How Does Factoring Provide Cash Flow for Freight Brokers?

For freight brokers, it is a common problem to get caught behind, not able to get money to your carriers due to slow paying shippers. This can put your company in a downward spiral, instead of growing your business. The solution is factoring. This gets payment fast, helping you build a strong reliable relationship with your carriers.

There can be many reasons why you’re having a hard time getting payment from your carriers:

In the end, it doesn’t matter what the reason is for delayed payments for your freight factoring. The end result is the same: you’re stuck without the cash you need. As a small broker, you count on consistent cash infusions to keep your own clients happy and to grow your business. You need cash to recruit new customers — and a few late payments (30, 60 or even 90 days) can really hamper your business.

That’s where our team here at FactorLoads comes in. As a leading factoring company for freight brokers, we combine a long list of benefits and advantages that you won’t find elsewhere.

Understanding Freight Factoring Services

How does it work? A factor will purchase unpaid freight bills and advance cash to the broker. Then the factoring company will collect the payment and pay the carriers for you, while you’re able to put time into growing your clientele, instead of chasing collectables. The best factoring companies for brokers, give you the tools to succeed, help you with back office support, and make sure your carriers get paid fast.

When you trust FactorLoads with your freight bill factoring, you get your cash right away. You save time and energy chasing after customers who haven’t paid in 30-90 days or more and who are keeping your business from growing. You may also be tied into contracts that are difficult to understand or renegotiate. Our team has the experience necessary to take care of all of your back-office invoice factoring work and streamline the entire process with your customers.

Be aware of the benefits, rates, and contracts that are offered in the industry. There are many factors that will bind you with hidden fees, and give your limited access to their benefits. Read the fine print as fluctuating rates, minimums, holdbacks and limited support can bury your company.

At FactorLoads, we believe in transparent business practices, giving you options, and providing a large amount of benefits and tools, to ensure you company growth and smooth running transactions. Our full factoring services are available 24 hours a day, 7 days a week. Give us a call now to see how we can save you money over your current factor.

How to Choose the Right Factoring Company

Choosing the right freight factor for your freight brokering company comes down to knowing what you should look for. This list includes:

Don’t settle for anything less. Your freight brokering company needs flexible access to cash according to your schedule. Stop letting your clients and co-signees dictate when you’ll get paid. Harness the power of our industry-leading invoice factoring services for the freight brokering industry. We tailor our services to the unique needs and expectations you have and won’t lock you into a complicated and costly plan that doesn’t suit your business.

Spend less time worrying about your back-office paperwork and invoicing and let us do it for you. With over 20 years’ experience in the industry, our team won't waste any time reviewing your current contracts and determining where we can help make improvements. Above all else, we'll get your cash to you right away so you can put it into your day-to-day operations, repairing your equipment, finding new customers or wherever you feel your cash is best spent.

Benefits of Working With FactorLoads:

With FactorLoads as your factoring partner, you will receive a custom factoring program that is designed around your business needs. If your requirements change, we will work with you to create a new program that better suits your needs.  Above all else, we want to help ensure your success.

If you want to work with FactorLoads, but are under contract with another freight factoring company, we can get your account transferred. Just call us at 1-866- 218-0030 ext. 2 and speak with an account specialist. You can also contact us online for a free quote or for us to review your existing contract. Let us show you how our services can help you build your business.