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What is Convoy Factoring and how does it work?

Convoy Factoring, powered by Apex Capital, is a new payment service for carriers that provides same or next day payment, with no hidden fees and no lock-in contracts. Our continued focus is to help carriers earn more, and keep more of their hard-earned pay, while removing many of the day-to-day hassles of the job.

Frequently Asked Question 

What is factoring?

Freight factoring is all about cash flow. If you have slow-paying customers or brokers then you may have to wait 45 days or more to get paid for your work. However, you need cash flow to pay your expenses such as fuel, insurance, payroll, repairs, and more. That’s where freight factoring comes in. Factoring is an easy way to manage cash flow for your trucking company. We process invoices for freight that you’ve already delivered, so it’s money that is advanced on accounts receivable. Freight factoring keeps the cash flowing so you can keep hauling.

How do carriers submit invoices for factoring?

We have integrated the Convoy Factoring process into the Convoy mobile app to enable carriers to submit invoices and find their next load with a few taps, in one place.

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What is the rate offered for Convoy Factoring?

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. 0% rate for eligible Convoy loads via free Convoy QuickPay™.

Is Convoy Factoring available on non-Convoy Loads?

Yes, carriers can use Convoy Factoring for any load including non-Convoy loads. We take contractual obligations seriously and encourage you to reach out to the broker for clarification if you have any questions or concerns.

Is Convoy Factoring available to every carrier?

This exclusive program is available to all qualified carriers in Convoy’s network. If you have specific questions, please reach out to our team.

How do I reach the Convoy Factoring team? 

You can reach our factoring team at factoring@convoy.com, or by phone at 206-350-7561.

Do carriers have to sign up for Convoy Factoring in order to sign up for the Convoy fuel card?

No, however carriers who sign up for Convoy Factoring may receive an automatic line of credit for their fuel card through Apex Capital. Carriers not signed up for Convoy Factoring will need to set up a line of credit

 

 

 

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