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Freight Factoring in Toronto, Ontario

August 3, 2022
Phil Cohen

Freight Factoring Companies in Toronto

Keep your freight company on the move without worrying about slow paying shippers. Freight factoring offers immediate access to cash for transportation companies of all sizes, from single owner-operators to large national fleets.

Freight factoring in Ontario provides a simple solution to the most common cash flow problems that freight carriers can face. While a traditional business loan creates debt and only offers a limited amount of working capital, freight factoring converts any and all of your existing freight bills into cash for business expenses. You can qualify for funding without collateral or a perfect credit score, and your funding potential is only limited by your sales.

The Freight Factoring Process

The factoring relationship between the invoice factoring company in Canada and your business is a series of individual factoring transactions that follow a common pattern. You can choose which freight bills to factor and submit them as often as you need to have sufficient working capital on hand.

  • Deliver a load and send the freight bill to your Toronto freight factoring company.
  • The factor will approve the freight bill and advance up to 95 percent of its face value within 24 hours.
  • Run new loads and factoring the freight bills while the factoring company collects on existing bills.
  • When your freight bills are paid, the factor will send you any remaining amount minus a small factoring fee.

Different rate structures are available depending on your monthly volume and freight factoring needs.

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Factor Finders Can Help Your Toronto Business with Freight Factoring

Freight factoring in Toronto, Ontario is an option to turn your open freight bills into immediate cash for fuel and other operating expenses. Factoring companies in Canada are able to work with your business to craft the perfect plan that is right for you. Freight bills payable by Canadian and U.S. shippers are eligible for funding, and you can receive advances in Canadian or U.S. dollars based on your business needs.

Once you deliver a load, send the completed freight bill to the factoring company. The factor will verify that the load is delivered and will then advance up to 95 percent of the freight bill to your account. There are no limits to how or where you can spend the cash you receive. Also, you can submit subsequent freight bills while the factor collects on current freight bills.

Factoring Companies in Toronto are Ready to Help Your Trucking Business

There are significant benefits to working with a freight factoring company in Canada rather than a conventional lender, in addition to fast cash. The following freight factoring advantages can not only help your company, but truly transform it.

Start-up freight factoring in Toronto

Your trucking company can begin freight factoring in Toronto, Hamilton, or anywhere in Ontario, no matter how long you have been operating. Our network of Ontario freight factoring companies offers individualized service to single- unit start-ups as well as mid-size and larger fleets.

Credit improvement

You can begin freight factoring in Toronto with less than perfect credit, but did you know that you can also use factoring to improve your credit rating? Regular freight factoring allows you to pay your suppliers and drivers on time and to pay down existing debt that will raise your credit score. You will then be in a position for any special financing needs down the road.

Back office support

Focus on the drive, not the paperwork. Your freight factoring company can take over a number of your administrative tasks at no additional charge! Toronto freight factoring companies will send invoices to your customers and follow up with them directly. Also, many will run free credit checks to qualify your new customers. You can keep track of your account status from anywhere with 24/7 online reporting.

Fuel assistance

Toronto freight factoring companies offer two supplementary funding options to address fuel concerns before you reach your destination: fuel advances and fuel cards.

Fuel Advances

Fuel advances are provided by some freight factoring companies for cash when you pick up a load rather than when you deliver it. This special advance is usually 40-50 percent of the total advance and is available for an additional fee depending on your factor’s specific fuel advance policy.

Fuel Cards

Fuel cards save truckers money. These pre-paid cards qualify you for discounts on fuel at thousands of Canadian and US refueling stations. You may also receive rebates from many companies for using your card at their facilities. When you factor freight bills the factor will load any portion of the advance directly to your account; you can then monitor and control driver spending using your own online dashboard. A one-time setup fee may apply.

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Let us do the work for you! Call 855-322-8671 to request your free quote!

Factor Finders Offers Competitive Toronto Freight Factoring Solutions

Start Freight Invoice Factoring

Start Toronto freight factoring with no hidden fees! The underwriting process has been streamlined so you can be approved in as little as 3 to 5 business days. All you need to do is complete a short application and send in the following:

Freight bills you wish to factor
Articles of Incorporation and CVOR (or other provincial/federal registration)
Current customer list
Current aging report

The freight factoring company may request additional paperwork to address any questions that arise during their due diligence.

A competitive Toronto freight factoring relationship will keep your trucks rolling and position you for future growth.

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Fuel Your Trucking Company Growth

Call 855-322-8671 to learn how your trucking business can benefit from factoring.

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Talk to Us: 855-322-8671
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