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Six Steps of Factoring
Process and Benefits
The transportation factoring process is complete once your factor receives invoice payment from your customer. In the transportation industry, the typical turnaround time for invoice payment is 30-45-60 days.
6. Your customer pays us.
After you receive your funds, your factor will forward your invoices to your customer. Match Factors submits or mails all invoices to your customer the day we fund you. As soon as your invoices are submitted to your customer, we will begin the collections process.
5. We submit invoices to your client.
Once the factor receives your invoices, they will provide you an advance. Match Factors funds clients in the same day or within 24-hours upon receipt of your invoices, depending on your funding preference (check, wire, ACH, Comchek, fuel card, etc.).
4. We provide you with an invoice advance.
The second step is for you to haul freight for your customer. We strongly encourage you to verify your customer's credit before you move any freight. Established factors like Match Factors often offer free credit check services to clients to minimize your risk and exposure.
2. You move the freight.
The first step in the transportation factoring process is for your customer to coordinate with you hauling their freight. In the transportation industry, your customers will consist of brokers, freight forwarders, or shippers.
1. Your customer places a load order.
You will bill your customer in the usual way, however you send your freight bills to your factor instead of your customer. Match Factors offers a variety of invoice submission options, including walk-in delivery, FedEx overnight, fax, email, and Transflo.
3. You submit invoices to us.
The Six Steps of Freight Factoring