Billing/Invoicing: Since our factoring partner technically buys the invoice from the carrier, it is their obligation to invoice the broker. That means that our factoring partner generates, sends and confirms invoices for carriers, carriers save time not doing that. They also have a lot of experience billing brokers and now how each broker needs to be invoiced to make sure timely payments. Since most carriers often have to work with new brokers, they may not be aware of specific invoicing details and fail to bill the broker properly resulting in overdue payments.
Collections: as it's on our partner to collect the money from the broker, carriers can forget about all this hassle. Usually, you have to follow up for weeks with those brokers who don't pay on time, which is stressful for carriers and time-consuming. Our factoring partner takes over that process and if the broker doesn't pay – it's their loss (see next point).
Risk protection: their factoring is non-recourse which means that if they factored your load, they assumed the risk of non-payment in case of broker bankruptcy. Since brokers often go out of business, it's like an insurance for carriers. In addition to that, we offer free online credit checks – carriers can see if the broker is solvent before picking up a load from them.
Our factoring partner will cover HOS247 services costs (ELD, Tracking, etc.) - partially or in full, depending on how much they will factor for you. - APPLY HERE