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Is factoring different than quick pay?
Essentially, they’re the same. Both offer the benefit of getting paid faster. The benefit of factoring over quick pay is that you will be able to factor every load at a flat rate, no matter the amount (as long as the Broker is approved). With quick pay, you have more flexibility of which loads you would like to factor but will typically pay a different rate depending on the Broker. Plus, not all Brokers have a quick pay program available. To get consistent cash flow, factoring is the better choice because you know exactly when you’ll get paid and at what rate.
What costs are associated with factoring?
Truckstop.com Factoring charges a low, flat rate with zero added fees or reserve account requirements. We also offer free Broker credit checks and a mobile app to help you manage your payments on the go.
Is there a minimum volume required?
No, there is no minimum amount you need to factor.
What is non-recourse factoring?
Non-recourse factoring is a type of factoring that protects you if the Broker billed fails to pay the submitted invoice. As long as you are not at fault for the failed payment (e.g. submitted incorrect paperwork), Truckstop.com Factoring will cover the loss.
Can I factor with every Broker I work with?
Yes, you can factor with every Broker you work with as long as they are approved. Here are four ways to check:
- Log in through the Truckstop.com Factoring website and click on the “Factorable” link. Enter the Broker or Shipper’s MC or name, click enter, and then select from the list provided. This page will show whether they are approved.
- Download our free mobile app for Apple or Android. Once you have logged in, click on the credit check link and enter the Broker’s or Shipper’s information.
- Email FactoringSupport@truckstop.com with the Broker or Shippers’ name and MC number. Our team will respond within one business day.
- Talk to one of our factoring experts at 1-888-777-5543. Business hours are Monday through Friday, 6am-5pm MT, except banking holidays.