What is
factoring?
Factoring is a way for truckers to receive much faster payment for their services. In contrast, the factoring company deals with invoice payment processing and collection. In exchange for this service, the truck driver gives up a small percentage of the invoice to the factoring company. Additionally, factoring companies typically charge additional fees for their service, reducing the amount you earn on that load. Still, drivers are willing to make the exchange for keeping their wheels turning.