Factoring is a type of business financing that has been around for centuries. In transportation, it is commonly referred to as Freight Bill Factoring. In a nutshell, freight bill factoring is the exchange of creditworthy freight bills for immediate cash. Our flexible program allows you to pick and choose which customers you want to factor. As long as they are creditworthy, and we have the paperwork that shows that the load has been delivered, you get immediate cash. We then do the waiting for your customer to pay the bill.
Factoring is more than just a source of cash flow. We also provide collections management and credit management services as part of our overall service offering. We perform collections for you on all factored freight bills. With our experienced team of collectors, we are able to achieve an average turn on your freight bills of about 32 days. If you were to try and perform the collections on your own, you might experience an average turn between 45 and 50 days. In addition, we are also a credit department for you. We will check credit on your customers for free. This way you can be assured that you are taking loads from creditworthy accounts.
At Express Freight Finance, we understand that your circumstances are unique, so we custom design our factoring programs for every client. You will also have a dedicated account manager – someone that you will get to know on a first name basis, and who will work hard to make sure that you have the cash needed to run your business. All of us at Express Freight Finance will be responsive to your needs, and we are committed to helping your business achieve success and longevity.
Good credit will be another upside of your steady cash flow. With an Express Freight Finance factoring program, your new working capital not only keeps your trucks rolling, but can also help build your credit. And, having steady cash flow means that you will have the funds when you need them to finance your growth. With our funding program, you will no longer have to miss new opportunities due to insufficient working capital.
• At Express Freight Finance, we get cash into your bank account in 24 hours.
• Our online account tools are easy to use and available 24/7/365.
• We offer fuel cards so that cash can also go directly to the pump — and at a discount on every gallon.
• We also offer fuel advances so you can get cash before there is an invoice.
• We move fast because this is factoring for trucking, and we respond at the speed of your business.