Invoice Factoring Services
Invoice Factoring Services
Take control of your finances with factoring services for trucking companies from OTR Solutions.
Looking for the best invoice factoring services to better manage your cash flow and avoid new debts? Take advantage of invoice factoring through DAT’s trusted partner, OTR Solutions. OTR Solutions ensures you get paid quickly while taking care of billing and collecting so you’ll never worry about cash flow.
- Get paid Same Day with OTR Solutions invoice factoring services.
- Discover trucking factoring services you can trust.
- Let OTR factoring handle your back-office billing and collection.
Get paid Same Day using OTR Solutions invoice factoring services.
Waiting for invoice fulfillment can take up to 90 days. Let OTR factoring help get you paid faster.
One of the hardest parts of running a small trucking business is waiting on invoice fulfillment. When customers often take 30, 60, or even 90 days to pay you for the work you’ve already done, managing cash flow can become a challenge. Invoice factoring services can help. With OTR Solutions, you get paid within hours of submitting your paperwork. OTR factoring rates also come with no hidden fees or monthly minimums, so you can be certain of your cash flow when you balance your books.
Discover trucking factoring services you can trust.
OTR factoring has been one of the most trusted names in the industry for over a decade. That’s why we partnered with them.
Selecting the right factoring services for trucking companies can be tricky, since many factors charge hidden fees or claim to offer non-recourse options that are simply recourse factoring solutions by another name. With OTR factoring, you get a solution you can trust. That’s why the experts at DAT decided to partner with OTR Solutions. There are never any hidden fees and OTR factoring offers the only true non-recourse factoring offering on the market. When you factor with OTR Solution, you always know what you’re getting up front.
Let OTR factoring handle your back-office billing and collection.
Take the hassle out of billing and collecting on your invoices with invoice factoring services.
No one wants to waste time worrying about when they’ll get paid for work they’ve already done or how much time they’ll have to waste calling slow-paying customers to track down their earnings. With OTR factoring, you don’t have to. OTR’s freight broker credit check system is designed to take the guesswork out of invoicing, taking on your invoices and paying you the full value of the invoice right away (minus a small fee). Once you pass your invoice on to OTR factoring, it’s out of your hands. They’ll take care of tracking down your customers and getting their payments while you can focus on building your business with the money you already earned in hand.
"OTR Solutions is a wonderful company to work with. They go above and beyond to meet your needs. Everyone I have worked with has always been really nice and professional. I would recommend OTR Solutions to everyone looking for a great factoring company."
- Nicole Ives
"OTR Solutions is one of the best things that has happened for our company Sal-Trans Express, Inc. Their Customer service is of the best quality. Provide detailed explanations to all questions asked and truly always look out for their customers. Their personalized services have allowed our company to scale quickly and allowed us to make the necessary decisions for our company."
- Eduardo Salazar
Trucking factoring services and freight factoring services buy invoices from trucking companies and brokers and pay out those invoices to you less a small percentage fee charged to the amount being funded. The invoice factoring services then take on the responsibility of getting payment on that invoice from your customers. You no longer have anything to do with the invoice and can focus on finding your next load.
Normally, brokers pay on a standard 30 day term once the invoice is received but can sometimes take anywhere from 30-90 days for customers to fulfill unpaid invoices. With invoice factoring services, you can get paid for those invoices in 24 hours or less while your factoring company invoices the broker and waits the 30-90 days to get paid.
There are two types of factoring services: recourse factoring services and non-recourse factoring services.
While all invoice factoring services work by purchasing invoices and paying you the full amount minus a fee, there’s a key difference between the two forms when it comes to which party is responsible for taking on risk in case a customer doesn’t pay. With recourse factoring, while you will get paid all or part of your invoice right away, you will be responsible for reimbursing your freight factoring services company if the customer doesn’t pay the invoice. Because you are taking on the risk instead of the factoring company, recourse factoring companies often charge lower factoring fees than non-recourse options. This program is often preferred by larger carriers who are willing to take on the risk in exchange for more flexibility when it comes to their customer being credit approved by the factor.
Non-recourse factoring services offer carriers full protection if invoices they factor are not paid by the broker, including when the broker goes bankrupt before payment is received. When compared to recourse factoring, the additional risk taken on by the factor does result in a slightly higher fee but is usually preferred by new and small carriers. With non-recourse factoring, the factoring services companies purchase your invoice just like with recourse factoring, but they always pay you the full value right away and even if the customer doesn’t end up paying the invoice, you will still get to keep the money you received for the invoice. You are not responsible for a customer not paying.
While that may sound great, it’s worth noting that most non-recourse factoring services are actually really just recourse factoring services. They often include hidden fine print that means you will still be on the hook for clients that refuse to pay, just like with recourse factoring.
OTR Solutions offers the only true non-recourse invoice factoring services with no hidden fine print or factoring fees.
OTR Solutions is the most trusted freight factoring service in the industry. OTR factoring ensures your invoices get paid fast with no hidden factoring fees, while OTR’s freight broker credit check, which tells you which freight you’ll be able to factor before you pick it up off the load board, means you can be sure you’re working with trusted partners from the start. Whether you’re looking for freight broker factoring or transportation factoring, there’s no doubt that OTR Solutions is the perfect fit — especially for DAT customers who can see their factoring options right from the load board they’re already using.
OTR Solutions factoring program delivers unmatched value through its factoring service, technology solutions, and partners. Factoring rates can vary based on the carrier’s operation and the factoring program offered. On average, new and small carriers can expect to pay 3%-4% while carriers operating multiple trucks or are factoring on a recourse program can expect to pay less. There are no hidden fees or upcharges for using additional solutions and services offered by OTR, meaning that the price you’ll see is the price you’ll pay. And if you choose non-recourse factoring, you can be confident that you won’t be on the hook for non-paying customers no matter what happens.
Let OTR’s team of experts walk you through your options to get the best OTR factoring rates!
To get started with OTR factoring, all you’ll need is a few simple documents. After speaking with a qualified expert about your invoice factoring services needs, you’ll fill out an application and sign a factoring agreement which outlines your factoring fees. From there, you’ll need a valid driver’s license, W-9, banking information, and Certificate of Insurance (COI) to get started. There are no credit checks required or operating history needed to start factoring with OTR Solutions.
If you use the DAT load board, you’ll be able to see all the loads that are pre-approved for OTR factoring before you even begin negotiations. After you book a load, you can send the details straight into your OTR Solutions account to pre-build the invoice ahead of delivery so you can be confident of a smooth, simple process if you choose to factor the invoice. It’s that simple.
Let DAT and OTR help you take control of your finances!
Invoice factoring services mean you have faster access to your money. DAT and OTR are two of the most trusted names in the trucking and freight business. That’s why we’ve partnered to offer you fast, reliable invoice factoring with no hidden fees. Start OTR factoring today!