FAQ

Invoice Factoring is the business finance and cash flow tool many companies use to provide cash when they need it, using their receivables (unpaid invoices) to do so. The concept of factoring is said to date back thousands of years and it is alive and well in modern day business. Since you invoice your customer and then have to wait 30 days or more to receive payment, it can put a drag on your cash flow, especially in the transportation industry. Using a company like Freight Factoring Specialists (FFS), you can convert these open invoices for cash in your account in a matter of hours instead of weeks! When you factor with us, you are selling your invoice to Freight Factoring Specialists at a small discount in exchange for the ability to receive cash that same very day.

Once you are set up in Freight factoring Specialists’ system, you will forward your approved customer’s Bill of Lading to us. In turn, we will buy that invoice from you by sending you the agreed upon amount based on the invoice total. FFS will then invoice your customer and collect payment on the invoice. No further action is required on your part. Send us your BOL and we send you cash, factoring for trucking companies is as simple as that!

Factoring your invoice is a great tool, especially in the Transportation field. When you haul loads, your work is done, right? Unfortunately not! You then need to prepare an invoice and wait until your customer pays you. Then you need to enter that invoice, deposit the check and wait for it to clear. As you may know this process could be time consuming and take weeks to finish and get your money in your account where you need it.

Factoring makes it simple. For a small pre negotiated fee, all the back end work can be handled by FFS freeing you up to haul more loads. Factoring is the ideal cash flow solution.

Using a trucking factoring company like Freight Factoring Specialists, you are providing your business with the near instant cash flow you need to succeed. FFS does a lot of the heavy lifting back office work for you while giving you the cash you need to grow.

Not at all! We will need some basic information from you to setup your account with FFS. Once approved and setup, you can start sending BOL’s right away and receive your factoring funds.

Not if you don’t want one. Unlike many of our truck factoring competitors, we don’t require long-term commitments. While a lower rate is available if you want to commit, we invest a lot of time and money setting up a new account so that you will stay with us for the long haul. Each account is like a family member to us and we want you to be 100% satisfied. In the very off chance that you are not, we are not here to hold you hostage. While it would be a tremendous failure on our part, if you are unhappy with our services you are free to go at any time. We sincerely hope this never happens and if you are unhappy with something, reach out to us. We will all bend over backwards for you. After all – Our customers are our best advertising.

As you can tell from our name, we do one thing, and one thing only. We factor transportation invoices. We know truckers and trucking companies, that’s it! Our family owned and run office is here to serve you. We are easily reached both during regular business hours and after. Need a fuel advance for your load, on a Sunday? No problem give us a call, we are here ready and happy to serve our loyal customers.

No, you do not. However, all invoices for a particular vendor must be factored with us. In other words if you factor an invoice for customer “ABC trucking”, then all invoices from ABC must be factored. If you invoice other companies while you are always welcome to, you are not required to factor them.

No. Invoice discounting is not generally available in the transportation industry, we only offer factoring.

Yes, we offer recourse and non-recourse invoice factoring. The two types differ in one major component and that is, responsibility. In non-recourse factoring, you the customer have no responsibility to reimburse FFS for bad invoices, FFS is taking the credit and collection risk. In recourse factoring, you the customer would be responsible for reimbursing FFS for non-collectible invoices. Recourse factoring is usually a cheaper method of factoring.

Our commitment to our customers knows no bounds! We know your schedules can be pretty crazy. We make ourselves available almost 24/7 by phone, fax, email and web chat to help you. We at Freight Factoring Specialists pride ourselves in long term customer relationships. Our goal is to be your single point of contact for maintaining and growing your company. At FFS we use the latest technology to help you get the most up to date service as possible. Need something? Ask and we will make it work. Our customers are our blood and our large referral base is proof that it works. When you, the customer, comes first, we all win!

Easy. Contact one of our dedicated staff members waiting to work with you. Contact Us Today

OUR CLIENTS LOVE US

“Freight Factoring Specialists is more of a partner than a finance solution. They handle all of my back-office operation including invoicing, collections and most importantly, they help me manage risk by approving my customers and loads. I highly recommend FFS, I am very pleased to have them onboard with me!”

Tim
Big T Hotshot

“Michael and his team are always there for us They’ve helped us streamline our entire backoffice!””

Rob
Express Logistics

“FFS has helped improve my cash flow and solved my invoice and receivables nightmare!”

Pedro
PTJ Trucking

“I was referred to FFS by a trucking buddy of mine. I was a bit skeptical at first, but the process was so easy and straightforward. Within a few hours I was all set up, and was able to start funding within a day. Very easy access to staff even at night and weekends.”

Rick
724 Trucking

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