Convoy can work with any factoring company, but most carriers choose to save money with Convoy QuickPay™. QuickPay is available on every qualifying Convoy load and it’s completely free, no fees or factoring points.
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 completed the necessary information, we will work with your factoring company to obtain a Notice of Assignment (NOA) that will allow us to process payments to your factoring company. Please note, you are required to provide a BOL in order for Convoy to pay your invoice, whether payment is direct to you or to a factoring company.
Can I still get free QuickPay if I use another factoring company?
No, once Convoy receives a Notice of Assignment (NOA) from a factoring company on behalf of a carrier, we are obligated to send their future receivables to the factoring company. If you later decide you’d prefer direct payment from Convoy, your factoring company will need to provide a Letter of Release to firstname.lastname@example.org before Convoy can send you direct payment.
Does Convoy offer Factoring Services?
Yes, if you don't have a factoring company and want to improve cash flow on non-Convoy loads, Convoy Factoring provides same or next day payment with no hidden fees and no lock-in contracts. Carriers of all sizes can factor their non-Convoy loads at rates ranging from 1% - 2.99%. Rates will be determined by the total amount factored. Plus, you’ll still be eligible to earn free Convoy QuickPay™ on all Convoy loads.