If you are searching for answers about factoring and how ACC can help you solve your trucking company's cash flow problems, you have come to the right place. Whether you are new to trucking, have been operating for many years, or are currently using a different factoring company, we have information that will help educate you about the factoring industry and believe that you will find this frequently asked questions section helpful in your search for a factoring company.
What is the difference between "Recourse" and "Non-Recourse" factoring?
Recourse factoring means you assume the risk of your customers not paying. You will be required to buy your invoices back from the factoring company if the brokers don’t pay. Non-recourse factoring means the factor bears the risk of non-payment, and if the brokers don't pay you are not responsible to buy the invoices back from the factoring company. In short, if you use ACC you don't have to worry about charge backs.
Does ACC hold reserves?
No. ACC is a non-recourse factoring company, which means we bear all the risk and we don't charge you back for unpaid invoices from your customers. Since we don't charge you back there is no need to hold out a percentage for charge backs and unpaid invoices.
Who is responsible for the risk if my customers don't pay the factor?
Advanced Commercial Capital assumes all risk on purchased invoices. If the broker decides not to pay for credit reasons or bankruptcy, we will not charge you back.
Do I have to factor all my invoices through ACC?
No. We cater to all types and sizes of companies. You can determine which invoices you want to factor to meet your current cash flow requirements. We encourage growth and longevity by allowing you to maintain established relationships and furthering your growth by purchasing invoices owed by your newer clients. Generally, once you decide to factor an invoice for a specific customer, you will need to factor all invoices owed by that customer.
How quickly can I receive payment after submitting an invoice?
Once we receive your invoice and all supporting documents you will receive payment the next business day.
Can I get paid quicker if needed?
Yes, we offer several funding options and can get you money in as little as one hour. We can send your funds in a same day wire for a minimal fee. We also can provide a comchek or EFS money code.
Do you offer a fuel card?
Yes, we have partnered with EFS and offer a great fuel card option for same day funding. We cover your setup costs for the fuel card and have worked with EFS to keep the transaction costs low. The fuel card can save you up to 20 cents per gallon on fuel, as well as savings on tires, repairs, hotels, and much more.
What paperwork do I need to submit in order to receive payments once I'm signed up?
When we purchase an invoice, we need the invoice, rate confirmation, BOL, and any other documents required by your customer for the load (such as scale tickets, lumper receipts, etc.). We require complete and legible paperwork for each load, and we can fund from faxed or emailed copies. As part of your agreement with ACC we ask that originals be mailed to our office within a week.
Who will receive the payments from my customers?
ACC receives the payment for invoices you factored with us. After we purchase your invoices and send you funds, we notify your customers with payment instructions and our remit to address. If a payment is accidently mailed to you or deposited into your bank account, it is critical that you immediately notify us and forward any payments that you receive.
How long does it take to get approved and setup with Advanced Commercial Capital?
We typically will get you set up in 24-48 hours from the time we receive the application and all supporting documents. If you have any liens on your company or you are currently using another factoring company, please contact us to see how long the transition would take.
How will factoring with ACC help my business?
We work with your entire trucking team to help you grow and maintain success for years to come. You will enjoy increased cash flow, which will allow you to haul more loads and cover your operating costs such as payroll, fuel, insurance, repairs, dispatcher costs, and much more. We take away the worry of bad-debt, bankruptcy and a bad economy. We help educate your trucking team to help elevate your business!
How long do I have to factor? You are not obligated to factored for any specific length of time. There are no maximum or minimum number of invoices or dollar volumes you need to factor. We strive to be flexible and help you with your specific financial needs.
Is there a long-term contract?
You will sign an agreement, but there is no contract length. If you are not satisfied with our service, we will not force you to work with us. We don't believe in holding someone hostage when they think they have found a better deal. We work hard every day to keep earning your business and show you that we value you and the relationship we have with your company.
If I currently factor with someone else, what are my options?
Each factoring company is a little different. Most tend to have contract terms and termination fees. First, look at your contract or contact your account rep to see if you are locked into a contract, and if so, for how long. Ask to see if you need to give them notice and if there are fees to terminate your contract. Then give us a call!
Are there setup fees or termination fees?
There are no setup fees and no termination fees. Making a change to your business model is stressful enough, so we aren't going to charge you for doing it. If you decide factoring is not for you, we will not penalize you for leaving. We appreciate every client and hope for their continual growth and success. If you are not happy with ACC, you are backed by our Freedom Back Guarantee!
If I am an independent dispatcher, can I sign up my clients to factor with ACC?
We welcome dispatchers to contact us and assist their trucking clients in finding the best factoring solution for their needs. However, the owner of the trucking company must be the one to sign the factoring agreement. We also have a special program for dispatchers, with approval from the carrier, to pay the dispatcher directly out of each load. For more information about how we can assist dispatchers, please call us toll free at 1-855-465-4655.
