FactorLoads Customer Manual

  • -Hours of Operation -Company Contacts -Welcome to FactorLoads -Our Core Values

    • Getting Started

  • -Logging on to your FactorLoadsOnline Account -Setting Up Payment Cards -Factoring and Fuel Advance Instructions -Always Keep Your Originals

    • Getting Paid and Managing Your Money

  • -Fuel Advances -Payment Options -Transfer Money from Card to Card -Transfer Money from Card to Bank Account -Transfer Money from Card to Check -Registering a Money Code for an EFS Check

    • Programs

  • -Fuel Discount Program -Referral Program -Maintenance Card -Spot Factoring -Loadboard

    • Reports for Information and Analysis

  • -Factoring Report -Factoring Applications Report -Pending Deduction Report -Originals Due from Carrier Report -Payment Details Report

    • Frequently Asked Questions

  • -How do I see if a freight Customer is approved -Do my freight customers have a CREDIT LIMIT? -What does “Inactive” Status mean next to their name in the customer search? -What does “Denied” Status mean next to their name in the customer search? -What do I do if a customer’s credit review request for re-approval is denied? -How do I set up a NEW CUSTOMER? -Will FactorLoads send me a 1099? -Do the reports help me organize for filing taxes? -What do I do if the website is giving me an error message? -How do I know if my transfer request went through? -How can I tell if my load has been received? -I don’t understand how my pay was calculated. Where do I find out more details? -I made a mistake filling out an EFS check…what can I do? -Can I factor a Truck Order Not Used? -I have already factored a load but just found out that detention is being added. What should I do?

    • Hours of Operation

    Speak with one of our friendly account specialists 24 hours a day, 365 days a year.

    Company Contacts

    Speak with one of our friendly account specialists 24 hours a day, 365 days a year.

    Welcome to FactorLoads

    FactorLoads – Insight Technology is a factoring company with roots in the Transportation Industry. We are dedicated to improving services and technology for the freight transportation industry. This manual explains processes and tips to make sure you are using our services to the fullest potential to help your company grow! Always feel free to call one of our accounts specialists if you have any questions or need some help. We’re here and available 24 hours a day, 365 days a year.

    Our Core Values

    Our Core Values define us as a company and as individuals. We use these values to guide us in all decisions, big or small.

    Getting Started

    This tutorial will help you search loads, submit loads, receive payment and use other back office support tools.

    Logging on to your FactorLoads.com Account

    You will get a username and password from your FactorLoads Account Manager. Once you have your username and password we will schedule a walkthrough.

    Setting Up Payment Cards

    • EFS Card Set Up
      • FactorLoads will get your EFS account created when we receive your startup kit.
      • EFS will send you the desired number of cards along with a welcome email detailing how to use the cards, what additional services are available to you and what number to call for assistance.
      • Using the Carrier ID and password provided you can set up an online account at www.efsllc.com. You will also need to activate each card for use.
      • For any questions on services and operational use of your EFS cards call the EFS Customer Service Department at 888-824-7378 or visit www.efsllc.com.
      • The EFS Mobile App is available for easy mobile device transactions.

    Factoring and Fuel Advance Instructions

    • You can save time by finding your loads using your free loadboard account at www.factorsnetwork.com. or click on the Load Search button on the home page of you customer account. This will tell you the credit status of customers on all available loads.
    • Freight Customer Credit Check – Before booking your load, check to make sure your Freight Customer is approved for factoring. Click on Customer Search on the home page of the FactorLoads account manager website. Then search for your customer by Customer Name ame or by MC Number.
      • If the customer is green, they are pre-approved.
      • If the customer is grey, they are inactive and you would submit a credit check request.
      • If the customer is red, they are denied and you would submit a credit check request.
    • Submit your Factoring Application – As soon as the load is booked and you have your rate confirmation you will enter the details through your online account.
      • Click on the Customer Search and search for your customer.
      • Enter your load details and submit the application.
      • If you need a fuel advance be sure to select “yes” next to “Would you like a fuel advance” and then click on “FactorLoads” next to “The advance is given by”. A pink box will appear for you to enter the advance amount and payment preferences.
    • Upload your Paperwork - After submitting your factoring application, you will be directed to the Submit Paperwork Page. If you are not directed to the Submit Paperwork Page you can click on the Submit Paperwork button on the home page of your online customer account.
      • Locate the load you are submitting paperwork for and click Upload.
      • To upload paperwork for fuel advances, click the Upload button in the Upload Advance Files area.
      • If the load is delivered click the Upload button in the Upload Delivered Files area.
      • Select the files for submission or drag and drop them to the upload box.

      • NOTE: Remember to send both the Rate Confirmation and Bills of Lading (lumpers, scale tickets, etc.) for every load.

