Article from Risk and Insurance
Interesting summary article discussing the shortage of drivers contrasted with the increased regulation by the government.
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.
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.
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.
Partners Funding offers same day funding with a bank wire transfer for a small fee or within 24 hours with a free “ACH”
No, we allow you the flexibility to factor the customers of your choice.
No, you can factor as many or as few of your invoices as you choose.
After receiving a completed application and factoring agreement, funding can begin 24 to 48 hours after approval.
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!
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.
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.
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.
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.
Yes, we work with brand new companies every day. Partners Funding does, however, require you to operate under your own authority.
No, we do not charge any fees to sign up to factor with us.
Yes, we partner with EFS fuel cards and offer their cash only cards. EFS provides fuel discounts and the flexibility to write EFS Transchecks.
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.