Learn How Factoring Can Help With DOT Compliance Group's New Partner
WHAT IS FACTORING?
Factoring involves the selling of invoices to a third party company at a small discount. This benefits companies by immediately boosting cash flow, eliminating invoice processing, and allowing you to focus on your business while having cash on hand for important expenses.
- Factoring is a financing option that involves the purchasing of receivables from businesses to help improve cash flow and promote growth.
- Improved cash flow is the number one benefit of factoring, enabling a client to meet their financial obligations on time and grow their business.
- We pay our clients immediately upon completion of their work, at discount, rather than them having to wait 30, 60, or 90 days to get paid. We then wait the time it takes to get paid and collect the full value of the invoice.
- Small carriers are often the driver, secretary, billing dept., collections dept., etc..
- OTR offers a single point billing solution for carriers rather than billing multiple debtors.
- Factoring allows carriers to focus on finding/moving freight rather than billing and collecting on services rendered.
BENEFITS
Non-Recourse
Rest easy with your business’s invoices
No Invoices
No invoice is required! Simply upload the Rate Confirmation and BOL with our app or portal for payment in no time
Competitive Rates
Fair and reliable factoring rates using a true non-recourse model.
Same Day Funding
Invoices are processed and paid on the same day! With multiple funding options, you can get paid when you need it.
THE CYCLE OF MOVING FREIGHT WITHOUT A FACTOR
is moved from Point A to Point B.
OTR PROGRAM HIGHLIGHTS
OTR PROGRAM DETAILS
NON-RECOURSE
- Flat Rates
- No Hidden Fees
- No Reserve
- No Chargebacks
- Dedicated Account Manager
- Full Back Office Support
- Best for Companies with Less Than 10 PUs
RECOURSE
- Low Flat Rates
- Flexible Customer Credit Approvals
- Small Reserve Held
- Dedicated Account Manager
- Carrier Helps with Collections
- Full Back Office Support
- Best for Companies with More Than 10 PUs
WHAT MAKES OTR DIFFERENT
Simple
We take the guessing out of getting paid with a solution fit for owner operators and fleet owners alike. No credit checks, no minimum requirements, and no hidden fees.
Reliable
Your dedicated account manager takes the worry out of factoring with an unmatched level of customer service. Rely on swift and consistent funding to drive your trucking business' growth and long-term success.
Trusted
With one of the highest retention rates in the industry, thousands of clients trust us as their partner, handing their freight factoring and back- office billing to fuel their financial growth.
TRANSPARENCY & INNOVATION
OTR has invested significantly to develop easytouse technology solutions that benefit our clients.
The OTR Solutions App
Transportation clients that factor with OTR Solutions need to manage business from anywhere. OTR’s Mobile App provides our carriers with convenient, userfriendly ways to:
- Factor a load
- Fuel advance
- Broker check
- User history
- Scan documents
- Paperwork upload
The OTR Client Portal
The client portal provides 24/7 access to client accounts and information. OTR's proprietary system was developed and is managed in house, giving our clients a customized experience hen managing their account to do the following:
- Broker/Shipper approvals
- Payment breakdowns
- Reporting
- Invoice upload
- NTG load board
- TMS Integration
The OTR Solutions App
Transportation clients that factor with OTR Solutions need to manage business from anywhere. OTR’s Mobile App provides our carriers with convenient, userfriendly ways to:
- Factor a load
- Fuel advance
- Broker check
- User history
- Scan documents
- Paperwork upload
OTR SOLUTIONS
-
24 hour direct deposit for all invoices
-
Flat rate, full funding
-
Invoice one party for all customers
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Online portal for quick & easy invoicing
-
Dedicated collection rep for each customer
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Free 24/7 (up to date) credit checks for customers
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Consolidated Totals Report for Tax Purposes
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Turn any customer into a quick pay customer
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Free fuel cards with industry leading discounts & fuel advances 7 days a week
Quickpay/ Direct Bill
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48 - 72 hour QP / 30 - 60 day Direct Bill
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Flat rate, full funding
-
Invoice to multiple parties
-
Multiple different invoicing methods
-
Pay salary & benefits to multiple employees to handle collections
-
Rely on outdated credit check services
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Must request 1099 from each customer you work with
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Many customers don’t offer quickpay
-
Overpriced comchecks without fuel discounts
Do not delay, Get Enrolled Today!
Frequently Asked Questions:
It comes down to who is liable if the factoring company is not able to collect payment on the invoice after a certain amount of time. A recourse program means the carrier is ultimately liable to repurchase the invoice if the factoring company cannot collect payment. A non-recourse program means the factoring company is responsible and liable for the payment.
Non-recourse programs are best for new and existing carriers in the small to mid-size range. Recourse programs are designed for larger carriers.
It all depends on several things, but they typically charge a rate between <1% to 4% on the dollar amount of the invoice.
Payment can happen in as little as 2-3 hours, with most invoices funded within 24 hours.
The most common are via ACH and Wire, which allow for same-day funding. Our factoring partner offers an instant, direct to debit funding option, called BOLT, to transfer your funds in seconds.