Funding Off CopiesIt has been the industry standard for trucking factors to fund their customers only after receiving original invoices, some factors however, realized that funding off faxed copies would expedite the funding process for the trucker, as well as giving the trucker a more convenient method to submit invoices.
The factors that are funding off copies may require the debtor's acceptance, and the trucker must submit the originals as soon as possible. This is obviously a more efficient process, which allows for quicker funding and conveniences to the trucker who is always running on a very tight schedule. Some factors may not require the customer to submit originals, however, should the factor requires their customer to submit original invoices within a certain amount of time, it is important to keep in mind that the originals match the copy sent to the factor, otherwise, it could affect your factoring costs and lose the funding off faxed copies privileges.
Conditions to funding on "faxed copies" includes the following:
- For recourse accounts only
- Debtor must agree to accept/pay on copies
- Must be legible copies
- Underwriting approval
- Original invoices delivered to factor within a few days after funding
- Other conditions may apply
Minimum: $5,000 (No minimums option)
Maximum: $15 Million (availability as you grow)
Advances: On average 92% (As high as 95% on a case by case basis)
Rates: Competitive (Our objective is to beat our competition)
Funding Off Copies
START THE SIMPLE FREIGHT FACTORING PROCESS