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What is factoring?
Factoring is a financial tool that provides you with immediate cash on your unpaid invoices. Bobtail will purchase your invoices and pay you within 24 hours. Bobtail will then collect payment on those invoices from your customers. Factoring is also called accounts receivable financing–it is not a business loan.
How much does Bobtail charge for factoring?
Bobtail charges one simple, flat transaction fee based on your monthly factoring volume. Check out our rates here.
How do I apply for Bobtail Factoring?
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
Do I have to factor all my invoices?
Bobtail does not require you to factor all your invoices. You have the freedom to pick and choose the accounts you factor.
How do I switch to Bobtail factoring?
Switching to Bobtail is simple. Submit your termination notice to your current factoring company and let Bobtail handle the rest. Bobtail will request a buyout agreement from your current factor and complete the process. This process typically takes about 2 days to complete.
How can I submit my invoice?
Bobtail makes it very easy for carriers to submit invoices. Follow these 4 steps
- Deliver the load
- Create an invoice and enter the broker’s name, load number and the rate
- Attach the rate confirmation & the bill of ladings
- Receive Funding
What is a credit check & is it important?
A credit check is performed on every shipper and broker to verify their credit worthiness, 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.
Can I get same day funding with Bobtail?
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 5 PM EST in your bank account.
Does Bobtail check your personal credit?
Bobtail does not check your business or personal credit. We expect payment from your customers and only perform a credit check on them