokerage. Already working with a factoring company? If you’re not satisfyed with your factor, let us know and we’ll work to get you a better rate.
How Does Freight Broker Factoring Work?
Factoring allows your unpaid invoices to be purchased at a discounted rate within 24 hours. The factoring company will collect the payment directly from your customers, while you operate your business as usual. All you have to do is:
Book a load as you normally would and dispatch a truck
Send the unpaid invoice to your factoring company
Once you’re approved, the factor will advance you the cash within 24 hours
The Benefits of Freight Broker Factoring
Rather than stressing over unpaid freight bills, factor your invoices so you have the cash when you need it! Freight brokers can use the extra cash from factoring however they’d like. Whether you need money to hire more drivers, perform maintentance on your fleet, pay off debt or anything else, there are no restrictions! Invoice factoring allows you to conduct business as usual while increasing your cash flow. Some additional benefits include:
- Steady cash flow to cover payroll, take on new clients and grow your freight business
- Bad credit? No problem. Approval is based on the credit of your clients, not your own
- Offer quick pays to carriers
- Low rates
Flexible Factoring for Freight Brokers
Working with The Factoring Marketplace means we’ll help you customize a factoring plan that fits your freight brokerage’s needs. No hidden fees, no long-term contracts and no minimums or maximums required to factor. Some of the flexible programs we can help your trucking business secure include:
Recourse factoring rates are lower than non-recourse, because the freight broker is responsible for any non-paid invoices. Recourse factoring is a great option for large brokerages with enough capital to cover customers who may not pay.
With non-recourse factoring, freight brokers are not liable if shippers fail to pay their invoices. Non-recourse factoring is best for small freight brokers and startups who don’t have a strong cash flow yet.
Fuel Cards for Carriers
Use the cash from factoring to load a portion of your advance directly on to fuel cards that your drivers can use at tons of truck stops nationwide.
Fuel Advances for Carriers
If you’d like to offer fuel advances to your cusomters, they’re availabe to freight brokers.
Free Credit Checks
Eliminate the risk of cusomter non-payments with free credit checks.