Enhance your company's success by quickly turning your invoices into working capital that you can use to grow your business.
At its most basic, invoice factoring is the purchase of accounts receivable by a third party, known as a factor, that allows a business owner to instantly turn aging invoices into cash. While very powerful, freight factoring is also a very simple process.
First, a trucking company hauls a load for a broker or shipper, generating a valid invoice that they wish to get paid for.
Next, that trucking company uploads the invoice and any supporting paperwork to their factoring company for approval and payment.
Once the factoring company has been able to review the invoice and supporting paperwork for completeness and accuracy, they bill the broker and pay the carrier.
After the invoice ages the appropriate amount of time, the broker or shipper sends payment for the invoice to the factoring company, completing the factoring cycle.
Our professional factoring staff work hard to ensure that all of our clients quickly receive funding for their factored invoices. We understand that your time is money.
We will handle all of the billing and collections with your customers, organized and all in one place. You have 24/7 online access to view your account.
Fuel is one of the biggest expenses a trucking company faces. Use our WEX Fuel Card to fill up for less, every time. Use the fuel-finder app to locate the largest fuel discounts near you.