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 satisfied with your factor, let us know and we’ll work to get you a better rate.
Unlock the Funding Potential with Freight Broker Factoring
As your business expands, so does your funding potential with freight broker factoring. Unlike traditional loans, which offer fixed amounts, freight broker factoring provides a dynamic funding solution that scales with your business growth.
Here’s how it works:
- Flexible Financing: The funds you receive are directly tied to the volume of freight bills you submit, ensuring your financing grows alongside your operations.
- No Fixed Limits: Since the funding isn’t capped at a predetermined amount, you can access more money as your business delivers more freight.
- Adaptive Cash Flow: This flexibility makes freight broker factoring an ideal choice for rapidly growing businesses, allowing you to meet increasing demand without financial constraints.
In essence, the more you grow, the more financial support you receive. This tailored approach ensures that your funding evolves in tandem with your business needs.
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We know how to get your business funded. If you’re not sure which funding product is best, we’ll walk you through the options.
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
Choosing the Right Freight Broker Factoring Company for Your Business
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. When selecting a freight broker factoring company, it’s crucial to consider several key factors to ensure you find a service that aligns perfectly with your business operations and financial needs.
Key Considerations in Factoring Services
- Factoring and Advance Rates: It’s important to evaluate the competitiveness of the factoring rate and advance rate offered. A favorable rate can significantly influence your cash flow and overall financial stability.
- Reputation and Reliability: Always check the reputation of the factoring company. A company known for its integrity and reliability is crucial for a smooth factoring experience. Responsive, personalized customer service can make the factoring process more efficient and less stressful.
- Contract Flexibility: Look for flexible contract terms that match your business scale and requirements. This includes checking the length of the contract and whether it is encumbered with minimum volume requirements. Some companies require brokers to factor a certain amount of invoices each month, which might not be feasible for smaller brokers.
Our Flexible Factoring Programs
- Recourse Factoring: Recourse factoring rates are lower than non-recourse, because the freight broker is responsible for any non-paid invoices. This option is great for large brokerages with enough capital to cover customers who may not pay.
- Non-Recourse Factoring: With non-recourse factoring, freight brokers are not liable if shippers fail to pay their invoices. This option is best suited for small freight brokers and startups who don’t have a strong cash flow yet.
- Additional Services for Efficiency:
- Fuel Cards for Carriers: Use the cash from factoring to load a portion of your advance directly onto 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 customers, they’re available to freight brokers.
- Free Credit Checks: Eliminate the risk of customer non-payments with free credit checks, enhancing your business’s security and stability.
By considering these factors and exploring the varied programs we offer, you can tailor the factoring services to meet the unique needs of your trucking business. Whether you are a large brokerage with robust financial backing or a small startup seeking to stabilize your cash flow, The Factoring Marketplace is here to support you with tailored solutions and dedicated service.
Are You Ready to Take Your Firm to the Next Level?
Our funding referral services are at no cost to you. YES, we mean it!
I’m Ready
