 |
FAQs Q: WHAT IS FACTORING? A: Factoring company is a company who specializes in purchasing accounts receivable at a discounted rate and then provides the funding to the client for the receivables purchased. Q: CAN I START FACTORING TODAY? A: YES! You can start factoring with us today! We offer same-day set up. Please call 800-670-1404 Q: DOES UFF GIVE ADVANCES? A: No. UFF does not give advances. Only the transportation broker may provide an advance on the load Q: WHAT IF MY TRUCKING COMPANY RECEIVED AN ADVANCE? A: If your trucking company accepted an advance on a load from the broker, we calculate the money you receive based on the adjusted gross truck pay after subtracting any advance fees. We still invoice the broker for the actual agreed upon rate. Shortages and claims for a load are deducted in the same way. Q: WHAT IS THE BENEFIT FOR MY COMPANY AND ME? A: We can offer you positive cash flow, today, on invoices you would otherwise wait 30, 40 or even 60 or more days for your customer to pay. Our offer is getting you “tomorrow’s money today” so that you can take care of your business needs immediately. Q: WHY FACTOR RATHER THAN GET A BANK LOAN? A: Sure, a bank MAY be able to give you an adequate credit line, but why do business on MAYBE? We have all had our credit ‘ups’ and ‘downs’ and banks will not qualify everyone. At United Freight Factors, we are not basing our decision on your credit worthiness, but rather the credit worthiness of the freight customers you contract with. Q: DO WE APPROVE ALL CUSTOMERS? A: No. We do not approve all freight customers. We have a process in place to protect you, as well as ourselves, from unworthy customers. The process is simple and fast and at no cost to you, why not give us a chance? Q: HOW WILL I RECEIVE MY FUNDS FROM THE FACTORED ACCOUNTS? A: United Freight Factors can wire money directly into your bank account and/or onto your fuel card. Or issue a comcheck over the phone. Q: HOW LONG DOES IT TAKE TO GET FUNDS? A: Verified invoices will be funded within 24 hours of receipt in our office. In some situations an account will be funded on the same day as the request. Q: WHAT HAPPENS IF MY CUSTOMER DOES NOT PAY MY INVOICE? A: Should your customer not pay us on a factored invoice, you are responsible and will have to repurchase the invoice. If the invoice is not paid by your customer after 60 days, we will notify you and then the amount owed will be debited from your reserve account. Q: HOW ARE FACTORING FEES DETERMINED? A: Our fee is a flat rate for each freight bill factored or a 90% advance with a reserve account. You get paid the balance of the invoice, minus any advances or advance fees that may have been accepted. Comdata transactions fees will also be applied. Q: HOW MUCH ARE COMCHECKS OVER THE PHONE and COMCHCK CARD FEES? A: Clients that receive funding by Comchek (instead of a Comchek card) are charged a $10.00 fee for each $1,000 issued. There is a flat-rate $5.00 fee to load funds onto your Comchek card, regardless of the amount loaded. Q: WHO BILLS MY CUSTOMERS IF YOU BUY MY INVOICES? A: You company does NOT prepare an invoice. After receiving your freight bills and issuing your funds, we will prepare an invoice, submit it to your customer and collect the payment directly. Trucking companies must send the signed original bill of lading, rate confirmation sheet and all related documents for each freight bill factored. Q: ARE ALL FREIGHT BROKERS APPROVED TO FACTOR? A: No. We only work with brokers that meet our standards and www.transcredit.com standards. Call us to check on credit status of anyone before you haul a load for them. Credit information can change daily. Q: CAN I CALL TO CHECK BROKERS OVER THE PHONE? A: Yes. Please call us at 1-800-670-1404 between 7:00 AM and 6:00 PM PST. Q: WHAT IF I ALREADY MOVED A LOAD AND THE BROKER IS DENIED? A:. Brokers in our database are listed as either Approved or Denied. If the broker is Approved, we will purchase the freight bills. If the broker is Denied, we will not purchase the freight bills. Q: HOW DO I SEND YOU THE PAPERWORK FOR A LOAD? A: Sometimes, truckers will stop by our Visalia office (central California) and drop off paperwork for a load in person. But 99 percent of our customers overnight their paperwork using Federal Express, UPS, Priority Mail, Airborne Express or another delivery service. Q: CAN I JUST FAX ALL MY PAPERWORK? A: There are some initial documents we accept by fax, but we require you send all original paperwork to our office before we issue funds. Q: HOW QUICKLY CAN I GET PAID? A: UFF provides same-day-funding. The day we receive your freight bills, you will be issued funds as payment in full for the purchase of your freight bills. The money you receive is not a loan or advance. Misdirected payments, shortages, damages, late fees, advances, claims and changes in rate could affect the settlement process. Q: HOW DO I GET PAID FOR FACTORING FREIGHT BILLS? A: The day we receive your freight bills, payment will be issued by ACH, Comchek or Comdata Comchek card. We issue your company its own Comchek cards. Q: HOW CAN I GET A BLANK COMCHEK OR A COMCHEK CARD? A: You can call us and we can give you one over the phone, or they can be obtained from truckstops or travel plazas. We will issue free Comchek cards. Q: WHAT IF I WANT TO STOP FACTORING? A: UFF does not require 6-month or 12-month term contracts like most factoring companies, so your trucking company is not committed to use our factoring service for any length of time. However, we cannot issue a release until all open accounts receivable for your company have been paid in full, or your account is purchased by another factoring company. If you need to end your business relationship with us, there is a $150.00 processing fee to terminate our UCC filing(s) against you or your company. Q: WHAT IF I ONLY FACTOR A FEW FREIGHT BILLS EACH MONTH? A: That is fine. Use our service as often as you like. There is no minimum or maximum dollar amount required each month. Q: CAN I FACTOR ALL MY FREIGHT BILLS? A: Yes. You can factor as many freight bills as you like. There is no limit. UFF factors on a load-by-load basis, so there is no need to factor every account. Q: CAN I GET A LOWER RATE IF I FACTOR MORE? A: Yes. Call 800-670-1404 Q: WHAT IF I'M UNDER CONTRACT WITH ANOTHER FACTORING COMPANY? A: You can only work with one factoring company. If your company is under contract with another factoring company and would like to use UFF instead because of our excellent service, please call our office at (800) 670-1404 to let us know. We will need to receive and verify your release letter and UCC termination. Q: CAN YOU WIRE TRANSFER MONEY INTO MY BANK ACCOUNT? A: Yes. Bank wire ($35.00) or and (ACH $5.00). Q: ARE THERE FEES TO GET SETUP OR TERMINATE THE BUSINESS RELATIONSHIP? A: Yes. There is a one-time $75.00 Uniform Commercial Code (UCC) search and filing fee for new customers, which will be deducted from the first set of freight bills factored. If you need to terminate your business relationship with us, there is also a $150.00 processing fee to terminate our UCC filing(s) against you or your company. Q: DO YOU HOLD PART OF MY MONEY IN A RESERVE ACCOUNT? A: Depends if you are setup on non-recourse or just recourse factoring. Non-recourse factoring there is no reserve, so you get all of the money due at once minus our fee. There is no charge back if we don't get paid for freight bills that meet our funding standards. UFF assumes liability for the freight bills we purchase. Certain restrictions apply. Misdirected payments, shortages, damages, late fees, advances, claims and changes in rate could affect the settlement process.  800-670-1404 |
| ©2004 - 2008 United Freight Factors | Web Design: cecprod.com |