How to Recognize a Trusted Freight Factoring Company

How to Recognize a Trusted Freight Factoring Company

It is critically important to find a “good fit” when looking for a factoring company. Factoring is an excellent option for a trucking business, but only if they have chosen a factor that works well with both their own organization and their customers. It is essential to work with a factoring company that protects a trucking company's relationship and interacts well with their customers. Use the following check list to ensure you choose the right factoring company for a trucking business:

Integrity

  • Does the factoring company provide full transparency with online accounting and regular reports?
  • Is the fee structure easy to understand and simple to calculate?
  • Ensure there are no hidden fees or surprises.
  • Ensure there are no delays in the funding process.
 

Reputation

  • Check the factoring company's website for testimonials and case studies
  • Ask the factoring company for references. Speak to their existing customers (your fellow truckers) and ask about their level of satisfaction.
 

Superior Customer Service

  • Does the factoring company provide a dedicated accounts manager?
  • Is their customer support service prompt and helpful?
  • Does the factoring company communicate with a client’s customers in a courteous and professional manner?
 

Experience

  • Does the factoring company truly understand trucking…not just from a lenders perspective, but from actual hands on experience?

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