Accelerate your
Cash Flow
Accelerate your
Cash Flow

FAQ – Trucking

Trucking

WHAT IS FACTORING?

Factoring is a financing tool that helps maximize the cash flow of your business. Factoring involves selling your invoices at a slight discount for immediate cash. Use the immediate cash to operate and grow your business.

WHAT IS THE DIFFERENCE BETWEEN RECOURSE AND NON-RECOURSE FACTORING?

Non-recourse factoring means Partners Funding will assume the credit risk should your pre-approved customer become unable to pay a factored invoice. Partners Funding takes the loss.

Recourse factoring means you, the carrier, is responsible for the repayment of a factored invoice to Partners Funding should a customer not pay the invoice.

WHAT ARE PARTNERS FUNDING, INC. FEES?

The factoring fee is based on monthly volume, customer payment history, and is the program recourse or non-recourse.  We will, however, provide you the most cash as the lowest fee.

HOW LONG DOES IT TAKE TO GET PAID?

Partners Funding offers same day funding with a bank wire transfer for a small fee or within 24 hours with a free “ACH”

DO I HAVE TO FACTOR ALL OF THE CUSTOMERS?

No, we allow you the flexibility to factor the customers of your choice.

IS THERE A MINIMUM VOLUME REQUIRED?

No, you can factor as many or as few of your invoices as you choose.

HOW LONG DOES IT TAKE TO START FACTORING?

After receiving a completed application and factoring agreement, funding can begin 24 to 48 hours after approval.

HOW DO I CHECK THE CREDIT OF MY CUSTOMERS?

As a Partners Funding client you are welcome to use our online customer search engine of thousands of freight shippers and brokers which is available to you 24/7. You may also call anytime during normal business hours for free credit checks!

WHAT PAPERWORK DOES PARTNERS FUNDING, INC. REQUIRE WHEN PURCHASING MY INVOICES?

We require your company invoice billing your customer, broker rate confirmation sheets, signed proof of delivery, bills of lading, and any other accessorial paperwork required by your customer for payment. You never lose your identity as Partners Funding provides your invoice to your customers.

DO YOU REQUIRE ORIGINAL PROOF OF DELIVERY OR BILLS OF LADING TO PURCHASE MY INVOICES?

Should your customer require original proof of delivery or bills of lading for payment, Partners Funding will require these original documents in order to purchase the invoice.

HOW DO I KEEP TRACK OF THE INVOICES I FACTOR?

Partners Funding provides our client’s a simple online client account system that includes a number of client reports and real-time information. We are happy to provide any information to you via email or fax as well. We want to make it as simple as possible for our clients to be completely informed regarding their customers and the status of their invoices.

WHAT IF I AM CURRENTLY FACTORING WITH ANOTHER FACTORING COMPANY?

We work with your current factoring company to provide an easy transition of your open, unpaid receivables from your current factor to Partners Funding while communicating with you throughout the process to ensure you do not have an interruption in funding.

DO YOU WORK WITH START UP COMPANIES?

Yes, we work with brand new companies every day. Partners Funding does, however, require you to operate under your own authority.

IS THERE A SIGN UP FEE TO FACTOR WITH YOU?

No, we do not charge any fees to sign up to factor with us.

DO YOU HAVE A FUEL CARD?

Yes, we partner with EFS fuel cards and offer their cash only cards. EFS provides fuel discounts and the flexibility to write EFS Transchecks.

DO YOU OFFER FUEL ADVANCES?

We do offer fuel advances with some of our factoring options. Please contact our account executives to see if you qualify for our fuel advance program.

Contact us at 877-881-3456 for more information or apply online