WHAT IS FACTORING?
Factoring is a financing tool that allows you to have your invoices paid in as little as 24 hours. It provides your company with the necessary capital to operate your business. Factoring is not a business loan. Rather, factoring involves selling your invoices at a discount for immediate cash. The factoring company waits to get paid, while you get immediate use of the funds.
WHAT ARE THE BENEFITS OF FACTORING?
Virtually all the costs associated with operating a trucking fleet require an outlay of cash before you can collect on services rendered. Whether this is for fuel and maintenance or expanding assets to accommodate working capital, cash flows out of the business before it comes in. Factoring accelerates cash and provides the capacity to grow when other forms of financing may not be available. Additionally, a factor specializing in the transportation industry can provide credit and collection services at a fraction of the costs available to an individual carrier.
ISN'T FACTORING ONLY FOR "TROUBLED" CARRIERS?
No. Trucking companies require significant amounts of cash for operations, more than you can typically receive from banks and other conventional lenders. This does not mean a carrier seeking a factoring service isn’t managing its funds well or isn’t thriving financially.
WHAT SIZE FLEETS DO WE SERVE?
We serve any size, however, we specialize in fleets from 3 to 150 trucks.
HOW LONG DOES IT TAKE TO PROCESS MY APPLICATION?
Typically, we can issue you a proposal within 24 hours of receiving the initial information.
HOW LONG MUST I BE IN BUSINESS?
No specific requirements. We're looking for carriers operating under their own authority. We look at the experience of our clients and their customers, not the longevity of their business. We proudly offer our services to start-up and established businesses alike.
WHAT IF I'VE FILED BANKRUPTCY?
We will look at bankruptcies on a case-by-case basis. If the bankrupcty has been discharged and you've been securing other forms of credit, you can factor with Fleet One.
DO I HAVE TO FACTOR ALL MY INVOICES?
No. However, we generally require you to factor all invoices for any given customer. This eliminates unnecessary confusion.
HOW WILL I KNOW THE STATUS OF MY FACTORED INVOICES?
Our online account management provides a full array of client reporting and real-time information. We can also accommodate any special reporting requirements, by fax and email. Our goal is to keep you totally informed on the status of your customers and accounts.
HOW DO MY CUSTOMERS KNOW WHERE TO SEND PAYMENTS?
Each invoice will be stamped with payment instructions. We'll even provide you with the stamp.
HOW AND WHEN DO I RECEIVE THE CASH?
You choose how you'd like to receive funds - wire transfer, ACH, or directly to your FleetOne Over The Road account. We'll remit funds as soon as we process and verify the purchased invoices.
HOW DO I GET STARTED?
Call us, toll free, at 877.275.8801 - or click here for an application.