Additional freight factoring services may include: The top truck factors should offer additional truck factoring services for owner-operators and small fleets. Keep in mind that non-recourse trucking factoring will be slightly more expensive. The factoring company should discuss the pros and cons of both programs and let you decide which option works best for your business. You should have the option of choosing between two types of freight factoring: recourse (you are liable for unpaid invoices), or non-recourse (the factor is liable for unpaid invoices). After all, you are paying for the service. The account manager should be available to answer any questions you have. A good truck factoring company for trucking will assign you a personal account manager to help keep everything running smoothly on your behalf. You don’t do business with a company, you do business with people. So, if you don’t want to pay a setup fee, know there are lots of factoring companies that do not require it. Many trucking factors offer no application fees. Even if you have been rejected by traditional lenders, the best freight factors should approve you with no problem as long as your customers are creditworthy. Working with a truck factoring company is supposed to be quick and easy. If you’re currently factoring loads, but not receiving the funds within 24 hours, it’s time to find a new factoring company that can make the process faster for you. The best truck factoring companies will get the cash in your hand in as little as 24 hours. What Truckers Should Look for in a Freight Factoring Company Fast Cash Freight factoring rates, services, and programs vary, but we’ve highlighted a few things to consider when choosing the best factoring company for your trucking company.Īre you currently working with a factoring company and do not like their services? Let us help you switch freight factors. There are over 50 invoice factoring companies in the US that provide services for truckers, so it’s important to find the factor that best fits your needs in the transportation industry. There is a good possibility that you could be approved and receive funding within 24 hours with little or no credit history. There is also no need to be worried about the current state of your credit. If your company is continuing to grow at a rate that you can’t keep up with, truck factoring could be extremely beneficial. Many companies choose freight factoring because it provides the reliable cash flow necessary to haul more loads and grow your business. This ensures you’ll be paid the same day, instead of waiting weeks or months for your customers to pay. What is Trucking Factoring? How Can it Help You?įactoring provides immediate funding for your unpaid freight bills. The money is yours - you’re just getting it faster in order to pay expenses and grow your business. Trucking factoring companies buy your freight invoices at a discount, giving you instant cash from your invoices. In other words, you need a factor who can get you the green so you can stay on the blacktop.Ĭarriers use factoring as a way to get paid sooner for loads delivered. You want to do business with a truck factor who knows that wheels aren’t the only thing that keeps trucks moving. Simply put, the best truck factoring companies know the ins and outs of the trucking industry. How to Choose the Best Truck Factoring Company
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