Trucking Invoice Factoring
Invoice Factoring is a transaction in which a business leverages its invoices to a third party commercial finance company, like SouthStar Capital. When factoring with our partner SouthStar, we will advance up to 90% of the amount of your outstanding invoices. After initial funding, you will receive working capital within 24 hours of us receiving an invoice. We do not impose limits on your monthly receivables, so this process can be repeated as often as you produce an invoice.
Factoring is very beneficial to companies whose clients pay on terms. Instead of waiting 30, or even 60, days for your clients to pay, factoring allows you to free up cash flow to use for such things as making payroll or growing your business.
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Factoring is not a loan, so no debt is added to your balance sheet and the funds are unrestricted, so you have the flexibility to use them how you wish. Unlike traditional lenders, we are not concerned with your credit history. Instead we will look at the credit worthiness of your customer, who owes on the invoice. SouthStar will also provide back-office support and handle your collections, even for invoices you are not choosing to factor.
Step 1 – Get a Quote
Speak with our factoring representative. We’ll discuss your cash-flow situation and needs, and we’ll offer a free, no-obligation consultation and submit application for a factoring within 24 hours or less.
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Step 2 – Submit Invoices and Related Documents
Once a factoring line is agreed upon and you are ready to move forward, we’ll schedule your first funding. During the set-up process, we’ll walk you through the agreement and discuss your invoices and any related materials.
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Step 3 – Get Cash for Your Invoices
When the set-up process is complete, we fund you via ACH direct deposit or a wire transfer directly into your bank account. From this point forward, each time we receive your invoices, we’ll process and fund you the same day the invoices are received.
The SouthStar Advantage
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Same day approval/closing in 2-5 days
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Working capital is sent within 24 hours of receiving invoice
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No more worry about making payroll
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Deal directly with decision makers
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No maximums for monthly receivables
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No debt is added to your balance sheet
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Challenged credit is a non-issue
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Years in business is not a factor
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Assigned account team for your company
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No equity required, keep 100% ownership of your business
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Save time and money with a third party handling day-to-day accounts receivable