Factoring for single truck independants...

Factorloads worked for me, but remember the two type of factoring.

One makes you liable for any unpaid bills.

The other the factoring Co. is liable for any unpaid bills.

So check closely which type you choose

 

We use TranCentral and it works well enough for us. Their contract states that all invoices are to be submitted through them. Our rate is based on a volume per month. They fund at 90% of invoice and them rebate us a percentage of the 10% based on the days aging at collection. If they won't fund an invoice due to no history, bad credit, etc., then we are not required to submit to them. We only started using a factoring company when we expanded to have 5 trucks (3 owned & 2 o/o). Just trying to cover the fuel was a challenge when we had slow pays. Our goal is to have enough cash reserves built up by the time our 12-month contract is up and not have to use them at all.

 

Otr . Good company.