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Heavy Haul

How Your Trucking Company Can Benefit from Factoring

Factoring occurs when a carrier partners with a third-party financial company to sell an invoice. It’s a way for the carrier to get paid a lot faster than waiting the 30-60 days it can commonly take for an invoice to work through an accounts payable department before they finally receive a check via snail mail.

For more information, check out our blog “What is Factoring?”

how your tucking company can benefit from factoring
What are the benefits of factoring for carriers?

Whether you have one truck or five on the road, factoring may be able to benefit your trucking business.

You have better, faster cash flow. 

Factoring puts cash in a carrier’s hands fast. That means more cash to cover expenses as they come up – regardless of whether they’re business or personal expenses. With Truckstop.com Factoring, you:

  • Haul a load.
  • Submit your paper work to us (instead of your broker).
  • We pay you right away (minus the small factoring fee).
  • We collect payment from your broker – usually within 15-30+ days.
With our Factoring App, scan the paperwork any time, any place to get paid faster.
Your credit score isn’t important. 

Factoring companies are interested in a broker’s and/or their company’s credit score, but a carrier credit score isn’t taken into consideration. That means if your credit took a hit throughout the process of starting your own trucking company, it won’t matter. It also means that because factoring is not a loan, your credit score won’t be further impacted.

Interested in starting your own trucking company? Learn how.
You’ll have more time for what matters. 

Factoring companies are the ones doing the follow-up paperwork. That means you aren’t preoccupied worrying about who has paid you versus who hasn’t; you’ve already moved on to the next load! And since there’s less bookkeeping to do, you’ll have more time to put back into your business or to spend with your family.

How to Maintain a Work-Life Balance as a Truck Driver.
You’ll have more flexibility. 

Factoring is not a loan, so you don’t bring on additional debt when you decide to use it. That means the amount of money you have going out each month can stay the same, but you’re putting money in your pocket faster. That means you can focus more on growing your business or paying off debt faster.

Figure out what it costs to keep your truck rolling.
There aren’t any hidden fees.

All factoring fees are clear from the very beginning. For example, Truckstop.com Factoring charges a low, flat rate. There aren’t any additional fees and no reserve account requirements. We also provide free broker credit checks so you can be sure you’re working with a reputable broker.

With Truckstop.com Mobile, managing payments while on the road is easier than ever.  
It’s a simple process with no long-term contracts.

Similar to how we have no hidden fees, we also don’t have any setup or application fees. In fact, our agreements are simple and straight forward, so you don’t have to spend time trying to figure out the complex details that most contracts include. Furthermore, our agreements are month-to-month, so you have the flexibility to leave when you provide a $100 fee and 30-day notice.

Factor as little or as much as you want.

We understand that our carriers need flexibility, that’s why unlike other factoring companies, Truckstop.com doesn’t have any minimum or maximum volume requirements. Our mobile app also allows you to factor loads on the go, scan paperwork whenever you need to, and get instant broker credit checks.

Download the Factoring App now. (App Store; Google Play)

Is factoring for you?

If you think factoring might be right for you, Truckstop.com can help. We offer non-recourse freight factoring which means that you’re protected in the event the broker fails to pay the submitted invoice. As long as you’re not at fault for the failed payment (the wrong paperwork was submitted, for example), Truckstop.com Factoring will cover the cost.

Talk to an expert at 1-888-777-5543, or email FactoringSupport@truckstop.com.

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