Get Paid Faster with Factor Financing

As a carrier or fleet manager, read this KB article to understand how third-party factoring might be right for your organization.

How Third-Party Financing and Factoring Works

Leverage the following third-party financing options, factoring solutions, and other innovative Transflo partner opportunities to accelerate load documentation, invoicing, accounting, and settlements.

  1. As a driver, you deliver a load for a broker or assigned by your carrier fleet or an owner-operator.

  2. Get proof of delivery (POD) in hand or a signed ePOD.

  3. You might be a small owner-operator, a large retailer, a national shipper, or a carrier who has partnered with a factoring company. It is also possible that one or more brokers have authorized you to bill a third-party factoring organization. In the Transflo Mobile+ app, you can add a recipient to receive your load documents.

    Related Topics Link IconAdd a recipient

    Recipients are typically brokers or carrier fleets with accounting staff; however, a recipient could also be an authorized factoring company that your carrier or broker has hired to expedite payments for your load documents. It is also possible to use an automated e-mail address as a recipient so drivers can send their load documents directly to Transflo Workflow AI for Factors, Brokers, or Carriers.

    Another alternative is to invoice a broker or factor firm from a platform such as Transflo Velocity+ Command Center, Transflo One Portal, or Transflo Workflow AI.

  4. You might also be required to log in to the factoring company mobile app or have your office staff log in to the factoring company online web portal to submit an invoice:

    • Enter the load details to build an invoice.

    • Upload all of the pages of the Rate Confirmation provided by the broker, a photo of the original paper or electronic signed POD, and other accessorials you received for the load such as scale tickets or lumper receipts.

    • Submit the invoice and related load documents to the authorized factoring company. Typically, you no longer have to send copies to the broker; the factor does that for you.

  5. For loads delivered without any issues (loss, damage, delays), payment can be processed in 24 hours, with some invoices funded to your account within 8-10 hours. How long it takes also depends on the time of day when you delivered the load and when you submitted the invoice.

Note: If you do not use factoring, continue to send your load documents to your carrier fleet or directly to your broker.