Bobtail Factoring FAQs
If you require support for your Bobtail account, you can email your client success team or call us at 410 204 2084. Our operational hours are Monday – Friday, 9 AM – 5 PM EST. Please see the below frequently asked questions for additional information.
Factoring is a financial tool that provides you with immediate cash on your unpaid invoices. Bobtail will purchase your invoices and pay you within one business day. Bobtail will then collect payment on those invoices from your customers. Factoring is also called accounts receivable financing–it is not a business loan.
Bobtail charges a simple factoring rate based on your estimated monthly factoring volume and number of trucks. Rates range from 1.99% to 3.24%, depending on volume and other factors.
Sign-up is super easy with Bobtail. A Bobtail representative will email you our application–simply sign it, attach your driver’s license and corporate documents, and if approved, your account will be activated within 24 hours.
Bobtail does not require you to factor all your invoices. You have the freedom to pick and choose the accounts you factor.
Switching to Bobtail is simple. Submit a termination notice to your current factoring company and let Bobtail handle the rest. Bobtail will request a buyout agreement from your current factoring company and complete the process. This process typically takes about 2 days to complete but can take longer depending on your current factoring company.
Bobtail makes it very easy for carriers to submit invoices. On our mobile app, there are two simple steps:
- Scan or upload documents
- Enter all the load details and send!
You can also submit invoices on our web app, using a similar process.
A credit check is performed on every shipper and broker to verify their creditworthiness, and it is very important. Bobtail runs the credit on every broker & shipper to ensure timely payment. We advise all carriers to perform a credit check on all brokers and shippers before picking up a load.
Yes, Bobtail provides same-day funding to all clients. Submit your invoices before 11 AM EST Monday through Friday and you will receive funding the same day by 6 PM EST in your bank account.
Bobtail does not check your business or personal credit. We expect payment from your customers and only perform a credit check on them.