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.
Get more cash now to pay for your expenses:
You manage your business, we manage your back office:
Save thousands of dollars on your biggest expense – fuel:
*Average savings of $.37 per gallon is based on actual in-network client transactions for Q4 of 2020
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
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.
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.
Use the Convoy mobile app to submit your invoices.
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.
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).
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 $6,500 per truck per year.
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.
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!
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 |
Convoy Factoring is a recourse factoring. We do not provide non-recourse factoring.
Yes. Same day funding is available for a small extra fee.
Yes. Collection service is included for your factored invoices.
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.