Selecting the right truck factoring partner is critical to your success. Many freight bill factoring companies are run by bankers who factor for a variety of industries. They don’t understand your business as well as a trucking specialist like FactorLoads, who was founded originally as a trucking company, and has been factoring for truckers since 1996.
What To Look For In A Freight Factoring Company
With an industry as complex as trucking, it’s important to work with factoring specialists who understand what you go through every day. Ask these simple questions before signing anything.
1
Do they have fine print in their contracts with hidden fees, minimum amounts, and other booby traps?
Confusing factoring agreements with hidden traps can destroy your company. FactorLoads has a no hassle transparent factoring agreement that is custom made around any size trucking company or owner operator.
2
Do they offer fuel cards and fuel discounts?
Having a fuel discount program is important and can help keep your profits up. FactorLoads carriers who purchase fuel on their EFS cards are eligible for fleet pricing discounts at most major fuel stops. They will receive the same pricing as the largest fleets in the nation. All you need to receive the discount, is purchase fuel using the FactorLoads issued EFS card.
3
Are they open 24 hours a day, 7 days a week?
Sometimes your work hours don’t match the factoring companies hours of operation. Get factoring services or pay advances when you need it, not just when it’s available. FactorLoads is available for full factoring services and advances 24 hours a day, 7 days a week. We know your business never stops operating, so neither does ours.
4
Do they have an Account Management system?
Having an Account Management system to help keep you organized is essential. This allows you to save information on your customers in one place that wont get lost, and is a big help when it comes time to file taxes. FactorLoads provides its carriers with a unique Account Management system Users can quickly and easily do credit checks, view bill submission dates, examine chargebacks from their customers, run reports to analyze their business, help file their taxes, and much more.
5
Do they offer True Spot Factoring?
Spot Factoring lets you choose what invoices to factor. FactorLoads was the first factoring company to offer True Spot Factoring where you can choose what to factor on an invoice by invoice basis. This gives you ultimate control over your finances to do what’s needed depending on your cash flow at that moment.
6
Can you choose your factoring program; Recourse or Non-Recourse?
Every owner operator or trucking company has different needs. Choose what is best for yours. FactorLoads allows you to decide whether you want a recourse or non-recourse program when you sign up. You can also change your program whenever you want.
7
Do they provide you with credit checks for your customers?
Having a credit report of your customers can save you from future problems. You need to know if new or existing customers are going to be a liability to your business. FactorLoads unique Credit Watch System alerts you about customers with declining credit scores, so you aren’t at risk. Credit scores can change daily. Our system makes it easy to know where your customers credit is at all times.
8
Do they offer a complimentary Load Board account?
A Load Board account is a must have resource for any trucking company. All FactorLoads carriers receive a complimentary Load Board account, a value of $50 per month. FactorLoads Load Board is a leading load search with information pulled from an aggregator that the brokers post to daily. Users can easily and quickly access more than 28,000 load postings per day helping ensure they always have work.
9
Do they offer Roadside Assistance?
Truck breakdowns happen when you least expect it and usually when you’re not prepared to deal with it. FactorLoads offers 24/7 Roadside Assistance to keep your mind at ease and stress level low.
10
How long have they been in the freight factoring business?
Make sure to partner with a factoring company that has been around for a long time. This shows solid business practice and solid relationships within the transportation industry. FactorLoads has been a leader in freight bill truck factoring for trucking companies since 1996. We pride ourselves on building trusting relationships with our customers, while providing them with outstanding service.
11
Are they transportation specialists?
Working with a factoring company that is inexperienced in the freight industry could be a major liability for your business. Are they familiar with transportation industry terminology? Do they know the transportation industry inside and out? Are they knowledgeable in handling your invoicing and collections? FactorLoads started as a trucking company and understand the industry inside and out. We were the first factoring company to service the needs of owner operators, startups and small trucking companies. We make sure drivers can spend more time doing what they do best: moving loads and growing their business. Choosing the right factoring company to partner with can make your business run smoothly and help cash flow. Make sure you are working with the right people that you can trust.