How Does Freight Bill Factoring Work?
4 Steps to Immediate Funding
- The Client Company delivers freight to the Customer and then sends a copy of the invoice and bill of lading to the Factoring Company.
- The Factoring Company sends the Advance (typically 85% to 100% of the invoice amount) within 24 hrs. The balance is kept as the Reserve until the invoice is paid in full.
- The Customer remits payment to the Factoring Company.
- The Factoring Company refunds the Reserve (balance owing) to the Client.
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