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FAQ

What is freight factoring?

Fast funding on unpaid freight bills. We buy your invoices at a discount, pay you next day, and assume the risk of collection on that invoice.

Why should I factor?

The primary reason to factor is cash flow to keep you on the road. We also help to manage your paperwork and billing, so you can stay focused on what you do best. We are here to help you grow, or in a cash emergency.

What will it cost me?

We charge very competitive, flat fees specifically tailored to your business.

What is the difference between recourse and non-recourse?

Both are valid forms of finance, and attract significant market share. Both are actual purchases of your Accounts Receivable, and are not considered loans. The difference between the two can be summarized as risk and cost.

Non-recourse factoring companies purchase your Accounts Receivable “at no risk” to you, meaning that if your debtor does not pay for the invoice, then the factoring company takes the loss (having already paid you). You will usually pay a higher discount fee (percentage of invoice) to finance with non-recourse factoring companies, because they are assuming almost all the risk. However, even non-recourse factoring companies will not assume your risk for fraud, delivery failure, or service quality. If your shipper is unhappy, or a victim of fraudulent business practices (related to your invoice), all factoring companies will return that invoice to you for reimbursement.

Factoring companies with recourse purchase your Accounts Receivable “with shared risk” to you, meaning that if your debtor does not pay for the invoice (for any reason, and usually only after 90 days), then the factoring company returns the invoice to you for reimbursement. You will nearly always pay a lower fee for such factoring partnerships, since you, too, are sharing in the risk of repayment. Normally a Reserve account is funded with a small portion of your invoice proceeds to protect against possible reimbursements, so that you do not need to find reimbursement money in the event an invoice becomes eligible for recourse.

The shared risk model of with recourse offers a productive financial relationship where you and Convoy, together, seek to maximize your cash flow, control your finance costs, and monitor your debtors to work only with those who pay your invoices with integrity. To assist you in finding great customers, Convoy offers free credit reporting, upon request. After all, we’re in this together.

Am I able to manage my account?

You will have access 24/7 to our online portal. You will be able to view account balances, up to the minute funding reports, and even create custom reports specific to your business.

Why do I need to check credit?

We want to help you choose reliable customers when you are searching for loads. Our credit check system is a free resource available to you 24/7. We highly encourage you to use this tool whenever you like, in order to reduce the risk of a delay or non-payment. We are also happy to review any customers with you during regular business hours.

How do I sign up?

Our quick and easy online application can be found here.

Does Convoy have a fuel program?

We have a great fuel program through EFS, and will send you as many Convoy Cards as you need. With the Convoy Card, you will have access to exclusive discounts at the pump, fuel advance, same day funding options, checks and money codes.

Why is Convoy better?

Read what our customers say!

“From the simplicity of invoicing to the transparency of every transaction, efficiency and communication are valuable to my company. Thank you to the team at Convoy!”
-MKK Logistics, LLC

"We love how Convoy has simplified our day-to-day business. No more delivering original paperwork and free next day ACH!"
-Gladys G.

"Since I've partnered with Convoy Capital, LLC, they have taken care of me. I haven't had any problems and I'm glad that I came on board. Everyone at Convoy team is very helpful, and the whole team does a great job."
-Shawn of Blu Feet Express, LLC

"To say the least, I am extremely satisfied with the factoring, equipment lease-to-own, and brokering services I regularly use with Convoy Capital, LLC. I foresee a long partnership ahead and highly recommend them. The Convoy team has worked patiently and expeditiously assisting with many of my start-up needs, definitely a professional, trust-worthy group." 
-Brittney Reddick

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