Factoring for Trucks
Invoice factoring is the financing and cash flow tool that many companies use to provide cash when they need it, using their accounts receivable (unpaid invoices) to do so.
What is Freight Factoring and Invoice Factoring?
The concept of factoring is said to date back thousands of years and is alive and well in modern business. Since you bill your customer and then have to wait 30 days or more for payment, it can put a drag on your cash flow, especially in the trucking industry.
Using loans for your business
You can convert these open invoices to cash in your account in a matter of hours instead of weeks! When you consider us, you are selling your invoice to freight factoring specialists at a small discount in exchange for the ability to receive cash that same day.
How does it work?
Once you are set up in the Freight Factoring Specialists system, you will forward your approved customer service knowledge to us. In turn, we will buy that invoice from you by sending you the agreed amount based on the total invoice. We will then invoice your customer and collect payment of the invoice. No further action is required on your part.
Send us your BOL and we will send you cash, factoring for trucking companies is as simple as that!
How does factoring help my trucking business?
Factoring your invoice is a great tool, especially in the Transportation field. When you transport loads, your work is done, right? Unfortunately not! Next, you need to prepare an invoice and wait until the customer pays you. You then need to enter that invoice, deposit the check, and wait for it to clear. As you may know this process could take a long time and weeks to finish and get your money in your account where you need it.
Why would you use a Factoring Company?
By using a truck factoring company as your business loan, you are providing your business with the near-instant cash flow it needs to be successful. We do a lot of heavy-duty back office work for you while giving you the money you need to grow. 3 Sounds complicated, is it difficult to set up? Not at all! We will need basic information from you to set up your account with 18 Wheel Funds. Once approved and set up, you can start sending BOLs right away and receive your factoring funds
Is there a contract or commitment?
No. Unlike many of our truck factoring competitors, we do not require a contract. We spend a lot of time and money setting up a new account for you to stay with us for the long term. Each account is like a member of the family to us and we want you to be 100% satisfied. In the event that he is not, we are not here to hold him hostage. While it would be a tremendous failure on our part, if you are not satisfied with our services, you are free to go at any time.
We sincerely hope this never happens and if you are unhappy with something please contact us. We will all lean back for you. After all – Our clients are our best advertisement.
Why should I use Freight Factoring Specialists for my factoring needs?
As you can tell by our name, we do one thing, and one thing only. We factor the transportation invoices. We know truckers and trucking companies, that’s it! Our family office is here to serve you. We are easily contacted both during regular business hours and afterwards.
Do you need a fuel advance for your load, on a Sunday?
No problem calling us, we are here ready and happy to serve our loyal customers. Once I start, do I have to factor all my invoices or can I choose? No, you don’t know. However, all invoices from a particular provider must be considered with us. In other words, if you factor an invoice for the “ABC trucking” customer, all ABC invoices must be taken into account. If you invoice other companies while you are always welcome, you are not required to factor them.
Do you offer Discounts on Invoices?
No. Invoice discount is not generally available in the trucking industry, we only offer factoring. Do you offer recourse and non-recourse factoring and can you explain the difference? Yes, we offer recourse and non-recourse invoice factoring. The two types differ in one main component and that is, responsibility.
In non-recourse factoring, you the customer have no responsibility to reimburse us for unpaid invoices, we are taking credit and collection risk. In recourse factoring, you the customer would be responsible for reimbursing us for uncollectible invoices.
Recourse factoring is usually a cheaper factoring method. How easy is it to get in touch with 18 Wheel Funding? Our commitment to our clients knows no limits! We know your schedules can be pretty crazy. We are available almost 24/7 by phone, fax, email, and web chat to assist you.
At Freight Factoring Specialists we pride ourselves on long-term customer relationships. Our goal is to be your single point of contact to maintain and grow your business. At Loan for your business we use the latest technology to help you obtain the most up-to-date service possible. You need something? Ask around and we’ll make it work. Our customers are our blood and our great reference base is the proof that it works.
Requirements:
Last three account statements
Complete credit application
Driver's license
Void check from business account
Invoice work orders
Invoices receivable
Company insurance
Articles of Incorporation
Company EIN
Work contract related to invoices