Freight Broker Factoring
Stop stressing about making those carrier payments, we pay the carriers for you!
Keep a great credit rating and offer Quickpay solutions too
Factor from faxed copies of your paperwork, no originals needed
Broker will keep all originals in safe keeping within their office for a period of no less than 18 months and will make any original bill of lading available upon request from FFG.
Advance Rate: 95% of gross invoice amount is advanced to Broker within 24 hours of receipt of all required paperwork
Factoring Fee: Varies depending on the size of the account but they typically start at 2.95%
Carrier Payments: A Quick Pay program is available via Tchek only (Quick Pay is not allowed if Carrier has a Factor) and the Carrier will be charged a fee of $25.00. The fee will be deducted from the payment. If the Carrier is not requesting Quick Pay, payments will be made via paper check (at no cost). Checks will be mailed no more than 10 days after receipt of all required paperwork.
- Broker is responsible for executing a legally binding Broker/Carrier Agreement for each Carrier and it is to be kept at Broker’s location. Broker is responsible for executing a legally binding Rate Confirmation Sheet for each load
- Broker will provide a W-9 for each Carrier
- Broker will provide a signed bill of lading (electronic copy is acceptable), a signed rate confirmation sheet, the Carrier’s invoice to Broker, and the Broker’s invoice to Shipper
- The Notice of Assignment if Carrier has a Factor