THE FREIGHT FACTORING PROCESS
Get Instant Cash with Truck Factoring
Owning a small business can be tough. Cash flow crunches are common, even to the most successful business owners in the trucking industry. Do you have any brokers or shippers who pay on 30, 60 or even 90 day terms? Invoice factoring can help with these types of customers. Having a strong cash flow can mean substantial growth for your small trucking business. Cash is essentail to taking on new clients, hiring new drivers and maintaining your fleet. Transportation factoring will help improve your cash flow overnight. The process is quick, easy and straightforward!
To factor, the driver must haul and deliver the load to the customer. Next, the driver will sumbit a copy of the unpaid freight bill to the truck factoring company for verification. Once approved, the factor will advance the driver the cash within 24 hours. The customer will send payment to the factoring company and once they collect it, the factor will return the remaining amount to the trucker, minus a small fee.
The Transportation Factoring Process
Deliver Your Product
Sumbit Unpaid Invoices
Receive Cash Advance
Transportation Factoring is Flexible
When factoring invoices, there are no rules. We will help you create a factoring plan that is tailored to your trucking company’s wants and needs. Do you have a preference between recourse and non-recourse? Do you want a specific advance rate? No problem! We work with all types of funders who will help you get the funding you need to grow your business. No long-term contracts are required with invoice factoring and there are no minimums or maximums!
Freight Factoring Has Many Benefits
The benefits of invoice factoring are endless. Do you have bad credit? No problem. Invoice factoring relys on the credit worthiness of your customers, not your own. The Factoring Marketplace can help you find a factor who offers fuel advances and fuel cards as well. Looking for more benefits? We can also get you low, flat rates from 1%, a quick approval process, flexibility, month-to-month contracts and free credit checks.
Who Can Factor Freight?
Invoice factoring is available for all types of transportation businesses, some of them including:
- Small to mid-sized fleets
- Freight brokers
- Auto haulers
- Dump truckers
- Oilfiled transporters
- Hot shot trucking
- Heavy equipment hauling
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