Transportation Funding Group helps you with your cash flow by purchasing your completed freight bills and paying you immediately for them. You prepare your freight bills and then send the invoices and all back-up paperwork to TFG for purchase.
As we receive your bills, we generate a statement with our name on it, and then attach it to your freight bill and forward it to your customer for payment. Your customer will remit payment for the bill back to TFG in Minneapolis.
We pay you immediately for your bills and can send you a check, wire the funds to your bank account, transfer the funds via ACH/Direct Deposit, or deposit the money directly into your fuel card account.
There are no minimums. You may submit just those freight bills that you choose. We suggest you send us all the bills for a particular customer because if you send some through TFG and bill some direct, it may become confusing for your customer. This is a practical consideration that helps you avoid confusion with your customer.
Yes, we are able to finance Canadian trucking companies.
No, there are no application fees or upfront costs.
No, our contract with you runs month-to-month. Some factoring contracts run for 12 or 24 months with automatic renewals. Not with TFG!
We also don’t charge Termination Fees or Penalties. We believe that if we do a good job for you, you will be happy and continue to use our service. If not, you may leave with no strings attached.
Yes, we begin following up and collecting the freight bills once they reach 30 days of age. We will work closely with your customers and resolve any issues that might arise as the bills age.
We purchase your freight bills with recourse. This means that if we cannot collect a bill, we will sell it back to you. We will charge a bill back to you when it reaches about 60 days of age or when we determine that it is uncollectible.
You may track all of your account information online via our TFG website. We will provide you with a Username and you choose your password and you will have a live connection to your account history.
With online access to via our TFG website, you will gain valuable access to a wide variety of information including credit history for various shippers and brokers. If a particular shipper or broker has not met acceptable credit terms with TFG in the past this customer will be coded NON-PURCHASE. You may choose to move freight for this customer, but TFG will not fund that freight bill.
TFG charges you a one-time fee that DOES NOT INCREASE WITH AGE. It doesn’t matter if the bills clear at 30 or 40 or 50 days. We will never automatically add on another fee. This gives you peace of mind – and no surprises.
When we factor your bills we will typically advance 80 to 90% of the face value of each bill.
For example, we will place this unadvanced portion of each bill into reserve, and when the freight bill is finally paid we will pass this reserved amount through to you on your next Settlement.
When you submit your bills to TFG each week you will be paid the 85% of the new bills plus the 15% reserve from those bills that we factored last month for you (and which now are paid).
You may choose to submit your freight bills once per week or everyday. You choose the frequency that suits you best. If we receive bills from you by 11:30 AM we will process them that same day. Each time you send us bills we will run your Settlement and any reserve payments that are pending will be added to the settlement automatically.
We will prepare a check and send it to you by US Mail or via overnight courier (i.e. Fed-Ex, UPS). You may instead choose to have your money transferred by bank wire or ACH/Direct Deposit. If you have a Fuel Card account we can transfer funds directly into that account, as well. You can split your funds among two or more of these options if you wish.
Flexibility is the name of the game.