FAQ
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Freight Factoring is the process of selling your freight load invoices for cash up front. A more detailed explanation can be found on our Freight Factoring page. Why Would a Trucker Sell Its Freight Bills? Most freight bills do not get paid for 30-45 days. By selling your freight bills you can get cash in as little as 24 hours. This allows you to stay on the road more, since you do not have to wait to get paid to take on new loads. How Can I get Started Factoring? You can get a no obligation quote, fill out an application, or talk to one of our knowledgable Account Executives at 866-950-MONY (6669). How Soon Can I Get My Cash? You can get your cash in as little as 24 hours with established clients and with our T-Chek Fuel Card, funds can be available by the end of day. How Do I Get Paid? We have many options to choose from. Most clients choose the T-Chek Fuel Card since it is the fastest and most convenient, but we can also wire the funds into your bank account, or send you a check. Can I Call to Check Customers When I'm on the Road? Yes. This credit is encouraged as it allows you to take many loads on demand and avoid potentially a bad debt. Many companies call to ask whether we will approve a customer before submitting a factoring application or when they're on the road. We can run a free credit check as needed, just call 866-789-FUND (3863) before you take the load. Do I need to Factor all my Freight Bills? No. When factoring your freight bills with TruckerFunds.com, you only sell us your invoices when you want to. You choose who and when you factor. What if I Already Moved a Load and the Customer is Denied? This is why we recommend you call us before you take on a load and have TruckerFunds.com run a free credit check. If we deny the customer, it is because our records indicate they are a credit risk or slow payers. How Do I Send You the Freight Bills for a Load? We offer a convenient FedEx Discount Program to save money or you can use regular mail (but that can slow payment). Can I Just Fax My Freight Bills to Get Paid? No. There are some initial documents we accept by fax, but we require you send the signed original bill of lading and other paperwork to our office. What are the fees to get setup with TruckerFunds.com and what are the fees to end our relationship? There are no application fees or monthly fees. There is a $200 processing fee to get started factoring your invoices. This fee is taken out of your first two invoices, $100 each time, and there are no other monthly fees. If you choose to wire funds there is a $15 wiring fee that our bank charges us. There are no additional fees, especially if you do not factor with us in a month. What if I Want to Stop Factoring? You can stop factoring at any time without penalty. You can factor when you want and you decide which customers. What if I Only Factor a Few Loads Each Month? That is fine. Use our service as often as you like. There is no minimum or maximum dollar amount required each month. What if I'm Under Contract with Another Factoring Company? If your company is under contract with another factoring company and would like to use TruckerFunds.com instead, please call our office at 866-789-FUND (3863) and speak with an account executive. We will see what we can do for you. |
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Partner with us and receive these benefits:
- Low Rates
- Up To 95% Cash Advances
- Free Credit Checks
- T-Chek Fuel Card
- FedEx Discount Program
- No-Hassle Application
- Excellent References
- No Hidden Fees
