Answers to Your Most-Asked Questions
What is factoring?
Factoring is a financial tool you can use to maximize your cash flow. Partners Funding will buy your outstanding invoices and turn them into a positive checkbook balance. We charge a low fixed fee with no monthly minimums, so you get your cash faster.
What is the difference between recourse and non-recourse factoring?
Recourse factoring typically fruits larger trucking companies that can assume customer credit risk. This program includes lower fees and a financial reserve. Non-recourse factoring lets Partners Funding assume credit responsibility. While the factoring fee may run higher, there is no reserve held by Partners Funding until the invoice is paid. Non-recourse factoring is ideal for a trucking company operating one to five trucks.
What are Partners Funding factoring fees?
Partners Funding factoring fees are based on the monthly volume of invoices you factor, the average number of days it takes your customers to pay, and the type of factoring program chosen, recourse or non-recourse.
How long does it take to get paid?
Partners Funding offers ACH transfers (direct deposit) within 24 hours after the purchase of invoices at no extra charge. That means it’s for FREE! We also offer same-day wire transfers for a low fee.
Do I have to factor all of my invoices?
You are not required to factor all your customers with Partners Funding. However, we do require that once a customer's account has been factored, that customer continues to be a factored account. If all open invoices are paid, you may request that your client be released, and you are free to self-bill that customer moving forward.
Does Partners Funding have a monthly minimum?
There are NO monthly minimums with Partners Funding!
How long does it take to get set up with Partners Funding?
Funding can begin in as little as 24-48 hours after submitting a completed application and factoring agreement to Partners Funding!
How do I know if my customers are credit-worthy?
Partners Funding offers our clients unlimited 24/7 access to our online customer search engine. Our clients are also more than welcome to call and talk to any member of our credit team.
What paperwork will Partners Funding require when purchasing my invoices?
Partners Funding will require your trucking company's invoice, the broker's rate confirmation, if applicable, all signed proof of delivery and bill of lading, and any accessory paperwork required by the customer to pay the invoice.
Will Partners Funding require original proof of delivery to purchase invoices?
Partners Funding only requires original proof of delivery to purchase invoices if your customer requires original proof of delivery to pay your invoices.
I am a new trucking company. Can I factor with Partners Funding?
Though Partners Funding does require you to operate under your own operating authority, we do work with brand new trucking companies every day! Need operating authority? Contact our Authority Department today!
Are there set up fees with Partners Funding?
The only fee(s) associated with an account are those taken when funding an invoice.
Does Partners Funding have a fuel card?
Partners Funding is a reseller of the EFS FTS Discount Fuel Card. Call us today for more information.