What if I use a factoring company?

Carriers can assign payouts for loads booked via the Convoy app to factors, but most carriers choose to save money by receiving direct payouts via the Convoy Platform. When you receive direct payouts, you have the option to get paid in the standard 30 day timeline for free, or upgrade to faster payments with QuickPay. QuickPay offers same-day and two-day payouts for a small fee.

However, if your factoring agreement obligates you to factor all loads or if you just prefer to work with a single payer, go to your Payment Profile and select "I use a factoring company.”

Once you’ve filled out the necessary information in the app, you or your factoring company must provide a Notice of Assignment (NOA) to factoringsupport@convoy.com. The NOA should specify the name of the broker whose payments are being sent to the factor. For example, when looking for payment from loads that are brokered by Flexport Freight LLC, the NOA should specify Flexport Freight LLC as the broker whose account will be factored. 

Please note, you are still required to upload your BOL after completing a shipment in order for the Convoy Platform to facilitate payment, whether payment is direct to you or to a factoring company.

You can still get QuickPay as long as you never submit the invoice for the broker to your factoring company. Once you have submitted an invoice for a broker to your factoring company, the Convoy Platform receives a Notice of Assignment (NOA) and we will not be able to provide you with QuickPay options for that broker’s shipments in the future. 

If you later decide you’d prefer QuickPay via Convoy, your factoring company will need to provide a Letter of Release (LOR) to factoringsupport@convoy.com.