Transportation Invoice Factoring
What is Factoring?
Factoring is selling your invoices to a third party for a discount rate; called a factoring rate. After you finish a load the broker typically has Net 30 terms of payment. Factoring has 24 hour payment services. So, instead of waiting 30 plus days to get paid, you can turn your invoice to cash the same day! If you have a new authority, you can really benefit from extra cash flow with a no contract program.
How Much Does It Cost?
Factoring can vary depending on your company, operation type, growth potential and your customers credit. Although, our partner factoring companies have rates that start at 1% for 1 truck operations that have customers with excellent credit, and be as high as 2.75% for a Non Recourse Factoring Program.
Our Factoring partners offer Fuel Cards with lines of credit and can save up to $0.50 a gallon when using their cards.
As you are growing your business and customer base, it is good to make sure you are working with credible customers. All of our partners offer FREE CREDIT CHECKING SERVICES!
Easy Contract Terms
Be very careful when choosing a factoring company! Many company's require you to sign over your Account Receivables for over a year! Our clients have very flexible and pay as you go terms, so you only factor the customers you want.
Non Recourse Factoring
Non Recourse factoring means, if your customer goes out of business or does not have the ability to pay, our Factoring Partners will cover the invoice, so you do not take a loss.