FAQ's
What is factoring?
What does factoring do for my business?
Why is factoring with CarrierNet Group Financial better than applying for a loan from a bank?
How do I start factoring with CarrierNet Group Financial?
How much of my invoice will I be advanced?
Do you offer fuel cards?
Do you offer credit checks on Direct Shippers or Brokers?
What else can CNGF do for me?
What is the SmarTrucks Program?
What is factoring?
Factoring, also known as accounts receivable financing, is the sale of your invoices, to create a source of immediate cash for your business. Factoring allows you to spend more time growing your business, rather than concentrating on day to day operations.
What does factoring do for my business?
Factoring your accounts receivables (Invoices) will allow your business to:
- Gain market share, plan for future expansions, and aid in strategic business growth.
- Automatically pay your business expenses in a timely manner such as:
- Payroll
- IFTA, and other business taxes
- Insurance licensing fees
- Allow better cash flow for trucking companies, who cannot accurately plan for if you have to wait 30-60-or 90 days to receive your payments for services completed.
- Dramatically improve your cash flow, even with previous poor credit history or delinquencies.
When you sell your invoices to CarrierNet Group Financial (CNGF) you can rely on fast funding as early as same day which will allow you to make those quick business decisions as well as plan for those strategic expansions.
Why is factoring with CarrierNet Group Financial better than applying for a loan from a bank?
Trucking firms may find it difficult to qualify in today’s tight credit environment for a traditional bank loan. CNGF will base credit decisions on the creditworthiness of your customers. For successful trucking companies, CNGF can provide the working capital needed to expand your business.
CNGF will instantly improve your cash flow by purchasing your accounts receivables, avoiding possible loans and without acquiring more debt.
How do I start factoring with CarrierNet Group Financial?
First, call CNGF at 877-747-2807 or fill out the easy to use online application. Here
Second, negotiate a flat rate that fits your company’s business needs. Because every business is unique, each rate is tailored to what your financial needs and goals are.
Third, send in your invoices (account receivables) to CNGF to begin receiving your immediate cash.
How much of my invoice will I be advanced?
The average advance amount for each invoice is 90%. After CNGF receives payment, the flat factoring fee will be taken and the rest will be quickly dispersed back to your company.
Again, because every business is unique, each advance rate will be tailored to your financial needs
Do you offer fuel cards?
Yes, CNGF offers a convenient Tchek fuel card program. The Tchek fuel card is recognized in almost every fuel station across the United States, allowing your business to get “Cost Plus” pricing at the fuel pump every time you fill up.
Do you offer credit checks on Direct Shippers or Brokers?
Yes, CNGF offers accurate credit checks on both.
What else can CNGF do for me?
CNGF will get you quick financing on your invoices as well as provide the following key benefits:
Knowing your client’s creditworthiness is a vital part of any business.
The Tchek program makes it easy for you or your drivers to fill up and drive with Tchek being Cash Plus, you get the best price every time.
Online reports allow you to keep track of your invoices and settlements easily and at your convenience 24 hours day 7 days a week.
CNGF will mail your invoices to the proper office making for fast repayment on your invoices
CNGF will make and handle that pesky collection call you don’t want or have time to make which keep you to run your core competencies.
CNGF will file on any broker’s bond that does not pay in a timely manner-- let us take the time to file and deal with the bond companies.
CNGF can be the office that takes phone calls from your client when an invoice has not been received and with our electronic filing system we will refax, or email a copy to them allowing you to save time, money, and the hassle of having to do it yourself. Remember, we are the experts in this field.
What is the SmarTrucks Program?
The SmarTrucks Program offered by CNGF is a multi-faceted solution tying all the benefits from our factoring program and adding the one key ingredient of the Truckwin32 software program from Computerized Management Systems Inc.
This program coordinates dispatch, billing, accounts payable and receivables, payroll, and fuel tax (IFTA) www.Truckwin32.com . This software program was created to make your day to day operations more effective and has the ability to track invoices, show your return on investment (ROI’s) on each load, drivers, and your company.
With the Truckwin32 program you will be better suited to make intelligent business decisions backed by your company’s financial numbers. With SmarTrucks as your partner, you will stay on the cutting edge of technology, administration, and financing of your trucking operation.
*** Please ask you CNGF sales rep for more information on the SmarTrucks Program ***