Cashway works with successful and new business owners every day. Here are some of the most frequently asked questions we receive about Cashway's invoice factoring service.
Factoring for your trucking business that saves you time & money
With factoring, you never have to worry about how long your customers take to pay their freight bills, because Cashway will exchange your freight bills for immediate cash at the click of a button. Cashway pays you what your customer owes you immediately (less a small fee), then works as your agent to collect the payments from your customers.
FREQUENTLY ASKED QUESTIONS:
When can I access my money?
Cashway gives you immediate access to your money.
Simply upload your rate confirmations & proof of delivery and our friendly account managers will process your paperwork upon receipt.
You do not have to wait. Funds are released the same day your paperwork is processed.
How much does it cost to factor invoices with Cashway?
Factoring Rates & Fees
Our factoring programs are both convenient and affordable.
We offer both recourse and non-recourse factoring options, with recourse factoring rates as low as 1.95%.
The most popular options we offer are flat-rate, non-recourse factoring. Non-recourse rates range between 3.75 - 6.5%.
CLICK HERE to have a list of available programs and factoring options emailed to you.
How can I find better loads, local shippers and higher-paying customers?
Free Load Boards
Using a load board to find new customers and extra freight can help any trucking business. Cashway makes it easy to keep your trucks loaded with the best-paying TL and LTL freight, everywhere.
CLICK HERE for access to 100 Free Load Boards.
CLICK HERE for 30-days Free access at DAT TruckersEdge
Cashway clients can login to their accounts and perform free radius searches for new customers. Tens of thousands of good-paying customers are available.
To learn more about how Cashway helps clients haul the best-paying freight loads, give us a call at 1-888-752-1443.
What do I need to do to get paid today?
How to Factor Freight Bills
Cashway offers the fastest and easiest factoring for everyone.
To get paid for a load, send us your rate confirmation and delivery documents along with your funding instructions. Once received, your freight bills will be processed immediately and funding will be issued the same day.
You do not need to send an invoice; we will do the billing for you.
We accept freight bills by web upload, fax, email, US Mail, or by personal drop-off to one of our offices.
Want to learn more about factoring with Cashway?
Give us a call at 1-888-752-1443.
Can my business qualify to set up a factoring account?
Can my business qualify for factoring?
YES! Trucking businesses of all types and sizes are eligible to create Cashway accounts for free.
- No contract: Cancel anytime. We don't force you use our service
- No monthly minimum: Use Cashway as much or as little as you want
- Startups Welcome: We love helping new trucking businesses grow!
- No obligation: Bill some customers directly; send the other bills to us
- No credit check: All personal and business credit scores are OK
- No customer list required: Build a customer list with us! We can help
- No tax returns or accounting reports required: We keep things simple
- No personal credit limits: We don't base decisions on personal credit
We work exclusively with transportation companies. That means we can be much more flexible and accomodating than other factoring companies or lenders.
CLICK HERE to create a free account.
If you have questions and would like to speak with a Cashway Account Manager about creating a new factoring account, will be happy to help you! Call us today at 1-888-752-1443.
How can I find out if you will factor my customers?
Free Credit Checks for Factoring Status
Cashway gives you unlimited real-time access to credit information on thousands of freight brokers and shippers.
Factoring Credit Status information is available for free to Cashway clients. You can search online though the Cashway Account Manager or let our team do the research for you- we accept requests by phone, email, text or through our web portal.
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.
How can I keep track of the invoices and customers I factor?
Detailed and Transparent Factoring Reports
When you create your free factoring account you will receive a unique username and password for the Cashway Account Manager.
Anytime you login 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 confirmation report every time we 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 reports are also available upon request.
Do I have to factor all of my invoices?
No Obligation & No Monthly Minimum Factoring Accounts
No. Factoring clients with standard Cashway free factoring accounts do not have to factor all of their customer accounts or all of their invoices. There is no obligation and no monthly minimum required.
You can factor on an account-by-account basis, so if you have some customers you would rather bill directly, you can with no hassles or penalties.
If you decide to stop factoring a particular customer's invoices, simply send us notice that you would like to remove the customer from your Cashway account and the customer will be released for you at no charge*.
* The customer must be paid-in-full and your account must be in good standing before the account can be released.
Is there a cutoff time for submitting paperwork for funding?
Cashway is open for business whenever you are
Cashway clients are free to send in documents for funding 24 hours a day, 7 days a week.
We provide world class enterprise-grade technology with 99.99% uptime to ensure your documents are always safe, secure and available for immediate processing.
