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Canada Freight Factoring Companies

August 3, 2022
Phil Cohen

Freight Factoring Companies in Canada

Whether you haul in busy Quebec or out in Newfoundland and Labrador, you are a critical part of the Canadian economy. Don’t let slow payments stop you from building your freight company – instead, choose a Canadian freight factoring company with Factor Finders to close the gap.

Canada freight factoring programs help carriers of all sizes overcome cash flow problems that keep them from growing. Receive same-day advances against your own open freight bills and use the working capital to update your equipment, hire drivers, and pick up new loads. The possibilities for invoice factoring in Canada are endless! Freight companies across the country can work with freight factoring companies in Canada, from general freight haulers in Saskatchewan to freight brokers in Ontario. You can factor loads going anywhere in your province, across provinces, and even across the border into the United States with one of our trusted invoice factoring companies in Toronto, or elsewhere!

Our Canadian Freight Factoring Programs are Customized

Factor Finders’ Canadian freight factoring partners are experts in the freight industry and will work with you to develop a program that covers all of your funding needs. Recourse and non-recourse freight factoring options are available. To get started, fill out a short online application and provide the following:

Articles of Incorporation

Valid motor certification

Freight bills you wish to factor

Current customer list & invoice aging

The underwriting process is streamlined so you can begin funding in as little as 3 to 5 working days after sending in the required paperwork. The factor will review your freight bills and deposit up to 95 percent of their face value in your account within 24 hours. Advances may be made via wire, ACH, or deposit onto a fuel card and can be processed in either Canadian or U.S. dollars.

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Why Choose Factor Finders for Freight Factoring in Canada?

Qualifying for funding

While companies are required to prove high credit ratings and a longer operating history for conventional business loan approval, Canada freight factoring only requires creditworthy customers and valid freight bills for account setup. Start-up carriers in Manitoba and restructuring fleets in Alberta are equally qualified to begin freight factoring.

Credit limits

Bank credit limits are strict and difficult to increase if a short-term funding gap appears. When you factor freight, however, your access to funding increases as your sales do! You can pursue new loads and shipper relationships without worrying about your working capital.

Repayment of funds

Borrowers must pay back their principle along with a hefty interest charge. Canadian freight factoring clients, however, are not borrowing money at all! Instead, they are selling the rights to collect on their freight bills. Therefore, there is nothing to repay in a typical factoring relationship! Factors will collect payment directly from your customers.

Free and discounted load board access

Get access to exclusive load boards with guaranteed loads to help your company grow!

Fuel support

Prepaid fuel cards and special fuel advances are available for carriers struggling with the fuel costs of delivering loads to their destination.

Administrative backing

Your freight factoring company in Canada will offer invoice and collections management as well as background checks on your customers at no additional charge, so you can spend more time picking up new loads.

24/7 online reporting

Never wonder how long your customers take to pay or where your account stands. Online reporting gives you 24/7 access to all of the information you need to maintain your business records and address issues before they arise.

Find the Right Factoring Company in Canada for You

Request a free quote today. Let us do the work for you. 855-322-8671

How Does Canada Freight Factoring Work?

•  The freight factoring process is simple, and you can complete as many transactions as you need to keep your cash flow at a steady level.

•   Submit your freight bills. Qualifying bills must be for completed hauls, payable by a company, accurate, and (of course) unpaid.

•   The factor will review your freight bills and deposit up to 95 percent of their face value in your account within 24 hours. Advances may be made via wire, ACH, or deposit onto a fuel card and can be processed in either Canadian or U.S. dollars.

•   Continue operating. The factor will work with your customers directly to collect; when freight bills are paid, you will receive any remaining value owed to you.

Fuel Advances

Fuel advances up to 50% are available for trucking companies. Factoring companies will provide between 40% – 50% of the freight bill amount upon pick up of the load.This means you’ll always have money to cover any upfront costs.

Fuel Cards

When you start working with a freight factoring company, you’ll be eligible to enroll in a free discount fuel card program. Fuel cards offer big discounts on fuel at all major truck stops in the U.S. and Canada.

Is Freight Invoice Factoring Right for You?

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Flexible Trucking Factoring Services

When choosing a truck factoring company – flexibility is key. Whether you want non-recourse freight factoring, the freedom to choose which clients to factor, or no monthly volume requirements – you can have it all with a factoring company in Toronto. Factor freight bills when you want and for however long you want. No long-term contracts are required.

Freight factoring for all types of transportation businesses:

  • Owner-Operators
  • Small to Mid-Sized Fleets
  • Freight Brokers
  • Auto Haulers
  • Dump Truck Services
  • Oilfield Transportation
  • Hot Shot Trucking
  • OTR & Local Carriers
  • Intermodal & Containerized Freight

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Get started freight factoring in minutes.

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Factor Finders
Talk to Us: 855-322-8671
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