{"id":6237,"date":"2019-05-27T17:11:49","date_gmt":"2019-05-27T14:11:49","guid":{"rendered":"https:\/\/www.lending-express.com\/blog\/?p=6237"},"modified":"2019-06-10T13:41:22","modified_gmt":"2019-06-10T10:41:22","slug":"freight-factoring","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/freight-factoring\/","title":{"rendered":"Freight Factoring: How Does Trucking Factoring Work?"},"content":{"rendered":"\n<p><span style=\"font-weight: 400;\">The state of the trucking industry presents business owners with opportunities that are ripe and ready for the picking. Here are <\/span><a href=\"https:\/\/www.trucking.org\/article\/New-Report-Finds-Trucking-Industry-Revenues-Topped-$700-Billion\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">a few quick facts<\/span><\/a><span style=\"font-weight: 400;\"> to illustrate just how strong the transportation sector in the United States really is:<\/span><\/p>\n\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">7.5 million people are employed by trucking companies, including 3.5 million drivers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">70% of domestic freight in the U.S. is moved by trucks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Over $700 billion in revenue is generated by the trucking industry every year<\/span><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">There\u2019s no question about whether or not the transportation industry is booming &#8211; it is. But that doesn\u2019t necessarily mean your freight company will be immune to the <\/span><a href=\"https:\/\/www.become.co\/blog\/5-challenges-us-trucking-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">difficulties that small trucking businesses regularly face<\/span><\/a><span style=\"font-weight: 400;\">. When it comes to meeting the financial demands that your trucking company faces, transportation factoring can be the solution that you\u2019re looking for.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">What is freight factoring?<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Freight factoring (also referred to as trucking factoring or transportation factoring) is essentially a type of <\/span><a href=\"https:\/\/www.become.co\/invoice-factoring\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">invoice factoring<\/span><\/a><span style=\"font-weight: 400;\"> that is made available specifically to trucking companies. Freight bill factoring is a particularly useful financing solution for trucking businesses that have a significant volume of unpaid invoices.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Trucking factoring companies will typically provide borrowers with <\/span><a href=\"https:\/\/fitsmallbusiness.com\/freight-factoring\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">80-90% of the total amount<\/span><\/a><span style=\"font-weight: 400;\"> of all of their unpaid invoices in a lump sum, and then pay the remaining 10-20% after the customers have paid their bills.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">How is freight factoring used?<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Transportation factoring can be used for a wide variety of business-related expenses including (but certainly not limited to) hiring more help, <\/span><a href=\"https:\/\/www.become.co\/blog\/how-to-scale-your-small-business\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">scaling up the business<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><a href=\"https:\/\/www.become.co\/blog\/how-can-your-small-business-survive-during-the-off-season\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">overcoming a slow season<\/span><\/a><span style=\"font-weight: 400;\">, and many more. Plus, the size of your fleet of trucks isn\u2019t going to change your ability to qualify for a trucking loan. Trucking factoring is one of the most flexible funding options in the sense that it can be used by any size of freight company for virtually any purpose.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">On the other hand, it should go without saying that freight bill factoring is only useful for freight companies. So if you\u2019re searching for <\/span><a href=\"https:\/\/www.become.co\/loans-by-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">loan solutions for other industries<\/span><\/a><span style=\"font-weight: 400;\">, factoring services for trucking companies is not going to be applicable to your needs. In general, trucking factoring companies are meant for freight businesses that have difficulty <\/span><a href=\"https:\/\/www.become.co\/blog\/unpaid-invoices\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">dealing with unpaid invoices<\/span><\/a><span style=\"font-weight: 400;\"> and non-paying customers.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">It\u2019s important to note that transportation factoring comes at a cost &#8211; the interest rates for freight factoring are higher than some other types of business financing. The reason for the higher interest rates is the quickness with which trucking businesses can obtain the funds, as well as the relatively shorter repayment periods (normally a number of weeks, up to a few months).