As part of the FactorLoads billing options, we have created a true spot factoring option for our carriers. Our spot factoring option lets you choose on an invoice-by-invoice basis what to factor -- depending on your cash flow needs. This gives you ultimate control over your finances. Our competitors require that once you sign on a customer for factoring, you must factor every bill for that customer. We give you the freedom to factor when you want.
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Spot factoring offers you flexibility for your financing that allows you to control more of your payments and when you receive them. Limited cash flow is a problem that haunts many trucking owner-operators. When you don't have money coming in regularly, you can't buy fuel for your trucks or move on to the next job smoothly.
Yet you may not need factoring on every load. When you institute spot factoring as part of your partnership with FactorLoads, you'll get to choose when we step in and when we do not. Other benefits of this program include:
-You have the freedom to factor on a load-by-load basis, choosing which loads to factor and which to simply bill through FactorLoads.
-You are paid instantly on the same day for factored loads.
-You are paid instantly after your payment arrives for billed loads.
-All Invoices to your customers come from FactorLoads.
-All Payments from your customers go through FactorLoads.
In either case -- whether the load is factored or billed -- FactorLoads bills your customer, makes collection calls and loads your payment on your Comdata card.
NOTE: When considering the Bill-Through-FactorLoads option, our special Non-Recourse Factoring protection from bad debt does not apply.
Small- and mid-sized trucking companies are good candidates for our spot factoring program. We work with many new and growing companies, including startups whose needs and concerns evolve constantly. These small businesses require the flexibility they can get from a program like ours. Here are some cases in which spot factoring may be a good option:
Spot factoring may not be the perfect solution in every case. There may be instances where you've built relationships with clients and want them to have a steadier system for sending invoices. You don't want to switch addresses on them. That said, most clients are flexible with their billing and have departments that can address changes efficiently. Getting nearly instant access to cash flow can mean the difference between struggling to stay afloat and confidently moving forward with your business, and spot factoring can play a big role in that.
Finding the right partner for spot factoring can make all the difference. At FactorLoads, we practice transparency in all our interactions with our customers. We won't stick you with hidden fees or spring minimum load factoring requirements on you when you sign your contract. We truly want to benefit the companies we work with because we care about helping them grow -- we love seeing a startup reach its potential with the help of tools we've created for this purpose.
After we free you up from the paperwork associated with client transaction business, you'll gain more time to put into growing your fleet. It's a no-lose situation for you. We encourage you to contact us to discuss our terms and conditions and go over our contracts carefully, and we're happy to answer any questions you have. Get in touch with us today by filling out our online contact form.