You have questions. wE have answers.
Starting a new trucking company and making important financial decisions can be stressful. Read through our FAQ for industry tips and knowledge.
Freight factoring (also known as: accounts receivable factoring or invoice factoring) is the process of selling your unpaid invoices to a factoring company. The factoring company then pays you immediately, and takes on the financial risk of waiting to be paid by your customer. The use of freight factoring is helpful by generating immediate cash – allowing you to focus on growing your company – not about getting paid.
Freight Factoring is not a loan. We simply take over your open accounts receivable and collect on them for you for a small fee.
You can not have more than one factoring company. This is due to your customers knowing who to pay on your invoices if they have been factored.
Of course not! PDM gives you the freedom to pick and choose which loads you want to factor. We do ask that once you factor an account, you continue to factor all invoices associated with that account – this helps your customer with payments.
Yes – and it is completely free to download! Our new mobile app (created by our technology partner, Cargo Nerd) has cutting-edge features like a free load board, RPM calculator, invoice submission, and free broker credit checks! Download our free app on Google Play or Apple App Stores today.
Factoring isn’t “one size fits all”. We offer multiple factoring programs in order to best fit your needs.
Using PDM’s freight factoring services comes with many additional (and free!) benefits like collection services, load boards, fuel cards, credit checks, dispatching, and insurance.
PDM does not require a personal credit or background check in order to approve you for our factoring services. Sign up is completely free and only takes about 10 minutes!
Some factoring companies must have a completed “rate application” before being able to provide you with your factoring rate. PDM Financial does not require an application and does not advise completing rate applications. Some rate applications are used to pull personal/business credit, run background checks, and file unnecessary liens against your company.
PDM Financial continues to uphold our reputation in the industry by providing our clients with industry leading services & processes as well as providing clients with a unique and unmatched level of customer service that can only be found at a family-owned factoring company.
We love connecting with all of our clients online through our many social media pages (Facebook, Instagram, LinkedIn, YouTube)! Feel free to click the links below to connect with us today!