Freight Broker Factoring: What is it? Freight Broker business, how to use OPM to grow
Freight broker factoring is not as complex as Chinese math. It's actually quite simple. You'll understand what freight broker factors are, how you can leverage them, and what to be on the lookout for. Freight broker factoring Selling an invoice directly to a factoring agency is known as freight brokering. Freight bill aggregation is another term for this. The transportation factoring company advances you up to 95% after you have sold the invoice. Sometimes, it can even be as fast as the next day. The freight broker can pay the customer immediately and doesn't need to wait between 30-60 days. They also have enough capital to pay their truck drivers as well as motor carriers. It is one of many ways to quickly get payments. How can freight brokers use factoring companies? Factoring is a process that allows freight brokers to factor in the transportation companies. It takes only 3 steps. Step 1: Invoice your shipper and provide freight broker services. Step ...