A factoring company provides financial services to freight carriers by purchasing their accounts receivable at a discounted rate. This process helps carriers to maintain steady cash flow by giving them immediate access to funds that would otherwise be tied up in unpaid invoices. However, when using a factoring company, there are some disadvantages to be aware of as well:
Most brokerage firms offer an individual QuickPay program in which carriers will be able to receive their funds within 2-3 days after delivering their load for a certain percentage fee. The carrier will typically submit an invoice to the brokerage firm and the broker will pay that invoice for a fee within just a few days.
At Lo Freightz, we're not like every other brokerage firm. We represent both shippers and carriers equally. We believe that carriers should never have to wait for their funds. When delivering loads within our network, we do the work and offer same day payments for our carriers without charging a fee. Once a carrier signs off on their rate confirmation, delivers a load and uploads their signed POD, we submit payment directly to the carrier same day via wire transfer or ACH.
Interested in joining our network? Complete the documents below and one of our agents will review your qualifications and onboard you into our system. If you have any questions or need assistance with the paperwork, feel free to reach out to us. We look forward to a successful partnership.
We use cookies to analyze website traffic and optimize your website experience. By accepting our use of cookies, your data will be aggregated with all other user data.