<\/span><\/p>\n\n<p><img decoding=\"async\" class=\" wp-image-6267 aligncenter\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-1127161935-1-300x193.jpg\" alt=\"\" width=\"751\" height=\"483\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-1127161935-1-300x193.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-1127161935-1-768x493.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-1127161935-1-1200x771.jpg 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-1127161935-1-420x270.jpg 420w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/iStock-1127161935-1.jpg 1024w\" sizes=\"(max-width: 751px) 100vw, 751px\" \/><\/p>\n\n<h2><span style=\"font-weight: 400;\">Recourse vs non-recourse freight factoring<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">When comparing different trucking factoring companies, one of the key considerations should be whether they offer recourse freight factoring or non-recourse freight factoring. While neither type of transportation factoring requires collateral, the distinction is whether the borrower will be required to provide a guarantee.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">Recourse trucking factoring<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">In plain language, recourse trucking factoring is a type of trucking factoring that holds the borrower responsible in the event that the customers don\u2019t pay the invoice they owe. In other words, if you obtain funding through recourse transportation factoring and your client refuses to pay your loan provider, then you will be required to pay the lender the remaining amount of unpaid invoices. Trucking factoring companies can seem a bit tough on borrowers, but that\u2019s why they also offer an alternative type of freight bill factoring.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">Non-recourse trucking factoring<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As you may have already guessed, non-recourse trucking factoring doesn\u2019t require the borrower\u2019s guarantee to cover any irrecoverable unpaid invoices. So if any of the customers don\u2019t pay the trucking factoring company, the borrowing freight company isn\u2019t held responsible. While non-recourse freight factoring is understandably the preferred type of transportation factoring, it comes at a higher cost than recourse freight factoring.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">What are the best factoring companies for trucking?<\/span><\/h2>\n\n<p><a href=\"http:\/\/www.become.co\/apply\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Become<\/span><\/a><span style=\"font-weight: 400;\"> partners with dozens of the top lenders across the United States and Australia to provide small businesses with the optimal funding match for their specific profile and needs. Below, we list a handful of lenders that can assist in factoring services for trucking companies.<\/span><\/p>\n<p style=\"text-align: center;\">\u00a0<\/p>\n<p><img decoding=\"async\" class=\"size-medium wp-image-6259 aligncenter\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/credibly-logo-1-300x61.jpg\" alt=\"\" width=\"300\" height=\"61\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/credibly-logo-1-300x61.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/credibly-logo-1.jpg 462w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><span style=\"font-weight: 400;\"><strong>Loan amount:<\/strong> Up to $250,000<\/span><\/p>\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><span style=\"font-weight: 400;\"><strong>Loan term:<\/strong> 3-24 months<\/span><\/p>\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><span style=\"font-weight: 400;\"><strong>Collateral:<\/strong> None<\/span><\/p>\n\n<p style=\"text-align: center;\" data-tadv-p=\"keep\">\u00a0<\/p>\n<p style=\"text-align: center;\"><img decoding=\"async\" class=\"alignnone  wp-image-6261\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/bluevine-logo-1-300x61.jpg\" alt=\"\" width=\"270\" height=\"55\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/bluevine-logo-1-300x61.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/bluevine-logo-1-768x156.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/bluevine-logo-1-1200x244.jpg 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/bluevine-logo-1-604x123.jpg 604w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/bluevine-logo-1.jpg 1024w\" sizes=\"(max-width: 270px) 100vw, 270px\" \/><\/p>\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><span style=\"font-weight: 400;\"><strong>Loan amount:<\/strong> Up to $200,000<\/span><\/p>\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><span style=\"font-weight: 400;\"><strong>Loan term:<\/strong> 6 or 12 months<\/span><\/p>\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><span style=\"font-weight: 400;\"><strong>Collateral:<\/strong> None<\/span><\/p>\n\n<p style=\"text-align: center;\" data-tadv-p=\"keep\">\u00a0<\/p>\n<p style=\"text-align: center;\"><img decoding=\"async\" class=\"alignnone  