How does Freight Factoring work?
Making the decision to work with a factoring company is one of the smartest things you can do for your new small business. Factoring provides immediate cash for your business, allowing you to continue making deliveries without any interruption. Here at IFM, we understand how important it is for you to get your freight delivered on-time. Getting paid for your deliveries is also integral to the success of your trucking business, but this is not always easy to do alone. This is where we come in.
When you make the decision to work with IFM, you will start by discussing your needs with one of our team members.
- Once it has been delivered, you will need to submit the following;
- You will need to provide a signed rate confirmation and a clear and legible BOL
- This paperwork can easily be submitted online using BOL scans on your smart phone or tablet.
- We create the invoice for you!
- 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
- We collect payment from your customer
- The best part of working with IFM is, you don’t have to worry about collecting money from your customers!
- Once you’ve received funding from IFM, our team works diligently to submit and collect on your invoices.
- We handle all invoicing and collections, allowing you to focus on your next delivery and growing your book of business
As you can see, factoring is a relatively straightforward process. With a little bit of paperwork completed on your end, you won’t have to worry about waiting for funds or tracking your customers down to get paid. In the trucking business, having cash flow and time on the road is an absolute must. We understand that challenges can arise, and things don’t always go as planned, which is why we are here to take out the guesswork. Factoring isn’t a loan and there is no debt to repay, it is a refinancing solution that allows owner operators and trucking companies access to cash from invoices the same day as the freight is delivered.
IFM has a team of highly experienced account executives and sales members on staff to manage your account and ensure everything goes smoothly. We offer access to a free online Account Management Portal (AMP) with 24/7 access, competitive rates with same-day and next-day funding, no monthly minimum volume fees, and fast, reliable funding.
To learn more about IFM’s factoring services, please give us a call today. We are committed to client satisfaction and are experts at working with new and established trucking companies, alike, throughout the DFW area.
