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Factoring Services

• Assistance in selecting a reliable partner
• Finding factoring partner according to your needs

• Expert support to all our clients

Better options of Factoring Services for Trucking Companies

It’s challenging enough to operate a business — especially a small one or if you’re just starting out — and maintaining a reliable, steady cash flow can mean the difference between sinking or swimming. Unpaid invoices throw a huge wrench into the works, especially if you depend on the incoming funds for payroll or rent.

That’s why Ohio Solution has teamed up with professional factoring companies to provide our clients with factoring services that can make all the difference in the way they do business.

What is freight factoring?

Truck factoring service — also known as freight factoring — allows carriers and owner-operators to turn unpaid invoices into cash. Essentially, a third-party freight factoring company for trucking will effectively buy those outstanding accounts receivable at an advance rate of usually 80% to 90% of the value and then collect on those unpaid invoices themselves.

Why You Should Consider a Truck Factoring Service

Factoring in the trucking industry means someone else takes the risk of non-payment. For many trucking companies, even getting a discounted amount for invoices is well worth getting a freight factoring specialist for trucking companies since they have immediate funds with which they can pay overhead costs or even take on additional work to make more money.

How to get started

01 – Fill out the form or call us at (206) 789 1234

02 – Provide us with your MC Authority, W9 Form, and Certificate of Insurance.

03 – Plan your week with your Personal Dispatcher.

04 – We are all set. Lets get to the work!

How Trucking Factoring Works

The general process you encounter with trucking factoring is as follows:

• You invoice your client for work done.
• You assign unpaid invoices to a truck factoring service. If you are doing contract factoring (high volume), you are assigning all your unpaid invoices to the trucking factoring company. If you are going by way of spot factoring for trucking (low volume), you decide which invoices you will assign for truck factoring services.
• The truck factoring company pays you the agreed-upon advance. Once everything is set up, this can be as soon as within 24 hours.
• Your client pays the truck factoring service — it is now the responsibility of the factoring company to chase down clients for payment.
• Once the invoice is paid, the factoring company will take its fee cut and then send you the balance.