    Always Keep Your Originals

    As long as the copies you send to us are clear and legible, we will always pay you for them. There are certain freight customers who require originals before they will pay us on your invoices. If that is the case we ask you to send us your originals within 7 days of our payment to you. This will ensure you are not charged any late fees.

    When you submit your factoring application, please take note of whether these originals need to be mailed or filed, and then plan accordingly. If you have a dispatcher entering your application, make sure they communicate this info to the driver. You can also keep track of your originals is by monitoring the Originals Due from Carrier report under the Custom Reports Tab of the FactorLoads website.

    Getting Paid and Managing Your Money

    Fuel Advances

    We offer fuel advances 24 hours a day, 7 days a week, 365 days a year. Simply follow Factoring and Fuel Advance Instructions above.

    Payment Options

    You will select EFS Card, EFS Check or a combination of any of those options on your factoring application.

    • EFS Card
      • On your factoring application you can allocate the $ amount to be issued to each EFS card.
    • EFS Check
      • If you select EFS Check for payment, we can issue you an EFS Money Code or you can issue an EFS Money Code on your EFS online account or EFS Mobile App.. If you would like to use the EFS Money Code on more than one check you can do so by “splitting the code” for a $0.75 fee per check.
      • EFS Checks can be used for purchases, cashed at truck stops or deposited at a bank.
      • NEVER try to deposit an EFS Check through an ATM machine. EFS Checks need to be deposited by a bank teller. Without the EFS code a bank will not accept the check.
      • Loading Funds to EFS $3.75 to load funds, regardless of the $ amount
      EFS Direct Deposit to Bank Account $1.75 per transaction to transfer funds into your bank account
      EFS Fuel Purchases $1.00 per transaction
      EFS ATM Withdrawl $2.70 per transaction
      EFS ATM Balance Inquiry $2.00 per transaction
      EFS Decline Fee $2.00 per transaction
      EFS Point of Sale Debit Fee/Decline $0.75 per transaction
      EFS Code Issued by FactorLoads $5 per $500 issued by FactorLoads
      EFS Code Issued by Carrier $4.00 per EFS check code issued by Carrier
      EFS Balance Inquiry By Phone Free

      NOTE: Confirm that your bank accepts EFS checks before trying to deposit them in your bank account. Many banks will not accept a check that already has an authorization number. The best practice is to wait until you are at the bank and ask the teller if they prefer to do it themselves, or for you to obtain the authorization number in front of them.

    Transfer Money from Card to Card

    You can transfer money between EFS cards. To do this, after logging into your FactorLoads account, click on the Message/Mail button in top middle of the home page. Click on the Transfer Funds which is blue button near the middle of the page, then fill out the request form, then click submit. Normal card loading fees apply.

    Transfer Money from Card to Bank Account

    • EFS card to bank account
      • One way to transfer funds from your EFS card to your bank account is by logging onto your SmartFunds Online account. Go to www.efsllc.com and select “eManager” from the login menu. Log in using your card number and PIN. Select “transfer funds to external accounts” from the Online Menu Options. Follow the online instructions to complete the transfer.
      • You can also transfer funds from your EFS card to your bank account by calling the EFS Automated Phone System. Simply call 888-824-7378 and press #3 for cardholder. Enter your card number followed by the # sign, then enter your PIN followed by the # sign. After this you will enter option 4 to Transfer funds. Lastly you will select the account to transfer to, enter the amount and complete the transaction.
      • Another way to transfer funds from your EFS card to your bank account would be to use the CardControl mobile app. Log on to the app and follow the instructions within to complete the transfer.
      • The easiest way to transfer money from your card into your bank account is to use the EFS Mobile App.

      • NOTE: Transferred money will be available in the bank account within 24-48 hours after the transfer is submitted. To ensure faster processing it is best to enter the transfer before 12pm CST. Also be aware that banks will only process these transfers on business days.

    Transfer Money from Card to Check

    • EFS Card to EFS check

        You can transfer money from your EFS Card to an EFS check using your EFS Online account, EFS Mobile App, or phone by calling Customer Service number on the back of the card.

    • To transfer funds from your EFS card to an EFS check online:
      • Log onto your SmartFunds Online account. Go to www.efsllc.com and select “eManager” from the login menu. Log in using your card number and PIN.
      • Follow the online instructions to complete the transfer.
    • To transfer funds from EFS card to EFS check using the app, open the CardControl mobile app. Select “Register Checks” from the menu, fill out the required info and register the check.
    • To transfer by phone, follow the instructions below:
      • Call the EFS Automated Phone System @ 888-824-7378
      • Be ready with your EFS Card # as well as your PIN.
      • Select option 3 to issue an EFS Check
      • Fill out the check information.
      • Enter the Money Code in the box that says Money Code on the left side of the check.
      • Once that step has been completed, have the truck stop or bank who is cashing the check call the number in red on the bottom right hand side of the check to get an Authorization Code.
      • Enter the Authorization Code in the box to the right of the Money code on the bottom of the check.

