Easy qualification for fast invoice factoring
Get Paid Today with Invoice Factoring for Trucking
Invoice factoring from ITC is a fast, convenient and easy to manage cash flow option for trucking companies. Very simply, it is the selling of invoices at a discount in exchange for immediate cash.
You no longer need to wait for slow paying customers to pay their invoices, ITC will process your funding requests within 24 hours. You receive cash deposited directly into your account the same business day you deliver a load.
What are the benefits of factoring your freight bills?
Increase cash flow
Pay your bills on time
Stop chasing invoices
Grow your business
How does factoring for trucking work?
STEP 1: Your trucking company delivers a load
STEP 2: You submit a copy of your invoice to ITC
STEP 3: ITC verifies delivery and purchases the invoice
STEP 4: 100% Advance of the invoice face value (minus a factoring fee) is deposited directly into your account within 24 hours
STEP 5: Your customer pays the invoice in full to ITC
STEP 6: The transaction is complete and the process is repeated for ongoing funding
Why factor with ITC?
- Starting from 1.59%
- 100% Advance – No Reserves
- Easy Qualification and Fast Onboarding to 1st Funding
- Reliable, Same Day Funding
Dedicated Customer Service in English or Spanish
- Easy to Manage Online Account system
Free Business Credit Search Tool
ITC provides recourse factoring, the industry’s best choice for price and value
Recourse Factoring vs. Non-Recourse Factoring
Recourse factoring is the lowest cost option for converting invoices into immediate cash and offers the best value with the fewest restrictions on funding.
A recourse factoring agreement places an obligation on your trucking company to buy back an invoice if your customer fails to make payment within 90 days. However, the back-office efficiencies and collection services of ITC minimizes the incidence of non-payment, diminishing this obligation.
Non-recourse factoring claims to absolve the trucking company of the obligation to buy back unpaid invoices, but be careful as it is not that definite. Often, the non-recourse agreement is only valid if the debtor declares bankruptcy. If non-payment is due to any other circumstance, you as the factoring client remain obligated to buy back the invoice.
Non-recourse comes with greater credit restrictions than recourse factoring, yet generally costs 25% to 35% higher for minimal protection. Talk to a factoring specialist to get a clear understanding prior to choosing either of these options.