All documents received by 3pm eastern time are immediately processed for same-day funding.
If your documents are being sent later than 3pm and you still require same-day funds, we 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.
How long does it take to set up a factoring account with Cashway?
Set up a free factoring account in minutes
Creating a new factoring account with Cashway is fast and easy. New accounts are typically ready within minutes. You can receive funding the same day your account is activated.
To get started, just download and complete a Cashway Startup Kit and return it to us by email or fax. Our friendly account managers will take care of the rest.
If you have freight bills you would like us to fund for you, send them to us along with your completed Startup Kit for even faster service.
CLICK HERE to request a Cashway Startup Kit and we will email you our best offers along with everything you need to get started today.
Want to learn more about creating a free factoring account with Cashway?
Give us a call at 1-888-752-1443.
Do I need to send you an invoice? What other documents do I need to get paid?
We do all the invoicing and collections 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.
To collect payment we typically require items such as:
- Rate Contract/Confirmation issued by your customer & signed by you
- Proof of Delivery: Signed by the Receiver(s) of the load
- Receipts for any Accessorial Charges: Such as lumpers, permits, etc.
- Cashway Funding Sheet: Simple cover sheet for funding details
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.
Do I have to send my original bill(s) of lading to Cashway?
Factor Your Freight Bills Without Original Documents
Cashway 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.
CLICK HERE to learn about our free discounted USPS Priority Mail Shipping Labels. Our Business Reply Mail Shipping Labels are an ideal solution for drivers who want to send original documents from the road quickly and easily.
Can I factor with Cashway without a Contract?
No Factoring Contract
Cashway's factoring programs are designed to make your life easier.
We do not require fixed-term contracts, monthly minimums or other restrictive covenants on any of our standard factoring plans.
CLICK HERE to have a list of available programs and factoring options emailed to you and see for yourself how Cashway's factoring plans can make your business become more profitable and valuable.
Will you send payments directly to my driver(s)?
Direct Payroll to Your Drivers
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 and receivers.
Send cash to drivers by Comchek, Comdata Fuel Card, Cashway Prepaid VISA, bank ACH or Wire Transfer and more.
CLICK HERE to learn more about the Premium Funding Options that are included with every Cashway factoring account.
Does Cashway give fuel advances?
Fuel Advances & Factoring
New Cashway clients often ask us about taking fuel advances. We do not offer fuel advances on our standard factoring plans.
Why? The reason is simple- Cashway eliminates the need to take fuel advances. Our clients receive funds so quickly after delivery that any need for fuel advances vanishes soon after you begin using our service.
An added benefit with Cashway is that you are still free to take fuel advances from your customers before you deliver a load.
When you take an advance from your customer, we only charge our factoring fee against the remaining amount payable on the load after your advance.
To learn more about fuel advances and how to maximize your cash flow on every load you haul, call Cashway today at 1-888-752-1443.
Can I use Cashway if I already have a factoring company?
Changing factoring companies
You will need to close your account with your factoring company before you begin using Cashway.
We can work with your factoring company to transfer your accounts from their service to ours. This process is commonly known as a “buy-out” of your account.
If you have questions about switching from your current factoring company to Cashway, we will be happy to help you! Call us today at 1-888-752-1443.
Cashway specializes in freight bill factoring for trucking companies of all sizes. We offer a wide range of factoring services that help you unlock the cash flow and potential in your business. If you have a question that is not included in our list of frequently asked questions please just get in touch with us and we will be happy to help you.
Custom Factoring Programs Available
Cashway can customize freight bill factoring programs to meet the changing needs of your business. Our friendly account managers are experts at creating ideal financial solutions for every situation.
- Combine elements of different plans.
- Switch plans for free with no obligation.
All Freight Bill Factoring Plans Include:
No more waiting. Cash out your invoices whenever you want.
Free Back Office
Our expert team handles the billing & collections for you.
Free web tools make it easy to find loads & check credit.
No Fees for Faster Pay
Immediate funding is standard for all clients, no extra charge.
No Processing Charges
No per-invoice charges or fees. Send as many bills as you want.
Free Custom Reports
Complete account information is at your fingertips.
Get Started Today
At Cashway, we believe in small business. Our mission is to create opportunity for trucking businesses by offering common-sense funding solutions that make your life easier.
To speak to one of our freight bill factoring specialists about how Cashway's factoring programs can help your business, call us today at 1-888-752-1443.
Create an Account
2 minutes to start. Funds available immediately
250 Chastain Rd NW, Suite 100
Kennesaw, GA 30144