How do I start factoring?
Call us today at 1-800-511-6022 x 2555 and we’ll get you started immediately.
Why should I use a factoring service?
Freight bill factoring allows you to get cash without creating any debt. There are other options such as a bank loan, however there are significant and important differences between the two. Obtaining a bank loan may prohibit you from receiving additional loans for trucks, trailers, or other necessary items.
With freight factoring, the decision to provide you with money is based on the credit worthiness of your freight customers not your credit. In addition, a freight bill factor will help with credit checks and collections along with some back office support.
What is a factoring company?
A company that specializes in purchasing accounts receivable at a discount and provides funding to the customer for the receivables purchased.
How much will it cost me?
Apex will design a rate plan customized to fit your business needs. We do not have a standard rate for all clients.
What are the benefits of factoring?
Factoring provides a source of quick cash flow to give your business the funds it needs for growth or ongoing operational costs. A factor that specializes in the trucking industry can also provide credit and collection services on a collective basis at a fraction of the costs incurred by an individual carrier.
Isn’t factoring only for “troubled carriers”?
No. Trucking companies require cash and lots of it. Consequently, banks and other traditional lenders will not provide the capacity to fund your business.
Do you offer a Fuel Card?
Yes, we do have a fuel card… one of the best in the trucking industry. With the Apex Fuel Card, you’ll have access to exceptional fuel discounts and rebates at our “in-network stops” including Travel Centers of America (TA), Pilot, AMBEST, Wilco Hess, Petro, and Flying J. All clients on the fuel card also have access to tire and maintenance and roadside assistance discounts.
How will I know the status of my factored invoices?
Our online account management provides a full array of client reporting and real-time information. We can also accommodate any special reporting requirements by fax and email. Our goal is to keep you totally informed on the status of your customers and accounts.
What if I decide factoring isn’t for me?
Apex does not lock you into long term contracts or require minimum monthly fees. We are here to help your business, not hurt it.
Why are credit checks so important?
Would you want to purchase a truck without looking at it? Probably not. This same theory applies to credit checks. You wouldn’t want to a haul a load until you know the broker/shipper can be relied upon for payment. This can significantly cut down on payment delays and other issues.
Did you know… it can take up to 12 loads to make up for the cost of only 1 load you didn’t get paid on? Apex spends a significant amount of time, effort, and resources to make sure we have the most reliable and accurate credit system of any factor. After all, our company vision is to provide legendary service. Without credit, we just don’t have it.
What services does Apex provide?
Not only do we factor freight bills, we manage your portfolio from bill receipt all the way to cash application. Apex offers collections, credit, and account management to make your business run smoothly and effectively.
Apex also provides:
- personal account manager
- 24/7 online account access
- free credit & collections
- huge fuel & tire savings program
- discounted FedEx program
- non-recourse factoring options
What does Recourse & Non-Recourse mean?
Recourse and non-recourse refers to who assumes the risk of nonpayment. A recourse arrangement means that if for any reason your customer does not pay an invoice, you are responsible for buying it back from the factor. A non-recourse arrangement means that if your customer does not pay an invoice because they are financially unable to, the factor will take the loss, not you.
How will I check credit on my potential customers?
Whether it’s our 24/7 online system, a quick phone call, or a fax, you’ll know instantly the amount of credit we will extend on a customer of yours.
Who follows up with my customers to collect on invoices?
We do! Our collection efforts assure payment is received as quickly as possible. This saves you the time and expense of costly collection efforts.
Am I required to factor all of my invoices?
No. You choose the customers you want to factor.
What happens if I receive a check from my customer/broker after factoring the invoice with you?
In the event that a customer mistakenly sends a check or makes an automatic payment to your account, the check or payment must be immediately forwarded directly to us. You should never deposit checks from any customer/debtor that you factor with us.
What if I already factor through another factoring service?
No problem. We will work with your current factoring service to assure a smooth buyout and transition process for open invoices on their books at the time.
What information will you need from me to begin factoring?
All we need is a short application, authority, insurance, articles of organization (if your company is not a sole proprietorship or general partnership) and a list of your customers or a current detailed aging.