Service
Freight Factoring
Freight factoring, also known as trucking factoring, provides a solution for the common issue of delayed invoice payments in the trucking industry. Instead of waiting to get your payment for extended periods of time, often 40 days or more, after delivering a load, a trucking company can sell their invoices to a third-party factoring company at a slightly reduced value in exchange for immediate cash. This practice offers a much-needed infusion of capital, allowing businesses to manage their finances more efficiently.
Services
How does freight factoring work?
Freight factoring is a financial arrangement that enables carriers to convert unpaid invoices into immediate cash. The process involves several steps:
Additional services
Certainly additional factoring services go beyond traditional invoice factoring to offer businesses a more comprehensive and tailored solution for managing their cash flow and working capital. These services are designed to assist businesses in various industries by converting their outstanding invoices into immediate cash, helping them manage operational expenses, growth initiatives, and other financial needs.
Fuel Advances: FactorTek keeps the wheels turning and you making money. Simply send us your BOL and, within minutes, receive a Fuel Advance.
Fuel Cards: About 40% of your operating expenses is fuel. FactorTek offers fuel cards that can help reduce those expenses across the board. Whether it’s a cash price, or a discounted price, we’ve got you covered
Non-recourse / Credit Guarantee: As a FactorTek client you will have access to freight through our own inhouse dispatch team. If you are looking for dedicated lanes or a back haul, we got you covered.
Full back-office support: Our team of experts will handle the collections and payment status calls on your behalf. Our team of professionals know how much your customers mean to you.