Freight Factoring Services
How does it work?
So, what is freight factoring? Simply, freight factoring is the sale of a company’s accounts receivable for immediate cash. Most companies have to pay bills faster than they can collect on their accounts receivable. This disrupts cash flow. So, if you expect to collect on several accounts receivable next week, but need cash today, factoring is a great option. Not only does factoring turn your trucking company’s invoices into cash in a day, it also takes care of collections and other back-office work for your company.
Here’s an example of successful freight factoring:
- You send your company invoice with back-up to CoreFund Capital, then we forward it to your customer
- CoreFund pays up to 95% of your invoice the same day
- CoreFund collects your invoice from your customer
- CoreFund collects a small fee for its services
Apply today and Get Funded
Improve Your Accounts Receivable Cash Flow
In business, there are times you might be waiting as long as two months for payment after completing a job. When you have gaps in payment, managing cash flow can be difficult. This gap creates a few business problems, especially for newer freight companies. For one, having delays in your revenue stream means that you may have to postpone important maintenance work on your truck and/or fleet. That decision could lead to vehicle breakdowns and missed delivery deadlines, ruining your relationship with an important account.
Freight Factoring with CoreFund Capital
Whether you’re trying to get paid quicker, save time by outsourcing your accounts receivable tasks, or searching for an alternative to the lengthy bank loan application process – there are many reasons to partner with CoreFund Capital. As your freight factoring company, we’re committed to addressing your unique business needs when you need it the most. We work with start-ups and trucking companies with 1 to 100 trucks. Every client treated with the same personalized and exceptional service.
To learn more about putting us to work for you, contact one of our experienced freight factoring professionals today!
Payroll, Fuel Expense, & Insurance Payments
Freight factoring streamlines your account receivable processes by closing the gap between deliveries and when you get paid. CoreFund’s clients can benefit from same day funding, as opposed to waiting 30, 60, or even 90 days to receive payment.
Factoring is not a loan. A bank will lend you money based on your ability to repay that loan, while a factoring company makes advances based on the ability of your customers to pay what they owe. That makes factoring much easier to qualify for. Most bank lenders are wary of lending money to small and medium-sized companies whose financial statements don’t necessarily reflect their potential. Freight factoring streamlines your account receivable processes by closing the gap between deliveries and when you get paid.