What Is Freight Factoring?
Freight factoring is a convenient and reliable way service for professional truck drivers to get paid immediately for work they have done regardless if the shipper pays them on time. Freight factoring is a smart solution to manage your cash flow and cover your expenses quickly so you can move onto your next load. The factoring company (sometimes called the factor) makes this possible by paying you for your invoices right away, then collecting payment for those freight bills from your customer or broker later for a fee.
Without a freight factoring company, this could be you: A freight broker or shipper hires you to haul a load. You deliver the load to the receiver. The driver bills the freight broker or shipper and waits several weeks to get paid.
Many professional drivers and trucking companies can't afford to wait 30 days or more to get paid for an invoice, which is where Love's Financial helps to get you paid quickly.
Here's how it works: A freight broker or shipper hires you to haul a load. You deliver the load to the receiver. After the load is delivered, you submit your freight bill to Love's Financial, and receive payment within 24 hours. Finally, Love's Financial later receives payment from the original freight broker or shipper.
Since freight factoring is not a loan, you don't have to worry that you are creating debt for your trucking business.
By freight factoring with Love's Financial, you have a partner on and off the road.
Click here to learn more about freight factoring with Love's Financial or give us a call at 1-855-495-5683.