This is happening very often to small companies that are starting the trucking business. To avoid missing a good opportunities, you need to have your money on time.
How Freight Factoring Works?
It’s a simple process of speeding up a cash flow, that includes third party – a freight factoring company, usually called a factor.
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After you delivered the freight load, you send the bill to the customer. Then you submit the freight bill copy to the factoring company. Finally the factor send you advance.
Factoring company do it for a fee. The initial advance is a slightly (from 5 to10 %) smaller amount from the one your customer would pay. Initial advances variates between different factoring companies, but they range from 90 to 95%:
List of Freight Factoring Companies
More than 700 freight factoring companies are out there. So, how can you decide? It won’t hurt to get some recommendations:
Business News Daily recommend these companies to consider:
- 1st PMF Bancorp (invoicefactoringus.com)
- American Receivable. (americanreceivable.com)
- BlueVine (bluevine.com)
- Capital Plus (capitalplus.com)
- Charter Capital (chartercapitalusa.com)
- CIT Commercial Services (cit.com)
- Crestmark (crestmark.com)
- Factor Funding Co. (factorfunding.com)
- Interstate Capital (interstatecapital.com)
- New Century Financial (newcenturyfinancial.com)
- Paragon Financial Group (paragonfinancial.net)
- Riviera Finance (rivierafinance.com)
- RMP Capital Corp. (rmpcapital.com)
- RTS Financial.(rtsfinancial.com)
- Universal Funding Corp.(universalfunding.com)
- USA Factoring (usafactoring.com)
One big list of financing companies is provided by CBAC.
