For owner-operators and small fleets: Our factoring partner charges a flat 3% rate per load. No additional fees. No ACH or Wire fees. It is also non-recourse - meaning, they assume the risk if a broker does not pay or goes out of business. Plus ELD savings, of course.
For fleets over 5 trucks: Flexible terms starting from 1.99% per load. Non-recourse or recourse. Plus ELD (or fleet tracking) savings, of course.
Same day payments, no minimum volume, and no contract lockup.
Many factors claim to charge a lower rate, for example, 2.5% or sometimes as low as 1.25%. This is oftentimes misleading because:
1) Extra fees on top of the rate. for example flat $5 ACH fee or $25 wire fee per load. On a load that pays $1000, $25 is 2.5%. Our factoring partner does not have additional/hidden fees.
2) The rate can be "per month" vs "per load": In the per month scenario, if a load doesn't pay in 60 days, 2% becomes 4%. Our factoring partner charges per load.
3) Lower rates are usually "recourse", which means that the factor will go after the carrier in case the broker doesn't pay. Recourse rates are generally lower than non-recourse.
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