Freight Broker Factoring
Quick Pay carriers, book more loads, and grow your freight brokerage.Factoring Solutions for Freight Brokers
Are slow paying shippers hurting your carrier relationships? Quickpay Funding, a factoring company for freight brokers, provides immediate access to working capital so brokers can pay their carriers fast and boost their credibility. Whether you’re a new or established freight broker, our industry leading financial solutions enable you to book more loads and retain the best carriers.
Immediate access to cash
Get paid the same day you submit an invocie.
Cash flow you control
We don’t charge minimums, so you only need to factor what’s needed to reach your goals.
Grow your brokerage
Utilize consistent cash flow to sieze growth opportunities for your freight brokerage.
How Freight Broker Factoring Works
Factoring is a financing solution that allows freight brokers to pay their carriers faster and book more loads. Quickpay Funding makes factoring easy for brokers! Get cash quickly in three simple steps:
Your load is delivered.
Send us your paperwork.
Get paid the same day.
Ready?
Freight Broker Factoring Benefits
Full Advances
Full advance programs allowing you to access your margins immediately.
Quick Pay
Same-day Quick Pay for all your carriers.
Free TMS
Free access to AscendTMS, the best transportation management system available, for a full year for qualifying clients.
Fuel Advances
Send your carriers cash before delivery and avoid delays with 24/7 fuel advances.
No Cutoff Times
No cutoff time when you fund with Real-Time Payments. When we say we’re open to fund our clients 24/7, we really mean it.
Free Credit Checks
Book loads with confidence. Get unlimited credit checks on all of your customers.
Credit Bureau Reporting
We report monthly to credit bureaus to improve the credit score of our broker clients.
…and more!
Empower Your Freight Brokerage
Ready to take your freight brokerage to new heights? Factoring can be the catalyst for your success, providing the working capital you need to book more loads, seize growth opportunities, optimize cash flow, and propel your business to the next level.
Keep focused on growing your business.
Don’t let a lack of working capital keep your freight brokerage from reaching its full potential. We’ll make sure you get the cash flow needed to keep you focused on what you do best – running your business.
Build up your reputation among carriers.
Ensure your carriers are paid quickly and dependably with our 24/7 Quick Pay options. Build a strong reputation and credit rating that will allow you to dispatch more loads and maximize effeciency.
Quickpay Portal
Manage your factoring account anywhere, anytime. The Quickpay Portal is a secure, personalized, and responsive platform that gives you control over virtually ever aspect of your business.
- Quickly and easily upload invoices
- Sumbit credit requests
- Search existing invoices, payments, transactions, and debtors
- View the latest account information at a glance on the Dashboard
- Add debtors, request credit and disbursements, and much more.
See why our clients choose Quickpay
Start Factoring Today!
Contact us today for a custom, no obligation proposal.
Freight Broker Factoring: FAQs
What is Freight Broker Factoring?
Freight broker factoring is a type of financing that allows freight brokers to get paid immediately for their open invoices. The factoring company advances a percentage of the invoice amount to the broker, and then collects the full amount from the customer when the invoice is due.
How do Freight Brokers Benefit from Factoring?
Freight brokers can benefit from factoring in several ways, making it a valuable financial tool for their business operations. Here are the key benefits that freight brokers can enjoy from factoring:
- Improved Cash Flow: One of the primary benefits of factoring for freight brokers is an immediate boost to cash flow. Factoring provides an upfront cash advance on invoices, allowing brokers to access funds quickly. This enables them to cover essential expenses, pay carriers promptly, and invest in growth opportunities without waiting for clients to pay.
- Competitive Advantage: Prompt payment to carriers can improve the broker’s reputation in the industry, making it easier to attract and retain quality carriers. This can lead to better service and more business opportunities.
- Reduced Administrative Burden: Factoring companies often handle accounts receivable management and collections, which means brokers can save time and resources that would otherwise be spent on chasing payments. This allows brokers to focus more on their core business activities, such as securing new clients and managing shipments.
- Credit Protection: Factoring companies typically assess the creditworthiness of the broker’s clients (shippers) before approving invoices for factoring. This can help protect brokers from working with clients who have a history of late or non-payment.
- Flexibility: Factoring arrangements are flexible and can be tailored to the specific needs of the freight broker. Brokers can choose which invoices to factor, and they are not obligated to factor all invoices. This flexibility allows them to manage their cash flow strategically.
- No Debt Incurred: Factoring is not a loan, so it doesn’t add debt to the broker’s balance sheet. Instead, it’s a form of financing based on the sale of accounts receivable, making it a favorable option for those who want to avoid traditional loans.
- Scalability: Factoring can grow with the broker’s business. As the broker takes on more clients and generates more invoices, they can increase the volume of factored invoices to meet their evolving financing needs.
- Risk Mitigation: Factoring companies often assume some of the credit risk associated with the broker’s clients. In the event of client non-payment, the factoring company may have recourse against the client, reducing the broker’s exposure to bad debt.
- Access to Expertise: Many factoring companies specialize in the transportation and logistics industry, which means they have expertise in dealing with the unique challenges and payment dynamics of this sector. Brokers can benefit from this industry-specific knowledge.
What Services Will I be Able to Offer My Carriers?
With Quickpay Funding as your factoring company, you’ll be able to offer your carriers 24/7 fuel advances, same-day Quick Pays, unlimited credit checks and more!
Do Factoring Companies Work with New Freight Brokers?
Most factoring companies won’t work with brokers who haven’t been in business for at least a year or two. Quickpay Funding specializes in working with both new and established freight brokers, making it easier for them to get the financing they need to grow their businesses.