FREQUENTLY ASKED QUESTIONS
New to factoring? Have a question about factoring cost or how we help manage the fleet invoicing process? Read the FAQs for more information, or you can contact us with any specific questions you don’t see here.
If you are experiencing or expecting a cash flow crunch, factoring can help steady your company’s financial footing. It is not a business loan — it is a way to get immediate access to your accounts receivable by selling them at a discount to a factoring company.
The money you get is money that is already owed to you, so you are not creating debt and your personal credit is not an issue.
- If your fleet cannot get standard bank financing to expand business or update major equipment
- If your fleet is struggling in its collection efforts
- If your fleet needs help in financing your debtors
Recourse Factoring – The fleet assumes the credit risk for any invoices that cannot be collected.
Non-Recourse Factoring – The factoring company assumes the credit risk for any invoices that cannot be collected.
WEX Fleet One Factoring provides free credit checking on all customers and potential customers, to minimize non-payments.
- Payment within 24 hours
- Dedicated account manager
- 24/7 online account access
- Credit checks on potential customers
- Collections management
- Fuel and tire savings programs
- No hidden fees
- No monthly minimums
- Easy application and set-up
One of the most popular programs we offer is our factoring-funded fuel card. In one seamless transaction, the funds coming in from your factored invoice go into your company’s fuel card account. We provide you with as many cards as you need for your fleet, to be used at any of our 7,100 in-network sites across the country. You’ll see substantial fuel discounts and rebates, as well as big discounts on tire services, maintenance and roadside assistance.
Factoring customers simply type in a name or phone number of a shipper into our online credit check and get an immediate response on whether it is approved for factoring and how much credit we will extend. Get that same information via fax or phone call.
It’s up to you. We’ll be happy to factor all of your invoices or just a select few, and our representatives are ready to hear about your needs and make recommendations.
We buy freight invoices from any type of customer you deal with, including brokers, shippers and freight forwarders.