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Your Most Frequently Asked Factoring Questions

As a business owner, your financial decisions can greatly affect your company. Prior to making any decisions, it is crucial to understand the intricacies of factoring and how Partners Funding can simplify the process.

Answers to Your Most-Asked Questions

What is factoring?

Factoring is a powerful financial solution that empowers you to optimize your cash flow effectively. With Partners Funding, you can effortlessly convert your outstanding invoices into a thriving checkbook balance. Our services come with a minimal fixed fee and absolutely no monthly minimums, ensuring that you receive your much-needed cash expeditiously.

What is the difference between recourse and non-recourse factoring?

Recourse factoring is a beneficial option for larger trucking companies that are willing to take on customer credit risk. This program offers the advantage of lower fees and the security of a financial reserve. On the other hand, non-recourse factoring allows Partners Funding to assume credit responsibility, although the factoring fee may be slightly higher. Interestingly, with non-recourse factoring, Partners Funding does not hold any reserve until the invoice is paid. This particular type of factoring is particularly well-suited for trucking companies that operate with one to five trucks.

What are Partners Funding factoring fees?

At Partners Funding, our factoring fees are determined by the amount of invoices you choose to factor each month, the average payment timeline of your customers, and the specific factoring program you select, whether it's recourse or non-recourse.

How long does it take to get paid?

Partners Funding provides complimentary ACH transfers (direct deposit) within 24 hours of invoice purchase. Yes, you heard it right, absolutely FREE! Additionally, we offer fast same-day wire transfers for a nominal fee.

Do I have to factor all of my invoices?

While it is not mandatory to factor all your customers with Partners Funding, it is important to note that once a customer's account has been factored, it must remain as a factored account. However, if all open invoices are paid, you have the option to request the release of your client. This grants you the freedom to self-bill that customer moving forward.

Does Partners Funding have a monthly minimum?

Partners Funding offers a no-obligation policy without any monthly minimums!

How long does it take to get set up with Partners Funding?

Get started on your funding journey with Partners Funding and experience the speed of our process. Within just 24-48 hours of submitting your completed application and factoring agreement, you could have the funds you need to fuel your business.

How do I know if my customers are credit-worthy?

Partners Funding provides our valued clients with round-the-clock, unrestricted access to our cutting-edge online customer search engine. Additionally, we extend a warm invitation to our clients to reach out and connect with any of our experienced credit team members at any time.

What paperwork will Partners Funding require when purchasing my invoices?

Partners Funding will need the invoice from your trucking company, the broker's rate confirmation (if applicable), all signed proof of delivery and bill of lading, as well as any additional paperwork required by the customer for invoice payment.

Will Partners Funding require original proof of delivery to purchase invoices?

Partners Funding will only request original proof of delivery to buy your invoices if your customer insists on having original proof of delivery to settle your invoices.

I am a new trucking company. Can I factor with Partners Funding?

While it is necessary for Partners Funding that you operate under your own authority, we gladly collaborate with newly established trucking companies on a daily basis! If you require operating authority, do not hesitate to get in touch with our Authority Department today!

Are there set up fees with Partners Funding?

There are no other charges linked to your account, apart from the fees incurred while funding an invoice.

Does Partners Funding have a fuel card?

Discover the benefits of the EFS FTS Discount Fuel Card through Partners Funding, your trusted reseller. Reach out to us today and let us provide you with more information.

Ready to Get Started with Partners Funding?

Partners Funding knows what it takes to keep trucks on the road. Our highly efficient factoring methods give you a faster deposit with a more controlled cash flow. Contact us now to eliminate the delay with your cash!

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