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Q: Where Can I Find Loads?
A: We recommend signing up with NetTrans.com, or create a free account with TruckBuzz.com or another popular load board. We are not concerened where or how you find loads, only that the customer meets our credit standards.
Q: What is a Factoring Company?
A: A company that specializes in purchasing accounts receivable at a discount and provides funding to the customer for the receivables purchased.
Click here to learn more about factoring companies.
Q: Can I Start Factoring Today?
A: Yes. Same day setup available for new customers. Please call 1-866-218-0030 and request a startup kit or click here to get started.
Q: Why Would a Company Sell Its Freight Bills?
A: Trucking companies that find positive cash flow a problem can't afford to have unpaid invoices for 30 to 45 days or more. They need cash to meet the immediate financial demands of their business, like payroll and fuel.
Q: Is Factoring a Type of Loan?
A: No. Factoring is the purchase of a company's accounts receivable in exchange for funding, as opposed to a bank loan using those receivables as collateral.
Q: Would a Bank Loan Make More Sense Than Factoring?
A: Bank credit lines may be adequate, but not always. Credit problems often prevent businesses and individuals from qualifying for bank loans. With factoring, our decision to provide you with money is based on the credit worthiness of the freight customers you use.
Q: Who Invoices the Customer if You Purchase My Freight Bills?
A: We do. Your company does NOT prepare any invoices for the freight bills you factor. After receiving your paperwork and issuing funds, we prepare an invoice, mail it to the customer and receive payment.
Q: Can I Send Freight Bills without Completing a Factoring Application?
A: No. You must complete a factoring application for each freight bill you want to factor. Our factoring application can be submitted online or faxed from anywhere.
Q: Do You Approve All Customers?
A: No. You must search our Customer Database before submitting an application to ensure the customer is on our approved list. Approval for any new customer can generally be issued within minutes at no charge.
Q: Can I Call to Check Customers When I'm on the Road?
A: Yes. Many companies call to ask whether we will approve a customer before submitting a factoring application or when they're on the road and can't login to the Account Management Center. We are happy to share any information we have on file or conduct credit research as needed at no charge, but we encourage you to login and check our live database.
Q: What if I Already Moved a Load and the Customer is Denied?
A: You must invoice the customer on your own if you have not factored a freight bill for them. We recommend you submit a factoring application prior to accepting or moving any load if you know it's one you probably want to factor. If we deny the customer, it is because our records indicate they are a credit risk.
Q: How Do I Send You the Freight Bills for a Load?
A: Occasionally, truckers will stop by our Heber City office and drop off paperwork in person. Most customers use FedEx, UPS, Priority Mail or Airborne. We also offer a convenient FedEx Discount Program to save money.
Q: Can I Just Fax My Freight Bills to Get Paid?
A: 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.
Q: How Soon Can I Get Paid?
A: The day we receive your freight bills, you will be issued funds within hours as payment in full. The money you get is not a loan or advance. Most trucking companies overnight freight bills to expedite processing and often choose to hold paperwork for several loads and consolidate them in one package. You can get paid several times a week or once a week. It's your choice.
Q: How Do I Get Paid?
A: The day we receive your freight bills, payment will be issued within hours by Comchek or by money loaded on a Comdata Comchek card. We can issue your company its own Comchek cards for free. Money on your Comdata card can then be used to purchase Fuel at a discount.
Q: How Can I Get Blank Comcheks or a Comchek Card?
A: We can send your company blank Comcheks if needed, or they can be obtained from most any truck stop or travel plaza. We can also issue your company its own Comchek cards if you ask an account specialist.
Q: How Are Your Factoring Fees Determined?
A: Our factoring fee is 6.9 percent for each freight bill purchased. You get paid the balance of the invoice, minus any advances or advance fees that may have been accepted. Comdata transactions fees will also be applied. Volume Rebates are available, Click here for info.
| Here's an example for one load: |
| Amount of invoice: |
$1,000.00 |
| Factoring fee (6.9% of invoice): |
$69.00 |
| Comchek card transaction fee: |
$4.00 |
 |
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| Cash you receive: |
$927.00 |
Q: What if my Trucking Company received an advance ?
A: If your trucking company accepted an advance on a load, we calculate the money you receive based on the adjusted gross truck pay after subtracting any advance fees. We still bill for the actual amount of the invoice. Shortages and damages for a load are deducted in the same way and may affect the settlement process.
| Here's an example for one load: |
| Amount of invoice: |
$1,000.00 |
| Advance received from Customer |
$300.00 |
| Advance fee charged by Customer |
$10.00 |
| Adjusted gross truck pay |
$690.00 |
| Factoring fee (6.9% of balance): |
$47.61 |
| Comchek card transaction fee: |
$4.00 |
|
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| Cash you receive: |
$638.39 |
Q: What are the fees to get setup with FactorLoads and what are the fees to end our relationship?
A: The only fees involved are the fees for mandatory filings we have to make with the UCC. There is a one-time $65.00 Uniform Commercial Code (UCC) search and filing fee for new customers which is deducted from the first freight bill you factor. To terminate the partnership between our companies there is a $150.00 fee to terminate the UCC filing.
Q: Do I need to Factor all my Freight Bills for a certain Customer?
A: No. Once you begin to factor invoices from a Customer all future invoices must come from us and all payment must come to us. To provide a true "Spot Factoring Service" we had to find a way around this so we came up with our billing option. Click here for more info on our billing option.
Q: Do you have any discount programs in place that would help my company?
A: Yes we have set up several beneficial programs.
Q: What if I Want to Stop Factoring?
A: You can stop factoring at any time without penalty. You are not committed to use our service for any length of time. However, we cannot issue a release until all open accounts receivable for your company have been paid in full, or your account is purchased by another factoring company. There is also an additional $150.00 processing fee to terminate our Uniform Commercial Code (UCC) filing against you or your company.
Q: What if I Only Factor a Few Loads Each Month?
A: That is fine. Use our service as often as you like. There is no minimum or maximum dollar amount required each month.
Q: Can I Factor All My Loads?
A: Yes. You can factor as many freight bills as you like. There is no limit. Because we work on a customerr-by-customer basis, it allows you to choose which customers to factor and frees you to bill the others on your own. Once you start factoring freight bills for a certain customerr, you must continue factoring all future loads you move for that customer until you notify us you would like to start billing them yourself. All open invoices for freight bills you factored from that customer must be closed before we provide a release letter to the customer.
Q: Can I Get a Lower Rate if I Factor More?
A: Yes. If you factor a large dollar volume with us we will give you a better rate. We do this through a Rebate System. Rebates are calculated and issued monthly. Each load you factor with us will be charged the standard 6.9% rate. If, when we calculate the rebates, you have factored a dollar volume that qualifies you for a discounted rate we will recalculate your dollar volume at the discounted rate and rebate you the difference. Click here for more info on Volume Rebates.
Q: What if I'm Under Contract with Another Factoring Company?
A: If your company is under contract with another factoring company and would like to use FactorLoads instead, please call our office at 1-866-218-0030 and speak with an account specialist. We will see what we can do for you.
Q: Can You Wire Transfer Money into My Bank Account?
A: We only issue funds by Comchek or by Comchek card. However, you can get setup for Direct Deposit to your bank account if we give you a Comchek card.
Q: Do You Hold Part of My Money in Reserve Escrow?
A: There is no reserve escrow account like other factoring companies require, so you get all of the money due at once. Plus there are no setup fees and no hidden costs, including charge backs. We assume all liability for purchasing freight bills from customers that meet our credit standards.
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