Learn How Factoring Can Help Your Business
Factoring frees up your cash flow, and in trucking, cash is king. You need a steady source of working capital to purchase fuel and equipment, pay for those surprise repair bills, pay for insurance, payroll for your employees. That can be stressful when your business is waiting to be paid up to 30 days.
Factoring gives you the cash you need today and enables you to take advantage of business opportunities now without waiting for a bank loan decision. Having a factoring partner like us can make the difference between being able to accept that next job or not, or being able to pay for permits, tags, licenses etc.
Is Factoring Right for My Business?
Is it taking you 30 days or longer to collect on your invoices?
Would you like to get paid sooner than 30 days?
What are you waiting for?
Get paid today instead of waiting to be paid for your hard work.
FAQs About Factoring
Is factoring a loan?
No. We will arrange to advance you an amount based on your pre-determined advance rate and your customer then pays the Factoring Company directly rather than sending it to your business account.
What is Factoring?
Factoring, also known as accounts receivable financing, is a type of financing in which a business will sell an invoice or a set of invoices at a discount to a third party known as factor.
What if I have poor personal credit?
That's okay! The primary source of repayment is dependent on your debtor's credit score rather than your personal credit score.
How quickly will I receive my funds?
Typically within one business day, but oftentimes we can fund same-day after your first invoice submission.
Do I have to factor all of my invoices?
No. You get to choose which invoices you want to factor and when you want to factor them.
How much does this cost me?
Factoring rates can vary but typically you are advanced 95% or more of your invoiced amount ahead of time. That means that you only lose a couple of percent of your revenue but you get paid immediately instead of waiting.