How Freight Factoring Works
Freight factoring or freight invoice factoring is a service for truck drivers to get paid faster or immediately for the loads they deliver by the help of a factoring company.
Factoring services for trucking companies is possible as the factoring company pays you for your freight invoices right away, and then collects payment for those freight bills from your customer or broker later - for a fee.
Here's a step-by-step how freight factoring works:
- A freight broker or shipper hires a professional truck driver to haul a load.
- The driver delivers the load to the receiver.
- Instead of submitting the freight bill to the freight broker or shipper, the driver submits the freight invoice to the factoring company. In this case the factoring company is Love's Financial.
- Love's Financial pays the driver within 24 hours.
- Love's Financial later collects payment from the freight broker or shipper.
Learn more about freight factoring with Love's Financial on our website or give us a call at 1-855-495-5683.