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Factoring Frequently Asked QuestionsWe know that it takes money to make money which is why Freight Bill Factoring is now being used by many small trucking and transportation companies. The reason for using freight bill factoring is that it provides the money to pay drivers in addition to buying fuel and paying for repairs. Plain and simple, freight bill factoring services provides instant and constant cash flow. It also allows you the trucker to take on new loads and eliminates the guesswork about when you will be paid. Using ABC’s highly credible freight bill factoring services means you get rates and fees that fit your needs. Why struggle when you can grow your trucking business, by increasing your finances quickly through freight bill factoring services. In answer to your questions about freight bill factoring, the following will provide all the answers you need.
Freight bill factoring is the purchase of accounts receivable for immediate cash. Freight factoring gives businesses the power to ensure growth without incurring debt Freight factoring provides quick and on-going cash flow and eliminates the waiting game when it comes to getting paid. Rather than dealing with debt type financing, freight factoring can be arranged quickly and is easy to obtain. Read More... WHAT ARE THE BENEFITS OF FACTORING? Virtually all of the costs associated with operating a trucking fleet requires cash outlays before being paid on your services. In fact, adding a single power unit to your fleet can typically consume $15-25,000 in cash outlays. Factoring provides the capacity to grow when other forms of financing may not be available. Additionally, a factor broker that specializes in your industry can provide credit and collection services at a fraction of the costs available to an individual carrier. Factoring services allow your business to be more competitive while improving your cash flow as well as your credit rating. Not only does freight factoring improve cash flow, but factoring also means suppliers are paid faster. If you want to learn more about transportation factoring, freight bill factoring, trucking factoring, accounts receivable factoring or freight broker factoring, please fill out the attached form and one of our factoring service representatives will be in touch shortly. ISN'T FACTORING ONLY FOR "TROUBLED" CARRIERS? No. Trucking companies require cash and lots of it. Consequently, banks and other traditional lenders will not provide the capacity to fund your business minus the headaches. Factoring is an essential part of the American economy, and so we at ABC deal exclusively with freight, trucking and transportation factoring. WHAT SIZE FLEETS DO WE SERVE? When serving our truckers with factoring services, any size fleet is accepted. However, we specialize in fleets from 1 to 100 HOW LONG DOES IT TAKE TO PROCESS MY APPLICATION? Typically, to process your application for factoring services it’s handled within 24 hours - but we'll respond to you immediately. HOW LONG MUST I BE IN BUSINESS? No specific requirements. We're looking for carriers operating under their own authority. We look at the experience of our customers, not the longevity of their business. So, to apply for factoring services, it doesn’t matter how long you’ve been in business. Start-ups are not a problem. WHAT IF I'VE FILED BANKRUPTCY? No problem. If the bankruptcy has been discharged and you've been securing other forms of credit, you can apply for factoring services with Advance Business Capital. DO I HAVE TO FACTOR ALL MY INVOICES? No. However, we generally require you to factor all invoices for any given shipper. This eliminates unnecessary confusion with your customers. HOW WILL I KNOW THE STATUS OF MY FACTORED INVOICES? When working with ABC, our online account management system provides a full array of client reporting and real-time information. We can also accommodate any special reporting requirements, by fax and email. Our goal is to keep you totally informed on the status of your customers and accounts, so the factoring process is always clear and straightforward HOW DO MY CUSTOMERS KNOW WHERE TO SEND PAYMENTS? Each invoice will be stamped with payment instructions. We'll even provide you with the stamp. HOW AND WHEN DO I RECEIVE THE CASH? You have the choice as to how - wire transfer, ACH, check or Comcheck. We'll remit funds as soon as the factoring process has been achieved and we’ll verify the purchased invoices. HOW DO I GET STARTED? APPLY NOW! it is easy with our all new online application.
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