Freight Factoring: Submitting Documentation Online
The submission of support documentation to verify delivery and rate of any given load is a requirement shared by all Factoring Companies prior to releasing funds. The required documents typically include:
- Bill of Lading
- Rate Confirmation
- Copy of Invoice
Thankfully, online document management systems have become a standard feature of most invoice factoring companies that specialize in the trucking industry. Submitting documents online eliminates the need to provide original documents and creates a more convenient experience for the client. A factoring company with these systems in place can quickly acquire and verify documents without inconveniencing the trucking company or its drivers. It also allows for expedited verification and same day funding. However, not all factoring companies are the same and some use less efficient systems to manage document submission.
Things to be Aware of:
Some factoring companies will delay funding to the trucking company by claiming the documentation is unreadable, inaccurate or otherwise unsuitable for verification purposes. Although these issues are valid concerns that must be addressed, it is the speed of resolution allowing funding to continue that is most important.
Look for:a factoring company that provides online document management systems and dedicated customer service with trucking related experience to complete funding in the most expedient fashion.
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