Transportation Factoring companies are financial institutions that buy a carrier’s receivables, take ownership of the invoice, and then collect on the amount due to provide the carrier immediate liquidity to fund their day-to-day operations.
This transaction can yield cash within 24 hours or less. Why would anyone need financing that fast? Because the time-sensitive nature of the freight industry is constantly demanding the flexibility and immediacy of liquid capital to deal with unexpected expenses. Cash is an absolute necessity in trucking and transportation.
When cash or credit has been exhausted by financing, fixed investments, expenses, or emergencies; day to day routines are immediately affected. Situations such as making payroll, purchasing fuel, settling insurance payments, or even getting trucks into the shop for required maintenance can quite literally become impossible tasks. This cascade of expenses gains speed while the carrier is forced to wait for 30, 40, sometimes 60 or more days, to receive payment from their brokers or shippers! That wait time is where factoring companies like CarrierNet can provide immediate financing options.
Our factoring programs provide immediate cash liquidity necessary to slow the cascade of operational expenses, while simultaneously equipping carriers with a suite of services that streamline, track, and improve their daily operations. CarrierNet’s service suite offers collections, fuel/tire discount programs, paperless automated invoicing, unlimited credit checks, IFTA Tax solutions, accounting software, fleet management systems, load boards, and archiving systems at no additional cost!
Furthermore, you can rely on factoring companies like CarrierNet to have processed and collected hundreds of thousands of unique invoices. Established in 2001, we have amassed a wealth of invaluable industry experience available to carriers as a resource to can call upon in difficult and extraordinary situations.
We have the factoring programs, tools, knowledge, and experience to equip your company for the unexpected. We look forward working with you to find a solution that keeps you adaptable, streamlined, and effective in today’s volatile trucking and transportation industry.