Get paid faster with Convoy Factoring | Convoy


Designed for small carriers to
get paid faster

Get paid faster!


With the help from our partner Apex Capital, we built a new factoring service, designed for small trucking companies to get paid faster on any load you haul.

More cash

Get more cash now to pay for your expenses:

  • Rate: 1%-2.99%; 0% for eligible Convoy loads
  • No ACH, invoice, sign up, or termination fees
  • Fuel credit lines available

Hassle-free service

You manage your business, we manage your back office: 

  • Dedicated specialists
  • Free credit check & collections
  • No risk to try, 60 day notice to cancel
  • No long-term contracts or monthly minimums

Money saving fuel card

Save thousands of dollars on your biggest expense – fuel:

  • Save an average of 41¢ per gallon*
  • 1000+ truck stops, including TA Petro, Ambest, Roady’s, Sapp Bros and more
  • $0 transaction fees at participating locations
  • Sign up for the Convoy fuel card here

*Average savings of $.41 per gallon is based on actual in-network client transactions for Q3 of 2020

How does the Convoy Factoring work?

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

Note: Convoy loads will still be eligible for free Convoy QuickPay


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 I apply for Convoy Factoring?

You can apply for Convoy Factoring via the top of this page or in the Convoy mobile app.

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

What else is included?
  • Up to 95% advance rate
  • Professional collections on factored invoices
  • Same day funding is available
How can I submit my invoice?

Use the Convoy mobile app to submit your invoices.

Is Convoy Factoring available to every carrier?

This exclusive program is available to all qualified carriers in Convoy’s network. If you’re not currently signed up with Convoy, sign up here.

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%. Rate will be determined by the total amount factored. 0% rate for eligible Convoy loads (via free Convoy QuickPay).

How much does Convoy Factoring save me?

Based on a rate of 2.99% and no ACH or processing fees with Convoy Factoring, a carrier can save up to $7,000 per truck per year. Additionally, if you sign up for the Convoy fuel card, you can save an additional $11,000 per truck per year.

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, with approved debtors auto-filling 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 our factoring clients!

How is Convoy Factoring different from Convoy QuickPay?

Convoy Factoring is an extension of Convoy QuickPay™. If you are signed up for Convoy Factoring, you still continue to earn free Convoy QuickPay while factoring non-Convoy loads at rates of 1% – 2.99%.

Comparison Convoy Factoring Convoy QuickPay
Load Non-Convoy load
Convoy loads NOT eligible for QuickPay
Eligible Convoy loads only
Days to pay 1 – Up to 95% is paid upfront; the remaining balance, minus the factoring fee is paid once the invoice is paid by the broker 2 business days
Rate 1%-2.99% 0%
Chargeback Yes, if the broker doesn’t pay the invoice after 60 days No
Is Convoy Factoring recourse factoring or non-recourse factoring?

Convoy Factoring is a 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.

What if I don’t like or want Convoy Factoring service?

There is no risk for you to try the service. If you don’t like the service, just give us a 60 day notice to quit. There is no long-term contract or termination fee.