Convoy Factoring

Designed for small carriers to get paid faster.

We've got you covered for every load

Get more from a new kind of factoring service, designed for small trucking companies to get paid faster on every load hauled.

More cash

Take home more money without the wait, with free Convoy QuickPay™ on Convoy loads and customized rates on all other loads.

Hassle-free service

Get dedicated specialists, free credit checks, and free collections, with no long-term contracts or monthly minimums.

Easy management

Manage your business right from the Convoy app, including account management, invoice submission, and payment tracking.

Use Convoy Factoring in three easy steps

  1. Sign up directly in the Convoy app
  2. Submit invoices through the Convoy app
  3. Get paid the next day, with no hidden fees

FAQ

How is this product different from Convoy QuickPay™?

Convoy Factoring can be used in addition to Convoy QuickPay™. If you are signed up for Convoy Factoring, you still continue to earn free Convoy QuickPay™ on Convoy loads while factoring non-Convoy loads.

What is freight factoring?

Carriers use freight factoring partners to increase the speed and reliability of receiving payments for loads they haul.  Some customers and brokers wait 45 days or more to pay carriers for their work. These variable payment terms can make it hard to manage 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 I apply for Convoy factoring?

You can apply for Convoy Factoring directly through the Convoy mobile app.

NOTE: To access the exclusive rates, including free QuickPay™ on eligible Convoy loads, you need to sign up directly through Convoy.

How can I submit invoices to be factored?

Use the Convoy mobile app to submit your invoices.

Is Convoy factoring available to every carrier?

Convoy Factoring is available to all qualified carriers in Convoy’s network. If you’re not currently signed up with Convoy, get set-up with a carriers‘ portal today.

What is the rate for Convoy factoring?

Carriers of all sizes can factor their non-Convoy loads at rates that are customized for their business. Rates will be determined by the total amount factored. Carriers will also continue to qualify for a 0% rate for eligible Convoy loads (through free Convoy QuickPay™).

How much can I save?

Your savings will be based on the customized factoring rate for your business. Sign up to learn more.

Is Convoy Factoring available on non-Convoy loads?

Yes, you can use Convoy Factoring for non-Convoy loads from any of the approved brokers, shippers, and freight forwarders. When factoring a load in the Convoy app, you will enter the broker, shipper, or freight-forwarder name, and the approved debtor names will auto-fill as you type. For those debtors not in the app, you will be prompted to reach out to Customer Service to seek approval.

What is a credit check?

In the trucking industry you get paid after you provide the service, so unfortunately non-payment can and does happen. Credit checks help you find credit-worthy customers. Running credit checks on all of the brokers and shippers that you want to haul for can lessen risks of non-payment. Credit checks are free and unlimited for carriers who use Convoy Factoring.

Is Convoy Factoring recourse factoring or non-recourse factoring?

Convoy Factoring is recourse factoring. We do not provide non-recourse factoring.

Can I get same-day funding with Convoy Factoring?

Yes. Same-day funding is available for a small extra fee.

Do you provide collection service?

Yes. Collection service is included for your factored invoices.

How can I contact Convoy to get more information about Convoy Factoring or check my status?

If you have questions about your status or about Convoy Factoring in general, please call (206) 350-7561 or email factoring@convoy.com.

Ready to get started?