Brokers and shippers routinely take 30 to 60 days to pay. Fuel, insurance, and repairs do not wait that long. Freight factoring turns your unpaid invoices into cash in as little as 24 hours — and CarrierChk can connect you with RTS Financial for a free, no-obligation quote.
Run the load as normal and submit your rate confirmation and signed bill of lading.
The factoring company advances most of the invoice value, typically within 24 hours of approval.
The factoring company waits on the broker's payment terms and handles the collection for you.
Factoring is not for everyone, but it tends to make the biggest difference for:
If your customers pay quickly and you have comfortable reserves, factoring may simply cost you margin. It is worth running the numbers before you commit.
With recourse factoring you remain responsible if the broker never pays, and rates are usually lower. With non-recourse factoring the factoring company absorbs the loss when a customer fails to pay due to insolvency, which costs a little more. Ask which one a quote refers to — the headline rate alone does not tell you much.
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