TAFS Factoring Services for Trucking
How TAFS Factoring Works
TAFS is a leading finance company that provides owner-operators and trucking businesses with accounts receivable financing, also known as factoring. This is an essential financial service in the trucking industry, converting your company’s accounts receivable into immediate cash by selling outstanding invoices or freight bills of lading to TAFS.
Instead of waiting 30, 60, or 90 days for customer payments from shippers or freight brokers, TAFS quickly advances a high percentage of the invoice amount to your business. This steady cash flow is vital for small businesses, allowing them to fund critical expenses such as payroll, fuel, insurance, and maintenance.
TAFS, headquartered in Olathe, provides same-day funding with some of the best rates in the industry. You can even receive your money in as little as one hour with our transportation funding program. Additionally, TAFS offers free fuel cards, lines of credit, and access to industry credit before you haul, enhancing your financial flexibility and operational efficiency. Visit our services section on tafs.com for more details.
Step 1:
Debtor and carrier agree on load.
Step 2:
Carrier proceeds to haul load.
Step 3:
Carrier delivers load to consignee. Proof of delivery is provide to the carrier.
Step 4:
Carrier submits invoice with supporting documents via TAFS mobile app for payment.
Step 5:
TAFS funds the carrier via their chosen processing type.
Step 6:
TAFS bills and collects from the debtor.
Step 7:
Repeat.
Why Businesses Factor
In the trucking industry, terms like “freight factoring,” “truck factoring,” and “invoice factoring” are common. This service involves purchasing unpaid invoices to provide immediate cash flow. Despite its prevalence, many truck drivers and business owners, especially those new to trucking, may not fully understand how this all works or the benefits. Whether you are based in Kansas City or beyond, TAFS offers tailored financial solutions. It is estimated that more than 70 percent of trucking companies use factoring.
Truckers usually don’t qualify for traditional banks for loans to cover business expenses. Most customers (including brokers and shippers) take a long time to pay after they have been billed. This waiting period could extend past 30, 60, or even 90 days. Traditional banks, not specifically focused on the trucking industry, often do not offer plans that meet the unique needs of truckers. As a result, some turned to credit cards, increasing their financial burden.
Choosing the correct factoring company is crucial, as there are various different providers. Choosing the correct program from those providers is also crucial, as there are various types available from different providers. TAFS understands the DOT regulations and provides services that comply with these standards. Conventional borrowing is difficult to secure, especially for new or rapidly expanding businesses. Factoring, on the other hand, does not create debt or require additional collateral and can generate quick cash flow.
With TAFS, clients can establish a factoring services agreement and receive cash advances within one hour of submitting a freight invoice. This is significantly faster than traditional loans, and the process can be managed easily through the TAFS mobile app.
Benefits of Factoring with TAFS:
Why Choose TAFS Factoring Services?
As one of the top factoring companies in the trucking industry, TAFS brings a deep understanding of the transportation sector. TAFS was founded to address the need for a new approach to financial services in trucking. Whether you are running single loads or have secured long-term contracts, TAFS understands the needs of startup trucking companies and the expectations of the industry. We use this knowledge to provide a unique and understanding approach.
Unlike other companies that promise “non-recourse” agreements with hidden terms and higher rates, TAFS offers transparent recourse plans. We provide upfront truth and fair business practices every time. TAFS is accredited by the BBB, ensuring trustworthy and reliable services. Our trucking experts know the business, understand what truckers deal with daily, and offer the services they need to succeed. Our team provides support in multiple languages, including Spanish, to ensure clear communication.
Benefits and Strategic Partnerships
Beyond competitive funding options and great pricing, TAFS has a strong lineup of benefits and strategic partnerships geared towards our clients’ success. Many trucking companies rely on office staff to push the company forward, but for truckers, this pressure often falls on the driver. TAFS, through strategic partnerships, helps reduce this burden.
Key Benefits of Choosing TAFS:
- Fuel Cards with Discounts: Access significant savings on fuel costs.
- Business Loans: Flexible financial solutions for fuel, payroll, maintenance, insurance and other operational needs.
- Back-Office Support: Comprehensive support services like billing and collections to ease operational burdens and enhance efficiency.
- Maintenance Discounts: Access to discounts on truck maintenance, tires and repair services.
- Roadside Assistance: Reliable roadside assistance to keep your trucks on the road and minimize downtime.
Expertise and Support
TAFS proudly stands out through the level of understanding and expert knowledge our team brings to the table. Our trucking experts are familiar with the unique challenges faced by truckers and provide tailored solutions designed to foster success. TAFS offers excellent back-office support, fuel cards with amazing fuel discounts, free credit checks, and access to business loans for many needs. TAFS has you covered in all aspects to ensure your trucking company’s success.
Why wait when you can get paid today? Call us today to get the factoring process started for your trucking company! (913)578-8083