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Process and Benefits
Factoring is a type of financial transaction in which a business sells its accounts receivable (i.e. invoices) to a third-party company (called a “Factor”) at a discount.
Factoring provides businesses with immediate cash on their invoices, and it allows businesses the freedom and flexibility to effectively manage their operations and cash flow operations without having to wait weeks or months for customer payment on open invoices.
What is Factoring?
Invoice factoring describes the purchase of outstanding invoices (accounts receivable) by a third-party company (the “Factor”) from a business (the “Client”) for a small service fee (called a “Factor Fee” or “Discount Fee”).
The Factoring Process
Factor collects payment from your client while you focus on running your business.
Factor takes ownership of the invoice and seeks payment from the your client.
Factor purchases your invoices in exchange for a small service fee, providing you with instant capital.
Why delay paying bills, making repairs, hiring drivers, and expanding your fleet to grow your business when you can quickly access capital now by converting your main business asset - your accounts receivable - into cash, all without having to get a loan?
Fleet owners and owner-operators can immediately allocate funds towards expenses including utilities, maintenance, payroll, fuel, taxes, compliance fees, and additional trucks for greater business growth and profit.
You also benefit from an experienced staff that understands your industry, and can focus on resolving open invoices so you don’t have to. Freight factoring offers additional advantages including discounts on fuel, free customer credit checks, and convenient 24/7 online account access.
Factoring offers you the ability to make operations decisions today instead of waiting months for payment on accounts receivable.
How Factoring Benefits Your Business
Three Reasons to Factor
Factoring allows you to begin growing your business immediately.
Grow Your Business Faster
Factoring removes the need for costly bank loans and high-interest credit card payments.
No Bank Loan Needed
Stop waiting to get paid-- factoring provides you with same day funding.
Get Same Day Funding
