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Small trucking companies to large fleets use freight bill factoring to improve their cash flow. If you have clients who take 30, 60 or 90 da\ys to pay your invoices, then it’s time to consider factoring your accounts receivable.

Some online load boards such as Free Freight Search offer freight factoring services for their members. Through a partnership with a transportation factoring company, this factoring service can help you spend more time keeping your trucks on the road and less time waiting for your invoices to be paid. Timing is critical in the freight industry, whether you’re waiting at a loading dock for a shipment or waiting for a payment from a customer.

What is freight bill factoring?

Freight bill factoring allows truckers to submit their invoices for fast payment. The freight bill factoring service provider will usually pay a large portion of the invoice (typically, more than 90 percent of the money that is due) and handle the collections from your client for you. When the invoice is paid in full, the remainder of the money is paid to the trucker minus a small factoring rate fee.

This service means that trucking companies can always ensure a positive cash flow in their business. By getting your freight invoices factored, you can cover the costs of keeping your trucks on the road without having to wait for brokers or shippers to pay you. Few trucking companies have the resources to pay for truck repairs and maintenance, fuel costs and driver fees if their clients take months to pay outstanding invoices. Freight bill factoring from Free Freight Search’s online load board closes this gap for truckers.

How does freight invoice factoring work?

 After delivering the freight found on our online load board, an invoice factoring company will pay you as soon as you are able to invoice the client. Some factoring companies pay between 95 and 97 percent of the invoice in full in a single installment so that the only money that is withheld is the factoring fee.

Factoring companies and online load boards that specialize in freight bill factoring often offer additional services such as fuel advances to motor carriers, which can also give you more control over your cashflow.

Who can use freight bill factoring?

Motor carriers and freight brokers who work with creditworthy shippers and clients can get approved for freight bill factoring services. The factoring company will research the creditworthiness of your clients, not the creditworthiness of your trucking business.

Freight factoring costs

Different factoring service providers charge different factoring rate quotes. Take time to research different factoring companies and compare rates with the services being offered.

Ready to start with freight bill factoring

Interstate Capital is a leading factoring company and one of North America’s most trusted leaders in transportation factoring. Free Freight Search members receive unique time-and money-saving benefits from interstate Capital, including fuel advances directly from the site on any approved load posted on the site, low flat fees starting at only 1.99%, 24/7 credit approvals through the client web portal and more. Find out more about our online load board’s freight bill factoring services now.


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