You can’t possibly receive a cash advancement with poor credit, right?! Wrong! Porter Freight Funding doesn’t perform a credit check on you or your business prior to purchasing your invoices. If bad credit is holding you back from success, allow Porter Freight Funding to help!
Invoice factoring is not like normal lending services. Factoring checks the credit of your customers, not your personal or business credit score. This allows you to receive cash advancements even if you have been denied for a bank loan or a line of credit.
Non-recourse vs. Recourse Factoring
How is it possible to receive a cash advancement with bad credit? Invoice Factoring is broken down into two different categories: recourse and non-recourse. Recourse factoring is when a factoring company purchase your open invoices and advances funds on the loaded haul. The factoring company would then wait for the customer to pay and collect on your behalf so you can run your business instead of spending time chasing the money you are owed. The company will pay you 100% advancement. If we are unable to collect payment from your customer in 90 days, you must pay back your advancement. Non-recourse factoring is exactly the same as recourse, however, you will receive 97% of your advancement (the factoring company takes a 3% fee). With non-recourse, the factoring company takes on the risk of the invoices if your customer files for bankruptcy or goes out of business.
Factoring for Multiple Industries
Trucking is not the only industry with factoring needs and solutions. Porter Capital offers factoring for numerous industries including: staffing, oil and gas, manufacturing, service companies, distributors, and of course, trucking and transportation.
Factoring is the answer to all bad credit issues. Porter Freight wants to see you and your business succeed and will set you up with the best services to do so. For more information on how we can help your grow your business through same day pay and freight finding, call us today at (205) 397-0934 or fill out the form here.