wp-image-6260\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/Fundbox-logo-1-300x80.jpeg\" alt=\"\" width=\"274\" height=\"73\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/Fundbox-logo-1-300x80.jpeg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/Fundbox-logo-1-768x206.jpeg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/Fundbox-logo-1-1200x321.jpeg 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/Fundbox-logo-1-604x162.jpeg 604w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/05\/Fundbox-logo-1.jpeg 1024w\" sizes=\"(max-width: 274px) 100vw, 274px\" \/><\/p>\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><span style=\"font-weight: 400;\"><strong>Loan amount:<\/strong> Up to $100,000<\/span><\/p>\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><span style=\"font-weight: 400;\"><strong>Loan term:<\/strong> 3 months<\/span><\/p>\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><span style=\"font-weight: 400;\"><strong>Collateral:<\/strong> None<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Applying for transportation factoring through Become not only eliminates a vast amount of the time spent filling out forms, but it also does away with the need of applying to dozens of separate lenders one-by-one. Fill out one easy to understand application online through Become, and then sit back and let us do the rest of the work for you.<\/span><\/p>\n\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><b><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/apply\/\" target=\"_blank\" rel=\"noopener noreferrer\">APPLY TODAY<\/a><\/strong><\/b><\/p>\n\n<h2><span style=\"font-weight: 400;\">How to qualify for freight factoring<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">If you\u2019re applying through traditional lending institutions like banks, then odds are that qualifying for freight factoring can be difficult, specifically for smaller trucking companies. In fact, <\/span><a href=\"https:\/\/www.thebalancesmb.com\/small-business-loan-2947070\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">82% of small business<\/span><\/a><span style=\"font-weight: 400;\"> loan applicants in the U.S. (particularly startups) are denied financing by their bank. Fortunately, today there exists a wide variety of <\/span><a href=\"https:\/\/www.become.co\/blog\/bank-loans-vs-online-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">alternative business funding<\/span><\/a><span style=\"font-weight: 400;\"> opportunities that small-to-medium sized businesses can use to bypass the high disapproval rates of traditional lending institutions.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Become, for example, uses advanced algorithms that assess a large variety of factors (including business age, monthly revenue, existing loans, credit score and more) to determine how well your business is doing. Regardless of whether you qualify or not, our proprietary <\/span><a href=\"https:\/\/www.become.co\/blog\/how-lendingscore-uses-technology-to-improve-your-loan-approval-chances\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">LendingScore\u2122<\/span><\/a><span style=\"font-weight: 400;\"> technology is there to guide you and help you improve the specific funding factors that are holding you back from accessing even better funding options. Of course, the type of business will affect the kind of <a href=\"https:\/\/www.become.co\/loans-by-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\">industry loans<\/a> a business needs, as well as the specific circumstances that business finds itself in.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">Now that you know how to qualify for freight factoring, the question still remains: how do you apply for freight factoring?<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">How to apply for freight factoring<\/span><\/h2>\n\n<p><b>Step-by-step guide for applying for trucking factoring:<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><b>Choose <\/b><span style=\"font-weight: 400;\">your desired loan amount and select \u2018Get Loan Offer\u2019<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Fill in<\/b><span style=\"font-weight: 400;\"> the requested information (including time in the industry, revenue, business, etc.)<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Submit<\/b><span style=\"font-weight: 400;\"> your business\u2019s checking account information for analysis<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Wait for offers.<\/b><span style=\"font-weight: 400;\"> You can also review your status by clicking \u2018Access Your Loan Application\u2019<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Review offers<\/b><span style=\"font-weight: 400;\"> and select your preferred lender<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Receive the funds<\/b><span style=\"font-weight: 400;\"> to your business checking account<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Review your tailored LendingScore\u2122<\/b><span style=\"font-weight: 400;\"> dashboard to improve your funding options<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Improve your rates<\/b><span style=\"font-weight: 400;\"> &#8211; if your LendingScore\u2122 is insufficient, follow the personalized plan (8-12 weeks to unlock