Freight Factoring for Trucking Fleets and Carriers
After completing a job for a shipping company, you want your fleet to receive payment as soon as possible. However, shipping companies can take 30 to 60 days to distribute funds, making it challenging to keep track of invoices and other essential documents.
At Porter Freight Funding, you’ll receive your money within 24 hours with our invoice factoring for truck fleets. After accepting and delivering shipments, simply send us the documentation and we’ll give you 100% of what the shipper owes you. Set your trucking company up for success with Porter Freight Funding today!
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205.397.0934
Benefits of Freight Factoring Services
Freight factoring for large truck fleets will consistently keep money flowing without the need to wait for payment from a broker. Some of the most significant benefits of our fleet factoring service include:
Improve Cash Flow
Having a steady source of income makes it easier to pay your bills, purchase fuel for your trucks and keep your fleet on the road. Our same-day factoring for trucking fleets also makes it easier to complete monthly and yearly budgeting to ensure your company continues to operate smoothly.
Dynamic Funding Options
A freight funding company will provide flexible funding levels, allowing you to factor as many or few invoices as you need. This option for quick, reliable payments allows your fleet to take on more business and expand the number of invoices you factor as your company grows.
Haul More Loads
Having access to a consistent cash flow allows you to pay your bills and expenses as quickly as possible to spend more time focusing on hauling more loads. A consistent cash flow will also give you the opportunity to take on more jobs, hire new drivers and invest in your company for greater success.
Reduce the Workload for Accounting
A fleet factoring company will make follow-up calls, check payments and handle disputes to reduce your accounting department’s workload. In addition, instead of sending multiple invoices to different shippers, you only have to send one invoice to your freight factoring company so you can spend more time and energy hauling high-paying loads.
Why Choose Porter Freight Funding
Choosing Porter Freight Funding allows your fleet to capitalize on the above benefits along with several unique perks:
- Dedicated representatives: Our team is available to handle any questions throughout the entire process.
- Pre-approved clients: Expand your earnings with access to pre-approved brokers and shippers.
- Financial certainty: We’ll pay you upfront and deal with collections for greater financial stability.
Apply for a Freight Factoring Quote Today
Help your fleet succeed with a reliable cash flow from Porter Freight Funding. Apply for a quote online today or contact us at 205-397-0934 to learn more about freight factoring for fleet carriers.
Frequently Asked Questions
When you ask, we listen and strive to find all the answers you need to make an informed decision about fleet factoring. Below are answers to some of the most common questions we get. Take a look, and if you still have questions, feel free to reach out and ask our team everything you want to know.
Fleet factoring is freight factoring for your entire arsenal of trucks. Usually, once you complete a job, you send your client an invoice and wait. And wait. And wait some more — sometimes even months — until they send back your compensation.
Anyone with any business sense knows that waiting so long to receive funds can be an issue for keeping your enterprise off the ground. This is where a fleet factoring service comes in. They’ll serve as the middleman between the two sides. After your job, you send the invoice to the company, which pays you for your work within a day. Then, the factoring company works with the client to pay off their debt over time.
With fleet trucking factoring, you get your money sooner, your client can take their time paying what they owe and the freight factoring company gets a small cut of the profits. Everybody wins!
In short — yes. Trucking factoring offers invaluable benefits for trucking companies, such as:
- Delivering funds in hours instead of weeks
- Managing long-term contracts after the job is complete
- Providing financial security to businesses that may not be able to get loans
In exchange, the freight factoring company will take a small fee — usually 1%-5% of each invoice. Most companies find this more than fair, as it takes some of the accounting pressure off their plate and gives them more funds immediately to take care of bills and work on improving their business.
Every freight factoring company boasts different benefits and rates, and it can be easy to just choose the one with the best rates and be done with it. But, remember that the company you select will be working with your finances and helping you grow your business. Take the time to do your research and talk with the teams to see which ones align with your mission and are truly dedicated to seeing your brand succeed.
At Porter Freight Funding, we invite you to contact us today and see why we’ve been hired to serve brands like yours — small and large, new and established. When your business succeeds, so do we. We can’t wait to see what heights we can achieve together.