Trusted Factoring Company for Freight Brokers
As a freight broker, you’re always looking for reliable ways to secure excellent relationships with customers and carriers. One of the greatest obstacles between you and a satisfied customer is the 30-90-day period it often takes for payments to come through after completing a delivery. Factoring companies for freight brokers provide you with the immediate availability you need so you can pay your carriers quickly and have increased working capital to run your business. Let your factoring partner wait 30-60-90 days to get paid from your customer.
Freight broker factoring companies unlock new possibilities to ensure your carrier receives compensation for their work in a timely fashion. Your freight factoring partner will provide funds to cover costs so you can pay your client right away.
At Porter Freight Funding, we offer transportation factoring for freight brokers with packages that work for everyone, whether you’re a new freight broker or an existing one. Submit the contact form below for more information or apply online today.
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How We Can Help Your Freight Brokerage
Your time is
valuable.
Spend your time increasing sales
while we remove the burden
of carrier settlement
And so is
your reputation…
Attract quality carriers
by establishing and building
credit through factoring.
Our Freight Broker Factoring Services
Our factoring process makes freight brokers’ lives easier. We’ll pay your carrier as soon as they deliver a shipment. All the while, our expert customer service team is available to field all of your questions and requests.
How does freight factoring work?
- We’ll pre-approve your shipper for credit.
- You’ll broker a deal between your carrier and a shipper.
- Your carrier will deliver the order.
- You’ll send us the invoice.
- We’ll pay your carrier directly and send additional funds to you.
- We’ll collect the payment your shipper owes.
How Can Porter Freight Funding Benefit Your Business?
When it comes to transportation factoring for brokers, Porter Freight Funding is the ideal partner. We’ll supply your funds instantly so you can deliver a fast payment to your client. Freeing yourself from lengthy payment cycles will allow you to:
- Grow your business: Instant payments enable you to cover your expenses with certainty. As a result, you’ll become an attractive representative to carriers searching for a financially stable option. Fast, reliable payments also free you up to budget intentionally and invest in your success.
- Improve customer satisfaction: Carrier clients will appreciate your ability to provide timely payments and efficient service.
- Quick-pay option: Provide a quick-pay option to carriers that need it while also creating additional revenue for your company.
Get Started With Porter Freight Funding
A reliable freight factoring company is here to help your business provide the best possible brokerage services for transportation clients. You can count on Porter Freight Funding for fast, competitive payments for your carriers. Contact us online for more information or apply online to partner with us today!
Frequently Asked Questions
As you consider whether freight funding is the right choice for you, you probably have plenty of questions to answer in your research. Porter Freight Funding is happy to answer them all so you can be informed. Start with our FAQ below, and reach out to us for more in-depth explanations and answers to anything else you want to know.
One of the greatest challenges in working in the trucking industry is the long lead times between completing a job and receiving payment for it. Not only do you have to wait for your money, but you also have to keep track of clients and invoices long after their service is complete.
Freight broker factoring takes these concerns off your plate. Once your carrier finishes a job, you can send us your client’s invoice. From there, we’ll pay you for your work and take care of the rest. We’ll handle sending out invoices to your clients and collecting their payments as they come in over the typical extended period. Meanwhile, you can use the money you’ve already received to further your business plans and invest in whatever comes next.
Factoring companies are an excellent choice for trucking enterprises and freight brokers alike. Because you work in tandem, you often face the same payment struggles as your carrier. The main goal of any freight factoring company is to deliver your money sooner, which benefits both organizations simultaneously. Plus, since we take on your contracts entirely, you both can have a clean slate to bring in new projects and create even more profit to expand your brands.
Ultimately, the clients who ordered your carrier’s service will pay the factoring company. When you send us your invoice, we pay you directly from our own funds. Within hours, you’ll receive the full balance of your invoice, minus a small processing fee we take for our work. Generally, this is about 1%-5% of the invoice cost — likely a similar amount you would pay an accountant for doing the same work.
When we pay you, we are essentially buying the invoice from you, making your client our client. Then, we contact them and let them know they will be paying their balance to us instead of your freight company or broker. We’ll work with them to get the money they owe, and as they pay the full balance, they pay back the money we gave you, ensuring everyone receives the profit they’re owed.