Common questions about freight factoring
Cashway's transportation factoring specialists are friendly and easy to deal with. We are always happy to answer any questions you may have about factoring freight bills.
Factoring puts money in your pocket
Factoring invoices is a simple, low-risk way to ensure that your business has stable and predictable cash flow at all times.
Instead of having to wait for customers to pay, factoring puts money in your pocket immediately with no strings attached and nothing to pay back.
Cashway includes all the premium features you want from a factoring company at an affordable & competitive price.
Affordable low factoring fees
Factoring with Cashway is both convenient and affordable. We offer factoring plans and programs for every size and type of trucking company.
Rates as low as 1.95% are available every day with no contract, no credit check and no monthly minimum obligation.
It's fast & easy to create an account
YES! Trucking businesses of all types and sizes are eligible to create Cashway accounts for free.
Cashway is designed exclusively for transportation businesses. That means we can be much more flexible and accomodating than other factoring companies or lenders.
We can send funds the very same day
Today! Same-day funding is always available for no additional charge.
We accept freight bills by email, fax, web upload or by in-person drop off to our offices.
Freight bills received by 3pm Atlanta, GA time will be processed and funded the same day by ACH direct deposit, Wire Transfer, Comdata Fuel Card, Comchek or Cashway Juice Prepaid Mastercard®.
How to start factoring
You can create a free Cashway factoring account in minutes and we can begin funding on the same day your account is activated.
To create a factoring account, simply complete a Cashway Startup Kit and return it to us by fax, email, US Mail or in person and our friendly factoring specialists will take care of the rest!
Free Credit Checks & Monitoring
We factor invoices for companies who meet basic and reasonable credit standards, like paying bills on time. If a company has a solid track record of making payments within normal business terms, we can approve them for factoring.
Cashway will provide you with on-demand credit information regarding the funding status of your customers and prospective customers for free. We will research the payment history of the customer using both our own proprietary data as well as a number of third-party databases, all at no charge to you.
You can search for and access credit status information for thousands of popular freight brokers, distribution businesses, trucking companies, direct shippers, 3PL businesses and more. Search by geographic radius, MC Number, State, or by company name.
We will report the broker or shipper credit status to you as "Approved" or "Denied" for factoring. If a customer's status is listed as "Denied", Cashway will not factor the invoices for any loads that you haul for them until their factoring status changes to "Approved".
We encourage factoring clients to check the funding status of companies before hauling loads for them. Credit and factoring status can change at any time for any reason but you will have unlimited 24/7 access to check real-time credit information whenever you login to our online account manager. You can also reach our friendly account managers by phone, text, or email to check credit status for free. Let us do the research for you!
We continuously track and monitor your customers' payment performance so you never have to worry. If there is a significant change in a customer's factoring credit status, we flag the customer for you and make immediate adjustments to protect your interests.
For answers to more questions about factoring with Cashway give us a call at 1-888-752-1443 EXT 1. Our friendly account managers are happy to speak with you.
Free Load Boards
Freight load boards can be a helpful source for finding new customers and better-paying freight for your trucking business. Cashway makes it easy to keep your trucks loaded with the best-paying TL and LTL freight, everywhere.
Cashway Funding clients can login and perform free radius searches for new customers. Tens of thousands of good-paying loads are generally available.
Factor freight bills with scanned copies
Cashway often provides same-day funding when you factor your freight bills without the original bill of lading.
When you upload your rate confirmation(s) & proof of delivery our friendly account managers will process your paperwork immediately.
You do not have to wait. Funds are released the same day and if original documents are required by your customer you can send them to us within 5 business days at your convenience.
*Restrictions may apply. See Cashway Startup Kit for details.
3pm Atlanta, GA time
Cashway clients are free to send in documents for funding 24 hours a day, 7 days a week. All documents received by 3pm eastern time, Monday-Friday are immediately processed for same-day funding.
We provide world class enterprise-grade technology with 99.99% uptime to ensure your documents are always safe and secure.
If you plan to send documents later than 3pm and require same-day funds, we still may be able to help. Please contact our office at 1-888-752-1443 to speak with one of our account managers for details.
* Please note that Cashway may be forced to delay or adjust funding if your customer is unable/unwilling to co-operate with the billing process.
Free Custom Reporting & Info
When you create your free factoring account you will receive a unique username and password for the Cashway Account Manager.
Anytime you login to your Cashway account portal you will be able to generate detailed reports that show transaction information for every invoice you factor with Cashway. Custom Transaction Activity reports are available 24 hours a day, 7 days a week.
On top of that, if you prefer not to login we will also email you a convenient factoring schedule confirmation report every time we factor freight bills and send you funds.
Our friendly and professional account managers are happy to show you how to use the Cashway Account Manager and answer any questions you may have.
Additional custom factoring reports are also available via fax, email or US Mail upon request.
No. We do it for you!
To factor a load with Cashway and collect payment, you do not need to send us an invoice. Cashway account managers will create invoices for you and send them to your customers on your behalf.
If you still prefer to create your own invoices for your records it is OK to send them to us.
Typical documents we require for funding include:
Of course, many loads require different types of documents. Our factoring operations team is highly-trained and experienced at dealing with multiple freight types and billing scenarios. If your customers have unique document requirements we are happy to work out a custom billing solution for you.
Send funds to drivers quickly & easily
Cashway offers the easiest way to send funds to your drivers and other parties. When you send us freight bills for funding, you can split up the funds across multiple sources.
You can receive funding by traditional bank check, Comchek, Comdata Fuel Card, Cashway Juice Prepaid Mastercard, bank ACH Deposit, Wire Transfer and more.
Not all factoring companies are the same.
Due to financial and legal requirements, you will need to close your account with your current factoring company before you begin factoring with Cashway Funding.
In certain situations, Cashway will work with your current factoring company to transfer your accounts from their service to ours. This process is commonly known as a “buyout” or "payoff" of your factoring account.
Not all factoring companies are willing to co-operate with account buyouts. If you are currently stuck in a factoring contract and wish to change factoring companies, call us for a free consultation with one of our factoring buyout specialists.
If you have more questions about factoring or changing factoring companies, our funding experts are at your service and we will be happy to help you! Call us today at 1-888-752-1443.
More questions about freight factoring?
Cashway specializes in freight bill factoring for trucking companies of all sizes. We offer a wide range of funding services that help you unlock the cash flow and potential in your business. We can develop and customize programs that will meet the changing needs of virtually any trucking company.
Call us today at 888-752-1443 if you have a question that is not included in the list of common questions about freight factoring. Our team is at your service.