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Freight (Trucking) Factoring

freight trucking factoring

Most trucking companies know the financial difficulties faced by nearly all  throughout the United States with our economy still not what it once was. For trucking companies they make their deliveries but still have to wait 30 to 60 days for the freight bill to be paid, this is not ideal for most companies. Trucking companies, like most other businesses, need to be able to meet payroll obligations, repairs on the companies trucks, and the money to start a new project with out having to wait on a customers payment. With Freight (Trucking) Factoring, getting the money needed is easier than ever. Factoring companies offer a fast, easy and cost-effective way for  trucking companies to get the money they need.

What is Freight (Trucking) Factoring?

Freight (Trucking) Factoring is the sales of the trucking companies accounts receivables to a factoring company for a small fee. Trucking companies are able to receive 70% to 85% on the accounts freight bill. The trucking company agrees to pay the Freight (Trucking) Factoring company a percentage of the freight bill, on average 1% to 4% for the first 30 days and then 1% every 10 days after. When the customer pays the freight bill in full the Freight (Trucking) Factoring company keeps the percentage advanced to the trucking company as well as the decided fee and the remaining money is then returned to the trucking company. This process typically takes 3 to 7 days to complete, the funds are directly deposited into the trucking companies bank account creating fast cash for any of the companies financial needs.

Benefits to Freight (Trucking) Factoring

  • Not a loan
  • Is not determined by the companies credit history, only the accounts receivables
  • Does not affect the companies credit rating, leaving other financing option open if needed
  • Low fees; rates on average 1% to 4% for 30 days then 1% every 10 days
  • Fast cash; process complete within 3 to 7 days, some times sooner!
  • Funds directly deposited into companies account
  • 70% to 85% of the freight bill before customer pays!

Terms and Conditions

The terms and conditions of any Freight (Trucking) Factoring company vary, most are negotiable. On average the rates of using factoring are 1% to 4% for the first 30 days, then only 1% every 10 days there after. This keeps the cost low and the benefits great. Trucking companies can receive 70% to 85% of the freight bill in advance depending on the total amount. Typically when using Freight (Trucking) Factoring companies will require 3 months notice for canceling their services to avoid any unwanted fees.

How to use Freight (Trucking) Factoring
  1. Find a factoring company that offers Freight (Trucking) Factoring
  2. Make sure your business meets the factoring companies requirements
  3. Submit your business and account receivables information
  4. Negotiate the terms and conditions to the contract to ensure you are getting the best rates, read carefully to make sure there are no hidden fees
  5. Sign the contract and submit your businesses banking information for direct deposit.

Until recent times factoring has been looked at as a last resort for business owners. Today with the business financing market with traditional lenders so tight, many business owners are taking advantage of this financing option. With low fees and rates, high percentages of funds in advance, and fast approvals, it is a great option for all types of businesses who have accounts receivables to use factoring.

When You Are Ready, We Are Here

Factoring.net is ready when you are. If you’re running low on working capital or just need some extra funds, Factoring is a great way to leverage your already existing assets – your receivables. Fill out the short application now or give us a call.

  • Factoring is not a Loan, it's a sale of YOUR receivables!
  • Our rates are the lowest in the industry, starting at 1.5 %.
  • We offer a non-recourse factgoring. Sleep soundly at night!
  • We fund approved deals within 48 hours.
First time factoring?Learn about Factoring

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Don't take our word for it

Everyone was very helpful to our company throughout the process. We really needed to get cash for invoices immediately, and Kris along with the rest of his team delivered.

- Kristin Wintum Charles Town, WV testimonial
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