How does factoring work?

Factoring is an important financing method that many truckers in the industry use. If you haven’t read about what factoring is, check out our other blogs to get more information. Factoring your invoices begins when a driver has delivered their load and has been given an invoice. That invoice can be sold to a factoring company (like ours) at a discount. Once the factoring company (factor) has the invoice, they take over and begin the verification process. After the factor has verified the invoice, they can issue the payment to the driver for their invoice. The amount of time from receiving the invoice to getting paid can differ depending on the factor you are working with. I hope this helps explain how the factoring process works. If you are looking to learn more about the factoring or signup process, contact us today! Also, keep an eye out for future posts so that you can learn more about the factoring and trucking industry.