For Truckers, by Truckers.
FACTORING FOR TRUCKERS
Basically, we buy invoices for freight that you’ve already delivered.
WHAT IS FREIGHT FACTORING?
- Fund only the invoices you want
- No reserves, no minimums
- Use as long as you'd like
- Receivables distributed same day
- Easily upload BOL scans
- Fuel discount program
We Buy Your Invoices So You Can Get Paid Now
You start by delivering your load as you normally would
Truckers often face long wait times before they get paid for their deliveries. This can cause financial strain and impact their ability to continue their operations. To address this issue, many truckers turn to factoring companies. Factoring is a financial service that allows truckers to receive payment for their delivered loads sooner by selling their outstanding invoices to a factoring company at a discounted rate. The factoring company then takes on the responsibility of collecting payment from the customer. By using a factoring company, truckers can receive a payment within a few days, allowing them to cover their expenses and keep their business running smoothly. Additionally, factoring companies can provide valuable services such as credit checks on potential customers, freeing up time for truckers to focus on delivering their loads.
Once it has been delivered, you will need to submit the following:
- Invoices: You will need to submit invoices for the loads delivered, including the amount owed, due date, and customer information. Alternatively, if you do not have an invoice, we will make your life easier by creating an invoice on your behalf as part of our service.
- Proof of Delivery: A document that proves that the load was delivered to the customer, such as a signed bill of lading or delivery receipt, may also be required.
- Carrier Authority: In very rare instances our company may ask for proof of the your carrier authority, such as your operating authority, insurance, and registration.
- Credit Information: In certain instances, we may also require credit information on the customer to assess the risk of non-payment.
- Bank Information: You will need to provide your bank information for us to deposit the funds.
You receive a cash advance for the invoice submitted
- As soon as we verify the invoice, you will receive your funds same day.
- We can deliver funds to you via direct deposit to your fuel card account, ach, wire, or check without any additional fees.
Why IFM?
- Faster Payment: Factoring companies offer faster payment options, allowing truckers to receive payment for their delivered loads within a few days.
- Improved Cash Flow: Factoring allows truckers to improve their cash flow by receiving payment sooner, enabling them to pay for their expenses and fuel costs.
- No Debt: Factoring is not a loan, and therefore, truckers are not taking on any debt. They are simply selling their outstanding invoices at a discounted rate, which starts for EVERYONE at 1%.
- Reduced Risk: Factoring companies assume the risk of collecting payment from customers, eliminating the risk of non-payment or late payments for truckers.
- Time-Saving: Factoring companies can provide valuable services such as credit checks on potential customers, freeing up time for truckers to focus on delivering their loads and growing their business.
You start by delivering your load as you normally would
Truckers often face long wait times before they get paid for their deliveries. This can cause financial strain and impact their ability to continue their operations. To address this issue, many truckers turn to factoring companies. Factoring is a financial service that allows truckers to receive payment for their delivered loads sooner by selling their outstanding invoices to a factoring company at a discounted rate. The factoring company then takes on the responsibility of collecting payment from the customer. By using a factoring company, truckers can receive a payment within a few days, allowing them to cover their expenses and keep their business running smoothly. Additionally, factoring companies can provide valuable services such as credit checks on potential customers, freeing up time for truckers to focus on delivering their loads.
Once it has been delivered, you will need to submit the following:
- Invoices: You will need to submit invoices for the loads delivered, including the amount owed, due date, and customer information. Alternatively, if you do not have an invoice, we will make your life easier by creating an invoice on your behalf as part of our service.
- Proof of Delivery: A document that proves that the load was delivered to the customer, such as a signed bill of lading or delivery receipt, may also be required.
- Carrier Authority: In very rare instances our company may ask for proof of the your carrier authority, such as your operating authority, insurance, and registration.
- Credit Information: In certain instances, we may also require credit information on the customer to assess the risk of non-payment.
- Bank Information: You will need to provide your bank information for us to deposit the funds.
You receive a cash advance for the invoice submitted
- As soon as we verify the invoice, you will receive your funds same day.
- We can deliver funds to you via direct deposit to your fuel card account, ach, wire, or check without any additional fees.
- Faster Payment: Factoring companies offer faster payment options, allowing truckers to receive payment for their delivered loads within a few days.
- Improved Cash Flow: Factoring allows truckers to improve their cash flow by receiving payment sooner, enabling them to pay for their expenses and fuel costs.
- No Debt: Factoring is not a loan, and therefore, truckers are not taking on any debt. They are simply selling their outstanding invoices at a discounted rate, which starts for EVERYONE at 1%.
- Reduced Risk: Factoring companies assume the risk of collecting payment from customers, eliminating the risk of non-payment or late payments for truckers.
- Time-Saving: Factoring companies can provide valuable services such as credit checks on potential customers, freeing up time for truckers to focus on delivering their loads and growing their business.
