Factoring companies are commonly used in the transportation logistics industry. Factoring companies will purchase your invoices for a discount up-front, and then collect the full amount from your customer.
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There are an array of elements that connect together in order for a factoring company to determine the rate they offer you.
Factoring is a viable option for owner-operators in order to focus on driving, and less on collecting.
The rates are usually stated in the fine print, but it’s important that your company is aware of them.
In 2020, factoring company ECapital released more than $4 billion in capital and anticipates providing an additional $5 billion in 2021.
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