Apex Factoring for Trucking
Apex 24/7 Factoring for Truckers: The Fastest Way to Get Paid
With Apex as your factoring company, you can receive payment in minutes after your freight invoices are purchased. Plus, those who qualify can use our 24/7 Factoring service to get paid anytime, anywhere through blynk® , including nights, weekends, and bank holidays.
We offer better options for freight factoring, including:
- Transparent, flexible factoring rates
- Same-day and next-day funding
- 24/7 Factoring – nights, weekends, and bank holidays
- Recourse and non-recourse factoring plans
- Fuel credit lines starting at $2,500 for factoring clients who qualify
- Cash Flow Assistance Program
A few of the solutions we provide at Apex include:
- FREE credit checks
- FREE online Account Management Portal (AMP) with 24/7 access
- FREE Mobile Factoring™ app with image capture technology
- FREE fuel card with HUGE discounts on fuel nationwide
- FREE fuel finder
- FREE unlimited access to our exclusive load board, NextLOAD.com
- FREE membership to Apex 24/7 Roadside Rescue™
Legendary service for your trucking company:
- No monthly minimum volume fees
- No long-term contracts
- No termination fees
- Professional collections on factored invoices
- A highly experienced account executive to help you manage your account
Ready to Start Factoring Your Freight Bills?
Types of Companies who use Freight Factoring
We have been factoring freight bills since 1995 for all kinds of trucking companies. Over the years, we often get asked what kind of trucking companies can factor with Apex. We have tools and services to provide value to all trucking companies. Whether your trucking company is large or small, new or experienced, and especially for those hauling any type of freight you can benefit from the legendary service Apex truck factoring provides to help you grow and thrive.
We have offered factoring for small trucking companies in these industries:
What is Freight Factoring?
Freight factoring is when a trucking company sells its accounts receivable (invoices) to a factoring company for trucking at a discount. Then, the factoring company gives the trucking company a payment within 24 hours.
- Your truck driver delivers a load like usual.
- You submit your rate confirmation, bill of lading (BOL), and other paperwork for your hauled loads to your factoring company.
- The factoring company verifies the delivery with the brokerage.
- After they’ve verified, the factoring company deposits the payment in your account using your preferred funding option. Depending on the method, you can get this payment overnight or instantly.
- Once you’ve received the payment for the load, the factoring company will be responsible for collecting on the payments for the lifetime of the invoice.
- When the customer has paid, the factoring company will collect a fee and close the invoice.
Watch our Video: What is Freight Factoring?
Benefits of Freight Factoring for Trucking Companies
Factoring for trucking companies is all about cash flow. Cash flow keeps a transportation company in business. Freight factoring is about having ready funds for fuel, payroll, repairs, and more. It’s an easy way to manage cash flow for your trucking company. We buy invoices for freight that you’ve already delivered, so it’s money that is advanced on accounts receivable. Freight factoring keeps the cash flowing so you can keep hauling.
Another benefit of using a factoring company is the support for your back office. If your trucking company is new to the industry, you may need additional help with managing the communication, billing, and collections for invoices. With factoring, the factoring company will handle these tasks, removing the burden on your trucking business. By giving the back-office work to the factoring company, your team can focus more on delivering loads.
Apex’s Freight Factoring Service: What to Expect
When you call Apex, our knowledgeable sales team (human beings, not automated voices) will learn about you and your trucking company’s needs. They will explain how factoring with Apex works and answer all your questions. Then, they can design a custom plan.
One size doesn’t fit all at Apex. We have recourse and non-recourse options, 24/7 Factoring, online account management access, back-office support, free mobile app, free fuel cards, and much more. Your questions and concerns will help us create a program that will keep your trucking business running smoothly.
Apex Factoring Client: AWS Transport LLC
“I have thought about this experience of starting a business and I know that it would not have lasted without Apex’s assistance,” says Alvin Seger, Owner, AWS Transport LLC. “Apex is there to make sure that I succeed as I carry my own weight.”
When You Become an Apex Factoring Client
The personal attention clicks in immediately. A highly-experienced account executive will be assigned to you. Your account executive will be with you every step of the way to help you manage your factoring account.
Check Credit on Brokers, Shippers, and Freight Forwarders
The power to check credit on each of your customers is right at your fingertips.
Checking credit on all your customers is always highly encouraged. Credit checks are the best way to get the most up-to-date information, so you can determine who you want to haul for and how much you are comfortable hauling. They also allow you to haul for reliable customers who will pay the invoice on time, reducing the chance of a payment delay or recourse.
At Apex, we make it easy and convenient to check credit on a broker or shipper that you want to haul for. You can use AMP, the Mobile Factoring™ App, email Apex at firstname.lastname@example.org, fax Apex at 817-806-2244, or call Apex at 844-204-6608.
Apex Factoring Client: Midnight Express
“The AMP [Apex Account Management Portal] makes it so easy to keep track of everything; I love that website. I can watch the invoices that are outstanding, what is going on with our account, it’s all very transparent.”
Lisa Dahlke, Owner, Midnight Express
Which is Best for You: Recourse or Non-Recourse Factoring?
Non-recourse and recourse factoring is for if the factoring company cannot collect a payment from the customer. Apex offers non-recourse and recourse factoring options so you can choose the best type for your company.
Here are the differences between non-recourse and recourse factoring:
- Non-recourse factoring: For non-recourse factoring, Apex takes the credit risk if the customer defaults on their invoice payments for certain situations, which protects your business and credit.
- Recourse factoring: With a recourse factoring arrangement, you are responsible for losses if your customer doesn’t pay. This responsibility means you will pay Apex for the defaulted invoice. Apex helps you check credit on shippers and brokers and makes sure customers stay on top of their invoice payments to help prevent this scenario.
Whether you choose non-recourse or recourse factoring for truck drivers, Apex is here to help. Our sales team can help you understand each option, decide which type is best for your needs, and explain the terms of your agreement.
Trucking Invoice Factoring Made Easy
There are many options to send your paperwork to Apex – online submission through AMP, image capture with the Mobile Factoring™ App, emailing, faxing, FedEx, and certified mail. We need your freight invoice, proof of delivery (POD) or bill of lading (BOL), rate sheet, and any other paperwork for loads you haul. Our team will process every invoice so you have access to them 24/7 on our free account management portal.
Funding Options – Get paid even faster!
Now you can get paid in minutes after your freight invoices are purchased. We offer funding options via blynk™ (our new digital payment system), Automated Clearing House (ACH), wire, check, or Comchek® directly to your Apex fuel card.
Dugan Transportation LLC
“The mobile app is very convenient for us; I love it. There will never be a week that we don’t have something sent. There is no doubt that it makes the office paperwork part of my job a whole lot easier.”
The Soft Approach: Apex Collects from Your Customers
At Apex, we treat your customers like we treat you – with respect. We collect on your factored invoices so you have more time to focus on your business and keep your trucks on the road. We have built strong relationships with thousands of brokers, shippers, and freight forwarders. Many of them prefer working with Apex to any other factoring company.
We practice soft collections, which means we deal with your customers in a professional, courteous, and non-threatening way. We also offer online services to help your customers get documents and invoices quickly and make payments faster.
Get Paid Today With Apex
Apex works with trucking companies of all sizes to deliver faster payments for delivered orders. These payments give you the cash your company needs right away to cover your expenses and invest in your business. We understand that cash flow is important and can get your payment to you instantly.