get paid quickly
Freight factoring ― also referred to as trucking factoring ― is a form of invoice factoring that allows transport companies, including owner-operators, to turn unpaid invoices into immediate cash. It is common for a trucking company to use freight factoring to cover cash flow gaps while they wait to be paid by their shippers or freight brokers.
our factoring partners
PLEASE MENTION TRULI LOGISTICS FOR EXPEDITIOUS PROCESSING OF YOUR APPLICATION WITH THESE COMPANIES
Different types of factoring:
- Spot factoring: An agreement that includes spot factoring allows you to choose which of your invoices you want to include in the factoring; with spot factoring, you are not required to factor all of your business invoices
- Contract factoring: An agreement involving contract factoring requires that all of your customer invoices be factored with the factoring company
- Recourse: If your factoring agreement is a recourse agreement, you are agreeing to “buy back” any of your customer invoices that are not paid by your customers; this may also include additional fees charged by the factoring company
- Nonrecourse: With a nonrecourse agreement, you are not responsible for the invoices that your customers fail to pay; due to the increased risk to the factoring company in a nonrecourse agreement, the rates charged by the provider are often higher
Qualifying for freight factoring, sometimes referred to as trucking factoring, is a lot easier than trying to qualify for a traditional business loan. Factoring companies are more interested in your customer’s creditworthiness than your credit because the factoring company is going to collect payment from your customers to repay the advance that you received.
CONTACT OUR TEAM, for any questions you have regarding factoring and/or the factoring partners we utilize.
