Freight factoring is a popular form of financing in the trucking industry that converts unpaid invoices into immediate cash for fleets for a small discount. Thus, fleet owners have the funds they need to pay for fuel, their truck drivers, vehicle repairs, and more. For example, factoring companies buy invoices for freight that you’ve already delivered. In a nutshell, this is cash that is advanced to you based on your accounts receivables. Our sister company’s freight factoring services ensure steady cash flow so that you can keep your trucks rolling.
Freight Invoice Factoring In 5 Steps
- Find the freight factoring organization that’s right for you! The team at Northstar Logistics can get you started.
- Deliver your loads, nurture relationships, and continue to serve your clients as usual.
- Send in the invoices you want to fund and they will be verified with your customers.
- You receive a cash advance as soon as 24 hours*.
- The factor collects invoice payments from your customer. You heard us. Once you’ve received payment from us, it’s up to our team to handle the invoicing and collections from your customer!
As you can see, freight invoice factoring is a popular and efficient financing solution for fleets who are looking to increase cashflow for scalability. We want to help your trucking company secure a steady stream of working capital so that all you have to do is focus on growing your business.
Be sure to check out our blog for more trucking industry news and trends from the team at Northstar Logistics!
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