1. What is factoring?
Factoring companies purchase accounts receivable. When you factor an invoice you are selling the right to collect on the invoice in trade for immediate cash.
2. Why would I want to factor my freight bills?
Many trucking companies like yours have most of their working capital tied up in invoices waiting to be paid by brokers and shippers that pay when they want to pay. Factoring gives you the cash you need to fuel your trucks, make payroll, and pay for repairs, allowing you to take the next load without worry.
3. How do I get paid for my invoices?
The day we receive your paperwork (invoice, rate confirmation, bill of lading) we can transfer the money directly to your bank account via ACH Direct Deposit, issue you an EFS Check, Comdata Comchek, or send a standard check via U.S. Mail.
4. What is Recourse vs. NON-Recourse factoring? Which program do you offer?
Under Recourse programs, the factor has the right to charge the invoice back to you at any time, thus taking the original money advanced back, plus fees, for any reason it deems necessary. We never do this.
All of our programs are NON-Recourse. This means we assume the credit risk. Once we purchase the bill from you we will not charge the invoice back to you.
5. Am I required to sell you all our invoices?
No. You choose which invoices you want to factor. We only ask that you factor all of the invoices you have for the same broker or shipper in order to make it less confusing for your customer. If they receive some invoices factored and some billed direct from you, the confusion will delay payment.
6. Will you purchase all invoices that I send to you?
No. Before accepting an assignment, simply call us and we can tell you if the freight broker is creditworthy or not. Our credit decisions are based on our personal experience, as well as their rating in Ansonia, Dun & Bradstreet, Experian, Compunet, and Transcredit. We have first-hand credit experience on 150,000+ debtors. By calling us before agreeing to take the load you minimize the risk of dealing with a broker or shipper that may end up not paying your invoice.
7. Can you deposit the money into my bank account?
Yes. We can also fund you via EFS Check, Comdata ComChek, or hold it in a trust account from which you can draw EFS Checks or Comdata ComCheks as needed.
8. What if I want to stop factoring?
You can stop using our service at any time. We have no long term contracts thus no termination fees.
9. Can I get a lower rate if I have a high volume?
Yes. For higher volume customers we can offer better rates. Call us for more information.
10. What types of businesses do you factor?
We factor trucking only. By specializing in this industry segment, it allows us to be more knowledgeable about your business and deliver outstanding customer service.
11. Do you offer Fuel Cards?
Yes! We offer both EFS Fuel and Comdata fuel cards. Both offer cash price at the pump with fuel discounts at all major truck stops. Our fuel cards are free for active customers.
12. What are some of the advantages of working with Nationwide Transport Finance?
- No set-up fees
- No minimum monthly volume
- Fee structure much less expensive than Flat Fee factoring
- Immediate cash for your invoices
- Multiple funding options
- Working capital with no need for bank loans
- No more stress of collecting on your receivables
- We become your back office for accounting and receivables
- Online access to account information
- Free credit checks with immediate answer
- Fuel cards with cash price at pump and fuel discounts
- Unsurpassed customer service!
13. What if I have other questions?
Call us at (800) 624-3353 or (803) 619-2626. We will be happy to answer any questions you have about our programs. You can also fill out our short inquiry form and we will get back to you promptly.
Speak to one of our factoring specialists
Fill out our inquiry form to the left or call us toll free at (800) 624-3353 to get started.
- Non-Recourse factoring
- Funding on fax or email copies
- No application fee, no long term contract
- No monthly minimum volume
- Collection rebates available immediately
- Online access to your account
- Free timely credit checks
- Eliminate credit risk
- $1.75 per ACH direct deposit (multiple invoices)
- Comcheks and Transflo Express Truckstop scanning
- Comdata Fuel Cards at no cost to you
- $.07 / gallon discount at Wilco-Hess
- Professional customer service