Factoring Companys !!BETTER!!
Strengthen carrier relationships and maximize your income with our factoring for freight brokers program. You get the financing you need to run your business while boosting your revenue potential with a built-in, managed QuickPay program. Protect your credit rating, keep your carriers paid and maintain your reputation.
The more we exchange money electronically, whether it be through purchasing goods or conducting business with associates, the more vulnerable we all are to fraud. It is no different for freight carriers, especially small to medium sized trucking companies and owner-operators. According to FreightWaves, freight fraud costs the industry more than $100 million each year. Carriers are the first line of defense because by the time load paperwork reaches the factoring company, that carrier may already have been the victim of fraud. We put together a list of red flag signs of freight fraud and we highlighted tools and services we have at Apex Capital to help arm carriers before they haul a load.
BasicBlock offers one industry-low freight factoring rate with NO additional charges EVER. We prioritize strong, long-lasting partnerships over short-lived transactions and believe in maintaining consistent transparency with our rates.
BasicBlock works with nearly every trucking freight broker in the industry. This allows you to keep working with your preferred partner and lets us simply speed up your payment process. Experience the trucking factoring tool that will transform your transactions.
Invoice factoring in the freight industry is a great way forindependent owner-operators to ensure a reliable cash flow to keep theirtrucking business up and running no matter what obstacles come their way.Instead of waiting to get paid from the broker, which could take up to 90 daysdepending on their pay cycle, the factoring company buysthe invoices from the carrier, pays the carrier much more quickly, and then collectsthe funds from the broker.
For a higher fee (and peace ofmind), non-recourse factoring might be the better choice. With non-recoursefactoring, the factoring company assumes the risk and takes on the ultimateresponsibility of collecting on the invoice. And you get paid no matter what.
No Fees: If you have $50,000 in open invoices, anadvance rate of 90 percent and no fees, your buy out should be $45,000. The new factoring provider will pay the old factor $45,000 and instruct your customers to pay them going forward.
Early-termination Fees: The old company might charge an early termination fee. If your new factoring company owes the old company $45,000 for your invoices and a $1,000 early-termination fee, the new cost of the buyout is $46,000.
TAFS knows the trucking industry and we are here to help. Offering so much more than just factoring services, TAFS wants to see motor carriers like you grow and thrive in the industry, regardless of years of experience. There is a lot to consider when jumping into this industry from FMCSA regulations and DOT compliance to understanding the best work ethic practices, tracking your hours-of-service correctly, and many other aspects and daily responsibilities of a commercial truck driver. TAFS has a highly skilled team of transportation consultants that is able to get you on the right track after getting your CDL to driving your company to success. Consulting services can prove extremely beneficial, especially to someone new to the industry without many years of experience. Owner-operators up to large corporations can all benefit from trucking consulting experts. Mary are in need of a crash course to understand the various compliance programs and DOT regulations that are constantly changing within the United States. These guidelines are strict even for those basic loads but get even more complicated for specialty jobs such as hauling a truckload of hazardous materials from Kansas to New York. Give TAFS a call today and see how we can help your business grow.
Factoring companies provide a reliable solution to transport businesses to help overcome cash flow issues caused by late paying customers. As a freight factoring broker, you can associate yourself with any of the best companies and be able to support businesses with ready fund flow and maintain operational efficiency.
But you must find the right invoice factoring company to improve your credibility and earnings in brokerage services. The questions below can help you choose the company you want to be associated with.
Industry-specific funding: Some factoring companies specialize in specific industries and know the proper procedures to obtain payment from your unpaid invoices smoothly and optimally.
Types of factoring: The type of factoring defines whether the risk of non-payment lies on the client or a factor. It also influences the preference for selecting a company. In recourse factoring, the borrowing firm is liable to recover payment from the customer after getting paid by the finance institution. In non-recourse factoring, the factor is responsible for recovering payment from the customer without involving the firm.
Customer service: Good customer service is crucial when partnering with an invoice factoring company. You must ensure to serve your customers with efficient support and earn their confidence to maintain a trusted relationship. By looking through customer reviews, you can determine if the company is performing well in fund support.
Choosing the right factoring company to work with is a big decision. Many companies are providing various benefits in the area of factoring. We have listed the seven best companies that allow you to enjoy the benefits of the trucking business.
RTS Financial is a leading invoice factoring company that specializes in trucking and the freight industry. RTS is the ideal choice for most trucking companies, especially fleets with five or more trucks. It serves truck companies with same-day funding of up to 97% of the invoice value. RTS works through a web-based platform and mobile app, RTSPro, ensuring efficient customer service. It allows clients to manage their accounts from anywhere.
The lack of a non-recourse factoring option in the altLINE business model raises the possibility of a chargeback in the event that a consumer defaults on a payment. Non-recourse options, however, could necessitate the factoring provider taking on more risk, leading to higher fees. AltLINE is a great choice to think about if you need a recourse factoring service.
CoreFund Capital is an exceptional factoring company, as evidenced by its loyal customer base who have reported years of seamless business dealings. The company is renowned for its dependable track record in delivering cash to customers promptly on the agreed-upon day, as well as for providing excellent service to its clients.
CoreFund Capital offers a range of services to support your business, including funding through non-recourse factoring schemes, immediate settlements, extensive preparation, and fuel discount cards. Their online banking service allows you to access your account at any time, and they have added Saturday hours for funding. Additionally, CoreFund Capital has no minimums or commitments of any kind, providing you with the flexibility you need.
Apex is one of the leading factoring companies and is renowned for its quality customer service. They have a team of professional executives that are very helpful in helping clients navigate the factoring process and advance the invoices quickly. The service is resourceful for new fleet operators by guiding them with adequate knowledge. It helps them effectively factor in their invoices and grow their businesses.
Apex leverages some advanced tools to help make the process more accessible and convenient. It also offers a mobile app to allow easy access from any location and get updates about the factoring process. The mobile app gives 24/7 access to the factoring activities and allows clients to create and submit invoices, run credit checks, and submit important documents online.
The Aladdin Capital team offers customized factoring solutions to help businesses improve their cash flow by converting their unpaid invoices into immediate cash. Their factoring services are tailored to meet the needs of various industries, including transportation, manufacturing, construction, staffing, and government contractors. They provide non-recourse factoring, which means that they assume the credit risk of the invoices they purchase, so their clients are protected from bad debt
Aladdin Capital provides fast funding and real-time account access with same-day funding available. They offer competitive factoring rates with funding up to 90% of the invoice value and no funding requirements. They offer additional services such as credit checks, collections, accounts receivable management, and supply chain financing.
Learn More THE RIGHT FINANCIAL SOLUTIONS FOR YOUWith our growing suite of financial solutions, eCapital, an alternative finance & factoring company, works with you to find the one that best meets your cash flow challenges, maximizes your flexibility, and allows you to concentrate on achieving your business goals.
For over 25 years, eCapital, an alternative finance & factoring company, has helped more than 30,000 companies grow their businesses. We want to do the same for you. Take a look at the latest reviews from our alternative finance customers on TrustPilot! 041b061a72