Factoring is a financing tool that provides your company with capital. Factoring is not a business loan. Factoring is selling your freight invoices at a discount for immediate cash. We wait to get paid, while you get immediate funds.
When an invoice is purchased by us on a non-recourse basis we take the credit risk. If the customer does not pay an invoice because of a credit problem, Trucking Partners will take the loss. When an invoice is purchased under a recourse arrangement the carrier is responsible for repayment of an invoice if a customer does not pay the invoice.
Trucking Partners does not have a requirement regarding the length of time you have been in business. We work with brand new companies every day.
Trucking Partners does not charge any fee for signing up to use our services.
We expect payment from your customers. We do not have credit standards that you must meet.
We can usually have you signed up within in 24 hours.
No, you can choose which companies to factor and which companies not to factor.
We need a copy of the rate confirmation, a signed bill of lading, and all other load documents such as scale tickets, lumper receipts, etc. We will prepare the invoice, bill the customer, and send your money.
Unless there is a problem with the load, it will be verified and paid the day Trucking Partners receives the paperwork.
We can pay you via check, wire transfer, ACH (direct deposit), or Comchek funding.
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