Freight Factoring Process

Want to grow your trucking business but don’t have the funds? Instead of waiting for delayed payments, freight bill factors fund unpaid invoices and collect payment directly from your customers.

Get funding on copies for quick and easy access to cash so your trucking business can compete with larger carriers. Take on more lucrative loads and maximize the output of your fleet with freight bill factoring!

The Freight Factoring Process

The freight bill factoring process consists of just a few easy steps. To get started, contact us and fill out a short application for funding. You can be approved in as little as 3-5 business days so your trucks can stay on the road.

When your account is approved, you can complete the freight factoring process as many times as necessary to maintain sufficient cash flow. You can factor as few or as many freight bills as you need in a single transaction and your transactions are unlimited.

Step 1: Submit freight bills

Once you have completed delivery, submit the freight bills to your transportation factoring company. You can submit the original bills or legible copies via fax or email to save time and money. To qualify for funding freight bills must be:

  • For work already completed
  • Unpaid
  • Accurate
  • Not pledged as collateral to another company

Step 2: Verification & Advance

The factor will review your freight bills and verify them with your customers if necessary. They will then process an advance of up to 95% of the freight bills’ value, which will be deposited into your account within 24 hours. Advances are funded by wire or ACH (fees apply), or they may be directly applied to a fuel card.

If you are in a non-recourse freight factoring program, your freight factoring process ends here! Your advance will be the total amount you are to receive for each freight bill, so you can continue operating without worrying about the factor’s collections process.

Step 3: Business As Usual

This step in the freight factoring process is the simplest for your trucking company – just continue normal operations! The freight bill factoring company will work with your customers to collect on the freight bills you’ve factored. During this time, you may also choose to submit new freight bills and begin the freight factoring process again.

Step 4: Collection

At this point, the freight factoring company has collected from your customers and closed the freight bills. If you factor with recourse, you will receive a rebate of the remaining invoice amount minus the freight factoring fee. You can start the freight factoring process from the beginning if you have new freight bills to factor.

Request a quote:

Fill out an online form and get a free factoring quote

Complete application:

Send the required documents to the freight factoring company

Submit freight bills:

Choose which freight invoices to send to your factor

Get cash!

Receive funding within 24 hours of your approval

Freight bill factoring provides additional benefits that will increase cash flow and save owner-operators valuable time.

Some perks of freight factoring include:

  • Free Customer Credit Checks – freight factoring companies provide a free service for customer credit checks so owner-operators can pick the most reliable customers to haul loads for.
  • Free Quote / No Start-up Fees – apply now and get a free quote to asses if factoring freight bills is right for your business. There are no start-up fees so companies can begin saving money immediately.
  • No Minimums – freight bill factoring keeps trucking businesses flexible. Factor freight bills of any size at any time. There are no minimums so trucking companies of all sizes benefit from factoring freight bills.
  • No Long-Term Contracts – factor whenever is best for YOU. The freight factoring process is quick and flexible so trucking companies do not have to commit to long-term contracts or factor freight bills when it is not beneficial.
  • Free Fuel Cards – cut down fuel costs with free fuel card programs from freight bill factoring companies. Fuel is a major expense for all trucking companies and with prices rising there has never been a better time to get fuel discounts. Start factoring freight bills and get EFS or Comdata fuel cards to start saving at all major truck stops and refueling stations across the US and Canada.
  • Fuel Advances for Trucking – receive funds before AND after delivery. Get up to a 50% advance on freight bills at load pickup to pay for fuel. Don’t get slowed down by poor funds. Start factoring freight bills and increase cash flow today.
  • Free Load Boards – save time and money with free access to online load boards that let drivers pick the best loads to haul and maximize company profits. Start factoring freight bills and increase cash flow with the advantages of online load boards.

Ready to get started?