How to factor loads from load boards
Freight Factoring is a process whereby the trucker can be paid immediately after delivering the cargo he just transported. Independent truckers or smaller businesses hire a factoring company to handle invoice collections. The factoring company pays a portion or the full amount of the freight bills minus their fees up front. Sometimes the factoring company keeps the rest in an escrow account, which cannot be touched until the company obtains the accounts receivable.
This gives the trucker the cash needed for expenses he has incurred or will incur on the way home or to transport other cargo. The factoring company is then responsible for collecting the invoice. You may incur the hiring of legal help to collect this debt or the client may not pay for months. By having a factoring company to handle all of this, the independent trucker is free to get back on the road with more tasks.
Factor Loads factoring company is not a bank. They know it’s important to keep truckers on the road. It is important to have a factoring company that understands how your business works, otherwise they would not be able to handle your business finances properly. Factor Loads is a master in the field because it is set up by industry experts.
They decided to meet the need of other truckers and owner operators like themselves. The account management program offered by Factor Cargas can be found on their website and can be viewed at any time to maintain account registration at any time you require. The company offers non-recourse factoring programs that are primarily focused on owner-operators and small trucking businesses. With non-recourse factoring, you will be paid the same day the freight is factored through Factor Loads.
You should not fear loss if the customer pays or does not pay, as bad debts will not revert to you. The benefits of working with Factor Loads over traditional freight factoring companies is that Factorload provides a customized factoring service that is customer-by-customer, and load-by-load basis. This will allow you to transact with your trusted clients yourself and with others you may factor. You can access the database of your customers who are pre-approved. The factoring company will make the process very convenient for you with no freight bill requirements, no hidden fees, and no minimum monthly bills to be factored. It is ideal for owner-operators and small carriers who cannot produce the same volumes every month. Larger companies can use the services in times of deficit.
The company offers new incentives such as fuel and maintenance discounts for its carriers. Factor Loads’ spot factoring feature will help you focus on the key areas of your business. This will give you the freedom of which invoice will be factored at what time to keep cash flow efficient for your business. When you factor with Factor Loads, you also get a free load account to ensure owner operator workflows.