Factoring Guide
An Easy Factoring Guide to our Freight Bill Factoring Program
FactorLoads is an innovator in freight bill factoring, providing a service that allows you to become and remain financially independent.
There are just four easy steps to factoring through FactorLoads. Here’s our factoring guide explaining how our process works:
Step 1: Find a load to factor. We aren’t concerned with where you find loads, only that your customer meets our credit standards. (If you need help in finding loads, sign up for a free account on the TruckBuzz load board.)
Step 2: Check the customer’s credit status. You can log into our system and search our customer database for credit status on thousands of customers. If your customer isn’t listed yet, we will run credit on them for free.
Step 3: Complete our simple Factoring Application. After finding your approved customer in the database, just click on the name and you will be brought directly to our Factoring Application. Completing the form is as simple as filling out the basic information regarding the load.
Step 4: Deliver the load and fax or email us the bills. We will pay you the same day if you can get us the bills by 1 p.m. MST.
It’s simple. No more invoice creation because we do it for you. We process your paperwork on the day we receive your invoices and load your payment on your Comdata card. An added benefit to our approach is that you can then use your Comdata card to purchase fuel at a discount.
Any trucking company can get approved to work with us. We only require some basic documentation to verify you are who you say you are. You can be set up in less than an hour.
Please note that FactorLoads does not require you to factor all your invoices through FactorLoads. However, once you start factoring freight bills for a certain customer, you must continue factoring all future loads you move for that customer through us, or use our spot factoring option, unless 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 can provide a release letter to the customer.