Porter Freight Funding FAQ
Do I have to sign a long term contract when I factor with you?
No! Unlike some companies, Porter Freight Funding does not require you to sign a long term contract. You stay in control of your business with month-to-month agreements. No commitment issues. Get a discount for signing a 6 month or 1 year contract! Our desire is to earn your business not force you to stay with us.
Why is Porter Freight Funding different?
1. We're not a one-size-fits-all company - We Specialize in transportation freight factoring.
2. We've been around for over 25 years and we're not going anywhere!
3. We're commited to customer service - Every client has a dedicated support rep.
4. We help clients grow (not just maintain) their trucking businesses.
5. We've formed strategic partnerships with other service providers that provide dispatching, equipment, insurance, compliance and much more!
Will Porter prepare my billing of invoices?
Yes! Billing services are provided at no additional cost to our non-recourse clients.
These services are also available to our Recourse clients with an additional surcharge.
TripPak or Transflo services provided to you at no additional cost.
Why should I factor my freight?
Most brokers and direct shippers hold payment for 30, 60, or even 90+ days. Factoring your invoices gives you the cash you earned, the same day you drop the load.
We increase your peace of mind, lower your credit risk on new customers, and help maintain appropriate credit lines on existing customers.
Cut out wasted time doing paperwork and chasing down brokers for payment.
What is Freight Factoring?
Freight factoring is the sale of all, or part, of your company’s invoices (accounts receivable) for immediate cash. Freight factoring gives you quick cash for your invoices, thus allowing you to fulfill those immediate cash needs such as paying for fuel, drivers and growing your business.
What is Recourse Freight Factoring?
Recourse Freight Factoring is when a Factor (hopefully Porter Freight Funding) purchases your open invoices and advances funds on the load hauled. The factor would then wait for the customer to pay and collect on your behalf so you can run your business instead of spending time chasing down payments.
Porter provides factoring advance rates up to 97% for your freight invoices.
We offer flat rate pricing (your cost won't go up just because the customer takes too long to pay).
If we are unable to collect from your customer within 90 days, you will be responsible for paying back Porter the funds that were advanced on the respective invoice.
What is Non-Recourse Freight Factoring?
Non-Recourse Freight Factoring is when a factor (hopefully Porter Freight Funding) purchases your open invoices and advances funds on the load hauled. The factor would then wait for the customer to pay and collect on your behalf so you can run your business instead of spending time chasing down payments.
Porter provides factoring advance rates of 100% (minus our fee) for your freight invoices.
We offer flat rate pricing (your cost won't go up just because the customer takes too long to pay). Unlike Recourse Factoring, Porter takes the risk on the invoice if your customer files for bankruptcy or goes out of business before paying the invoice.
With our Non-Recourse program the Billing, Trippak, and Translo services are provided to you at no additional cost.
How does Porter Partnership work?
- You have your own personal client representative to help you
- No long term contract – All contracts are month to month
- No hidden fees – everything discussed up front
- Online access to your account
Do I have to factor all of my invoices?
No. Unlike some companies, Porter Freight Funding allows you to remain in control of your accounts receivables by choosing what you factor. We'll even bill out the non-factored loads for free so you can keep sending your paperwork to the same place. We're just cool like that.
How do you fund?
- Next Day ACH or Same Day Wire
- Load funds to your Porter Fuel Card
- Reserve, released weekly at NO request!
Do you have fuel cards with discounts?
Yes, Porter Freight Funding provides it clients with
industry's best fuel card, powered by EFS fuel networks which are services by over 14,000 stations nationwide, saving them money on every haul. Competitive discounts are available with major truck stops across the country with the fuel card. The fuel card also offers credit line and fuel advances for diesel fuel available.
How do I get started?
Just click Apply or give us a ring at (205)-397-0934.