Real Time
Fuel Card
Personal
Upfront
What is
Freight
Factoring?
Freight factoring (also referred to as invoice factoring, or accounts receivable factoring) is a form of financing designed for truckers.
Factoring is when you sell unpaid invoices to a factoring company. The factoring company pays you same day for your invoices, then waits for your customer to pay them back.
Why should YOU factor?
Get Paid Faster
Rather than waiting 30 or 45 days, cut out the wait and get paid the day you deliver.
Payment Collections
Remove the headache of collecting payments and focus on growing your business.
Flexible Growth
Getting paid early means you may be able to take on opportunities, and grow more quickly and sustainably.
How does
factoring
work?
Signing up with Flexent Freight Funding is quick and easy, and once your account is set up, the factoring process is even more simple.
Complete Delivery
Work with brokers (or direct haul) and deliver your load as usual.
Upload Paperwork
Take a picture or upload your paperwork through our mobile app.
Get Paid Same Day
Don’t wait 30 or 45 days. Get paid in hours…or minutes!
How do you
get paid?
Fast. Flexible. To your bank account.
How do you
get paid?
Fast. Flexible. To your bank account.
Many Payment Options
Real Time Payments
Real time payments are faster than Same Day ACH and wire transfers. Once your load is approved, you can get paid directly into your bank account in minutes.
Flexent Fuel Cards
Take advantage of fuel discounts across the country and get paid fast with Flexent’s fuel card partnerships.
Get started
Free Quote
Cut out the wait.
Get paid in hours.
Why Flexent?
Bank Owned
Being bank owned means we are held to higher standards compared to our competitors. That means more security for you.
Mobile Accessibility
Submit your paperwork, check broker credit, and access your fuel card anywhere, anytime.
Personal Service
You can always pick up the phone and speak to a person during our operating hours.
Get your Free Factoring Quote Today
FAQ
Ask us anything
What is freight factoring?
Freight factoring (also known as accounts receivable factoring or invoice factoring) is the process of selling your unpaid invoices to a factoring company. The factoring company then pays you immediately and waits for your customer to pay. Freight factoring is helpful because it shortens the time you have to wait for payment. This immediate cash allows you to focus on growing your business rather than on tracking down payments.
Is freight factoring a loan?
Freight factoring is not a loan.
A loan is borrowing money, but factoring is selling an asset. The asset that the factoring company purchases from you is accounts receivable (that is, the money that your customers owe you). The factoring company gives you money today in exchange for the money you would receive in 30 days.
Can I have more than one factoring company?
No, you may not work with more than one factoring company.
Due to the legal structure of a factoring agreement, and how factoring companies secure receivables, you are not able to have more than one factoring company at any given time.
Do I have to factor every load?
No. You have the freedom to decide which loads to factor.
Although Flexent Freight Funding gives you the freedom to pick and choose which loads to factor, we do ask that you direct all payments to us. Any payments for unfactored loads will be returned to you. Directing all payments to a single location prevents confusion among your customers and ensures that all factored loads are paid off.
Do you offer non-recourse factoring?
No. We only offer recourse factoring.
Recourse factoring means that we purchase your invoices for an allotted period (generally 45 days). If your customer fails to pay within that period, we will return the invoices to you. Think of it like returning a faulty product. The longer a customer takes to pay, the more difficult it will be for us to collect payment, so we reserve the right to return unpaid invoices after the allotted time period. This form of factoring is often cheaper than the alternative.
Non-recourse factoring means that the factor purchases the invoices permanently, and cannot return them, even if your customer does not pay. In this form of factoring, the factor takes on more risk, and so often charges more for the service.
