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Freight factoring is the act of converting unpaid shipping and freight invoices into liquid cash. By selling the unpaid invoice to a freight factoring company for a cash advance of around 90% of the invoice value, your business can ensure that it has the money needed to make time-sensitive payments.
What is Freight Factoring?
After securing payment from your customer, the freight factoring company will then send you the remaining 10%, after deducting their nominal fee (typically between 0.5-4% of the total invoice value).
There's a vast range of freight factoring providers out there so it's hard to narrow down exactly which is right for your business. We highly recommend Trucktop as one of the top freight factoring providers available. We're also big fans of TBS Factoring and Wex. Finding out which is right for your business is the most important step, which is why we match you with the best suppliers for you.
Who are the top providers?
How do we work?
Our free quote-matching service is quick and easy to use:
- We’ll ask you a few questions about your business, so we can understand what you need.
- We’ll use your answers to match you with up to five trusted suppliers. This is why we ask for your contact details. Your details are safe with us – we are fully GDPR compliant and we’ll only ever match you with suppliers that we know can cater to your needs.
- Your matched suppliers will get in touch with you, so you can ask questions and receive quotes tailored directly for your needs. You’ll then be armed with all of the information you need to confidently compare, and choose from.