      • NOTE: Confirm that your bank accepts EFS checks before trying to deposit them in your bank account. Many banks will not accept a check that already has an authorization number. The best practice is to wait until you are at the bank and ask the teller if they prefer to do it themselves, or for you to obtain the authorization number in front of them.

      For assistance with this service, call the EFS Customer Service Department at 888-824-7378 or visit www.efsllc.com.

    Register a Money Code for an EFS check

    If you have not received your EFS card, EFS checks or simply don’t have them with you, you can register a Money code and get an EFS check from a truck stop.

    EFS Money Codes can be issued through FactorLoads, your online account at www.efsllc.com

    • Get an EFS check from a truck stop.
    • Call our Funding dept. at 866-218-0030 Ext. 7 to get a Money code or register for one on your EFS online account.
    • Fill out the check information.
    • Enter the Money Code in the box that says Money Code on the left side of the check.
    • Once that step has been completed, have the truck stop or bank who is cashing the check call the number in red on the bottom right hand side of the check to get an Authorization Code.

    NOTE: Confirm that your bank accepts EFS checks before trying to deposit it in your bank account. Many banks will not accept a check that already has an authorization code on it. It is best to wait until you are at the bank ask the teller if they prefer to do it themselves, or for you to obtain the authorization code in front of them. EFS checks must be deposited at the bank with a bank teller. They cannot be deposited through an ATM or Mobile deposit.

    For assistance with this service, call the EFS Customer Service Department at 888-824-7378 or visit www.efsllc.com

    Programs

    Fuel Discount Program

    For details on the Fuel Discount Program click on the Factorloads Exclusive Discounts Map

    NOTE: The discount amount is not printed on the receipt. The receipt that prints out will give the retail price of fuel, not including the discount. This is not the amount you are actually being charged. You are being charged the discounted amount.

    Referral Program

    We have one of the best referral incentive programs in the industry. For each carrier you refer you can choose either a one time $250 bonus or a monthly commission of 7% of our profit in sales for that carrier for a period of 3 years. If you have any questions about this program call 866-218-0030 ext 2 or email sales@factorloads.com

    Maintenance Card

    Each time you factor a load we can put an amount determined by you onto this card. These funds can be accessed any time you find yourself needing funds for maintenance or repair.

    Spot Factoring

    Decide which loads you want to factor and which loads you want us to bill for you. Our billing service is offered to use with any freight customer, regardless of their credit status. When funds are collected from the customer you will get a payment from us.

    • To factor a load, select the option to “factor it” on the factoring application, when asked how we should handle the load.
    • To bill a load, select the option to “bill it” on the factoring application, when asked how we should handle the load.

    Loadboard

    Always be able to find loads using your complimentary loadboard account.

    • Log into your account at www.factorsnetwork.com with the user name and password that was provided to you by email.
    • Enter your search parameters.
    • Find a load you like and book it by calling the freight customer number provided.
    • To receive notifications for future loads you might be interested in, click on “set watchdog” and enter your desired load details.

    Reports for Information and Analysis

    Factoring Reports

    Use this report to find details on any load you have factored or billed with us. All of the documents for each load will be scanned into this report. If you need a copy of something you’ve sent us, this is where you can find it.

    Factoring Applications

    This report keeps track of all the factoring applications you have submitted. This report can tell you if the load has been advanced on or factored. It also allows you to view uploaded paperwork as well as edit the application.

    Payment Details

    For a comprehensive breakdown of your payout each time we pay you, check this report, it will show you:

    • Details of all loads paid that day including any additions/deductions from your pay.
    • Details on how the payout was applied to your card(s).
    • Transaction numbers for payments, so you can cross-reference your FactorLoads payouts with your Payment Card History reports.

    Payment Breakdowns by Card

    This report shows you total amounts paid to specific payment cards on your account. Use this to see which loads were paid to which driver/employee.

    Loads Billed

    This allows you to see any loads we have billed for you, and monitor the collection status.

    Originals Due From Carriers

    Use this report to check that all required originals are received by Factorloads within the required time period. Regular monitoring of this report will ensure that no late fees are ever charged.

    Advances Not Yet Factored

    Use this report to see which loads in transit have received a fuel advance from Factorloads.

    Pending Deductions

    This report will show you any invoice that was not paid in full. It is updated as soon as we receive the check from the freight customer. You can use this report as a way to submit messages back to the collections team if you have additional info they need to know. Items will remain on this report for 5 days, allowing you time to research the issue and make a decision. After that time has elapsed the shorted amount will be deduction from your next funding.

