You’ve heard all about it: unpaid claims, brokers going out of business. And if you’ve been a truck driver for long enough, you’ve experienced the stress of not getting paid on time. We know that managing invoices for your trucking business can be a rollercoaster. Even the most successful trucking owner-operators can run into cash flow problems because of payment delays outside of their control. That’s why we offer non-recourse factoring to handle the risk, so you can get paid.
Protect your trucking business with non-recourse factoring. Among the different types of factoring, non-recourse freight factoring stands out as a powerful tool that offers unique advantages for truck drivers and owner-operators.
Non-recourse vs. recourse factoring
With TruckSmarter’s non-recourse freight factoring, you get paid for your loads almost instantly, without having to deal directly with the broker. How do we do this? For a flat fee of 2.5%, we’ll purchase the right to collect your receivables, or the amount on your invoice from the broker, so you can get paid quickly for the work you did. Not only that, we take on the work to make sure the brokers complete payment, so you can focus on getting back on the road.
So what happens if the broker never pays? That’s where non-recourse factoring really gives you an edge. With recourse factoring, you’re still taking on the risk of invoices that never get paid. And if the broker never pays, paying a fee for a factoring company is certainly not going to help. But with non-recourse factoring, we take on the potential risk of non-payment on your factored invoice, for a flat 2.5% fee, and you get paid the moment your invoice is approved.
Protect your wallet
With our non-recourse factoring, you’re protected from collections and credit risk, whether or not the broker ultimately pays for the invoice for your work. It’s an extra layer of security for your business. Not only that, once we discover problems with a broker, we’ll take them off our load board so no one else has to deal with them again. With thousands of freight brokers out there, it’s important that we do what we can to make sure you’ll be finding the best quality loads on our load board.
But, remember: even with non-recourse factoring, you’re still responsible for invoices that are inaccurate, incorrect, or disputed. Make sure to review our non-recourse policy and upload invoicing documents correctly in order to avoid disputes or delays.
Predictable cash flow
When it comes to payment, you don’t want surprises. In any business, cash flow is king. Non-recourse factoring brings consistency and predictability to your cash flow with instant, timely payments so you can plan your loads with confidence. It also brings more financial flexibility when unexpected expenses come up or you have an opportunity to invest more into your trucking business.
Save time & energy
You’ve got better things to do than chase payments. When you sign up for TruckSmarter’s non-recourse factoring, we take that burden off your shoulders. So you can keep your business efficient and focus on the things that grow your business.
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Contact our factoring team with any questions you might have about our factoring program, and let us help you navigate the road ahead.
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