funding)<\/span><\/li>\n<\/ol>\n\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><b><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/apply\/\" target=\"_blank\" rel=\"noopener noreferrer\">SEE IF I QUALIFY<\/a><\/strong><\/b><\/p>\n\n<h2><span style=\"font-weight: 400;\">Alternative financing options to trucking factoring<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">Even the best factory company for trucking might not meet your business financing needs. If you feel that trucking factoring in and of itself isn\u2019t the type of <\/span><a href=\"http:\/\/www.become.co\/business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">business loan<\/span><\/a><span style=\"font-weight: 400;\"> that will be the best solution for you, consider the following alternative financing options for trucking companies.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">Unsecured business loan<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Unsecured business loans provide business owners with a form of financing that doesn\u2019t require any collateral to be put down. That means their valuable assets are not in jeopardy if they aren\u2019t able to repay the loan for whatever reason. If you don\u2019t have assets to offer as collateral, or don\u2019t want to put them at risk of repossession, consider an unsecured business loan.<\/span><\/p>\n\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><b><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/unsecured-business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">APPLY FOR UNSECURED BUSINESS LOAN<\/a><\/strong><\/b><\/p>\n\n<h3><span style=\"font-weight: 400;\">SBA loan<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A Small Business Administration loan is actually not a loan, but rather a guarantee that the government gives to lenders to cover up to 85% of the loan amount. This makes loan providers more likely to approve a small business for financing, and also gives small businesses more confidence to borrow funds that can ultimately help improve their business. SBA loans are a useful financing option for businesses in need of longer repayment periods and lower interest rates.<\/span><\/p>\n\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><b><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/sba-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">APPLY FOR SBA LOAN<\/a><\/strong><\/b><\/p>\n\n<h3><span style=\"font-weight: 400;\">Business line of credit<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Business lines of credit work similarly to the way credit cards do in the sense that the borrower has access to funds on an as-needed basis. Oftentimes a business line of credit will be revolving, meaning the borrower can continuously withdraw and repay funds. This is especially helpful as a form of backup financing in the event that hard times fall on your trucking business.<\/span><\/p>\n\n<p style=\"text-align: center;\" data-tadv-p=\"keep\"><b><strong><a class=\"btn btn-lg btn-success\" href=\"https:\/\/www.become.co\/business-line-of-credit\/\" target=\"_blank\" rel=\"noopener noreferrer\">APPLY FOR LINE OF CREDIT<\/a><\/strong><\/b><\/p>\n\n<h2><span style=\"font-weight: 400;\">Don\u2019t stall now<\/span><\/h2>\n\n<p><span style=\"font-weight: 400;\">The best factoring company for trucking is within your reach. You need only to apply through Become to get quick and easy access to funding solutions that can help your freight company refuel and keep its gears turning. With the knowledge of how well the trucking industry is doing, along with all of the helpful information provided in this article, you should be well on your way to the next mile marker in your journey towards business success. Please feel free to share the link to this article with friends, family, or colleagues that you think would find it useful. And, of course, go ahead and share it on social media as well!<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The state of the trucking industry presents business owners with opportunities that are ripe and ready for the picking. Here are a few quick facts to illustrate just how strong the transportation sector in the United States really is: 7.5 million people are employed by trucking companies, including 3.5 million drivers 70% of domestic freight [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6268,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,79,1,12],"tags":[131,247,140,178,177],"class_list":["post-6237","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aus-resources","category-business-guides","category-uncategorized","category-us-resources","tag-financing","tag-freight","tag-funding","tag-transportation","tag-trucking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Freight Factoring: How Does Trucking Factoring Work? - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/freight-factoring\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Freight Factoring: How Does Trucking Factoring Work? - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"The state of the trucking industry presents business owners with opportunities that are ripe and ready for the picking. 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