    • When you pull up the report for each entry you can click “accept” or “dispute”.
    • If you click “dispute” it brings up a new screen with a dialogue box where you can say the reason for your dispute.
    • When AR writes back to you, it will show that you have a “new message”.

    Frequently Asked Questions

    How do I see if a freight customer is approved?

    Before booking your load, check to make sure your Freight Customer is approved for factoring. Click on the Customer Search on the top of your FactorLoads account manager website. Then search for your customer by MC Number or by name.

    • If the customer is green, they are pre-approved
    • If the customer is grey, they are inactive and you would submit a credit check request.
    • If the customer is red, they are denied and you would submit a credit check request.

    Once the load is booked make sure you submit your factoring application immediately. This will reserve that credit for you. If the freight customer’s credit status changes after you submit the application we will still factor the load for you.

    Do my freight customers have a CREDIT LIMIT?

    If the available credit of a freight customer is less than the amount of the load you want to factor, you will not be able to submit a factoring application. If you run into this situation, you can submit a Credit Limit Increase request by clicking on the words to the far right of the freight customer account. Your request will go to the Credit Dept. and they contact you if the increase is approved or not.

    If they are unable to increase the credit limit, we will need to wait for this freight customer to send payments to us, which will free up some of their credit.

    What does “Inactive” Status mean next to their name in the customer search?

    If the freight customer account is shown in grey, their credit status is “inactive”. Inactive means they have been approved before, but we have not worked with them in a while. You would need to submit an approval request, for us to check their credit.

    Click on Request Approval on the far right of the freight customer’s account, and then fill out the credit approval request form. The Credit Department will contact you about their approval or not.

    What does “Denied” Status mean next to their name in the customer search?

    If a freight customer account is shown in red, their status is “denied”. This means the freight customer is denied for factoring due to:

    • Insufficient credit
    • They don’t have 18 months of consecutive activity
    • They have not had their authority for 18 months
    • They refuse to verify rates or give pay status
    • Their average day to pay an invoice is over 45 days

    You can submit a review request to have them re-approved. Click on Request a Review on the far right of the freight customer’s account, and then fill out Review Request form. The Credit Department will contact you about their approval or not.

    What do I do if a customer’s credit review request for re-approval is denied?

    If a customer’s credit review request is denied, we cannot factor loads with this freight customer for this load. You can ask for a follow up review for this customer 3 months after the credit denial.

    NOTE: We can still do the invoicing and collections for this freight customer as your back office support. For this option, click bill it on your factoring application. Be aware that we do not pay you until we received payment from the freight customer.

    How do I set up a NEW CUSTOMER?

    If the customer you are searching for is not in our database, you can submit a credit check to have them added. Simply find the Click here to request we run credit and set them up link above the customer search list.

    Will FactorLoads send me a 1099?

    No, we do not create a 1099 for your account. Some of the freight customers you use will. If they send it to us we will forward it to you upon request.

    Do the reports help me organize for filing taxes?

    Any info you need from us to do your taxes can be found on our website under the custom reports tab. The most helpful reports for tax purposes are the Factoring Report, Consolidated Deduction/Reimbursement Report and the Payment Details report. Be sure to change the search dates to go back a full year and change the invoice status to “all”. If you have any questions, please email elite@factorloads.com

    What do I do if the website is giving me an error message?

    If possible, take a picture of or copy the error message, and paste it into an email to elite@factorloads.com. That will help us locate the issue and correct it right away.

    How do I know if my transfer request went through?

    On the home page of your online account, click on the Message/Mail. Here you can click on the Transfers Messages History to view logs of all the transfers you have submitted as well as our messages back to you.

    How can I tell if my load has been received?

    When your load is received it will be posted at the bottom of the Run a Report Tab. It will show you the breakdown of what we have and who is processing it.

    I don’t understand how my pay was calculated. Where do I find out more details?

    The Payment Details Report is located on the Run a Report page. This report can show you a comprehensive breakdown of your payout each time you factor.

    I made a mistake filling out an EFS check…what can I do?

    DO NOT throw away the check. Call EFS Customer Service Department at 888-824-7378 as soon as possible.

    Can I factor a Truck Order Not Used?

    No, a Truck Order Not Used cannot be factored by itself. Because there is no bill of lading for these, collection on them is not always guaranteed. One option is for us to bill them for you and pay you immediately, once we receive the money from the freight customer. To do this, select the box for Truck Order Not Used when filling out your factoring application. Some carriers will just have the freight customer add the amount into the pay on their next load.

    I have already factored a load but just found out that detention is being added. What should I do?

    Once a load is factored we cannot change the amount of the invoice. It is best to wait until detention is added, get a revised rate confirmation and then send it to us to factor. If you have already factored something and then they add detention, send us the revised rate confirmation and we will bill the freight customer for the added amount. You will receive pay, once we have the money from the freight customer.