Freight bill factoring plans finance your invoices from high-quality shippers and brokers. They provide funds quickly and improve your cash flow.
You can use the funds to pay for essential business expenses such as drivers, fuel, and repairs. More importantly, you can use your improved cash flow to take on more loads and grow your business.
Note: Carriers and brokers that invoice at least $300,000/month should also consider sales ledger financing. It is a customized receivables financing program designed for larger carriers.
How does freight bill factoring work?
Freight factoring plans are simple to use and quick to set up. And once a plan is set up, you can get predictable cash flow by financing your invoices regularly. Freight bill factoring works as follows:
- Deliver the freight load to your customer
- Send the freight bill to the customer
- Submit the information to the factoring company
- Get the funds advanced (direct deposit, fuel card, or wire)
- Transaction settles once the shipper pays the invoice
Up to 95% advances
We know that cash flow is essential to your trucking company. This is why we give you the highest possible advance. Advances range from 90% to 95%, based on your situation. Select clients may qualify for even higher advances.
Rates as low as 1.15%
High advances aren’t everything. To succeed in the trucking industry, you must also watch your costs. Our plans have low costs that are easy to understand.
Our monthly rates are as low as 1.15% and can be prorated. Rates are determined by your financing volume. To get an instant quote, fill out this form.
We understand that you don’t want to be tied to a freight factoring company for longer than necessary. Our team can structure short-term contracts to meet your needs. We want you to be with us only for as long as we are helping you grow.
Take us for a test drive
We want the chance to earn your trust – and your business. To get an instant quote, fill out this form. You will receive an approximate quote in seconds.
Optional fuel advances for small carriers
We can also provide fuel advance factoring to small and growing trucking companies. This program provides you with an advance that allows you to buy fuel for your trucks and deliver more loads.
Works with fuel cards
Our program works with fuel cards. This flexibility gives you and your drivers an easy way to pay for fuel and maintenance expenses. It also gives you an easy way to control how money is spent.
Benefits of freight bill factoring
- Predictable cash flow
- Funds to pay for drivers, fuel, and repairs
- Quick approvals
- Credit checks
- Fuel cards
Learn more about the benefits of our program by reading “Advantages of Freight Bill Factoring”
Select the right factoring company
You must select a factoring company carefully. Make sure that they are the right fit for you and your business. Once you start interviewing companies, consider asking the following questions:
- How long have they been in business?
- How are they funded?
- How quickly can they set up an account?
- How quickly can they fund your first freight bill?
- How quickly do they approve new shippers/brokers?
- Can they finance copies or do they need originals?
- Do they provide fuel advances?
- How long are their contract terms?
- Do they specialize in transportation and logistics?
For more information and strategies about how to choose a factor, read “How to Select the Best Factoring Company”
Negotiate the best terms
Profit margins in the trucking industry are very tight. It is important to partner with a factoring company that offers a competitive financing package. Remember that the rate is only one component of cost. The total cost of factoring is based on:
- The factoring rate
- The factoring advance
- Extra fees
- Shipper and broker credit
Consider these four items when negotiating your factoring contract, as they all affect the total cost.
Need a factoring quote?
We can provide high advances at low rates to truckers and freight brokers. For an online quote, fill out this form. You can also call us toll-free at (877) 300 3258.
What we offer:
- Low rates: As low as 1.15% per 30 days for qualifying clients. And, yes, our rates can be prorated
- High advances: As high as 95%
- Fuel cards: Get better fuel pricing and cost control
- Short terms: Usually 90 days with automatic renewal
- Simple termination process: Drop us if you no longer need us
- Quick setup time: We do our best to get your account set up quickly
- Quick funding: We do our best to fund you the same day we get your invoices
Want to learn more?
Are you looking for a freight bill factoring company? We believe in giving you as much information as you need to make an informed decision. We have a resource center where you can learn everything about financing freight bills. Useful articles include:
- What is Freight Bill Factoring?
- Owner-Operator Financing Options
- How Does Fuel Advance Factoring Work?
Useful information to grow your trucking company
- How to Get High-Paying Freight Loads
- How to Find Truck loads
- How to Make a Successful Trucking Company
- How to Grow Your Fleet
- How to Grow Your Trucking Business
- How to Calculate Your Cost Per Mile
- How to Set Your Company Rate Per Mile
- How to Lower Your Diesel Costs
- Trucking Insurance Basics (owner-operators and small fleets)