freight factoring

Streamlined operations mean better customer relationships

Carriers, freight brokers, and 3PLs rely on steady cash flow and efficient processes to keep their operations running smoothly and to meet growth goals. The best customer service, as any carrier will tell you, is quick and responsive with payments, claims, and solutions. 

According to Bharath Krishnamoorthy, co-founder and CEO at Denim, freight brokers are seeing unprecedented operational strain and cash flow challenges as smaller margins force them to operate more efficiently, increase volumes...

https://www.freightwaves.com/news/streamlined-operations-mean-better-customer-relationships

Outgo commits to 4-hour factoring speeds, announces $15M capital raise

Carrier-focused payments platform Outgo said Tuesday it has received a $15 million investment from venture capital investors and that it has secured a $50 million credit facility to be used for purchasing carrier receivables. It said the capital infusion has allowed it to become “the industry leader in funding speeds for carriers.”

The Seattle-based 2021 startup said the previously undisclosed funding round was led by Gradient Ventures and Construct Capital along with participation from other...

https://www.freightwaves.com/news/outgo-commits-to-4-hour-factoring-speeds-announces-15m-capital-raise

Freight factoring can alleviate challenges of shrinking margins

For freight and transportation companies, steady revenue streams are vital. Particularly for carriers with fleets of equipment and full-time employees, operating expenses are never-ending and can quickly drown organizations without consistent cash flow. 

Shrinking margins tend to have a cascading effect in freight, with many brokers and carriers struggling to meet financial goals. Currently, it’s a shipper’s market with freight rates at historic lows. To make matters more difficult, carriers...

https://www.freightwaves.com/news/freight-factoring-can-alleviate-challenges-of-shrinking-margins

Love’s acquires freight factoring portfolio from REV Capital

Love’s announced Monday that its financial services unit has acquired a freight factoring portfolio from REV Capital. The deal adds more than 500 customers to the Love’s Financial platform.

Financial terms of the transaction were not disclosed. The deal closed on Friday.

“During a challenging freight market, this acquisition underscores Love’s commitment to grow strategically as a leader in helping owner operators and fleets of any size grow their business,” said Love’s President Shane Wharton in...

https://www.freightwaves.com/news/loves-acquires-freight-factoring-portfolio-from-rev-capital

Securing your competitive edge: Preparing for the next market upswing

The freight market remains in flux as what once was a persistently inflationary upswing gave way to the current lingering down market. At this year’s Future of Supply Chain event in Atlanta, executives of companies ranging from freight brokerages to back-office solutions providers to factoring companies talked about what’s next in logistics and their thoughts regarding the current freight cycle, giving insights into their strategy once the market turns.

A common theme among executives at the...

https://www.freightwaves.com/news/securing-your-competitive-edge-preparing-for-the-next-market-upswing

Factoring has proven successful for new and small carriers looking to grow

When increasing freight rates stir the entrepreneurial spirit, and new carriers enter the market, it doesn’t take long to realize that starting a business comes with back-office and financial pressures that distract from the core task of delivering loads. It’s not uncommon that as soon as new carriers obtain their Federal Motor Carrier Safety Administration licenses, they’re also shopping for a factoring company in which to sell their accounts receivables.

“Of the $600 billion freight industry,...

https://www.freightwaves.com/news/factoring-has-proven-successful-for-new-and-small-carriers-looking-to-grow

Claims of ransomware attacks on factoring firm eCapital shrouded in mystery

An illustration of four skeleton figures in front of computers representing hackers for an article about a ransomware attack

Two ransomware gangs have separately claimed they attacked and stole data from freight factoring provider eCapital, raising the question of whether the firm got hacked twice.

The answer isn’t so clear. 

An eCapital spokesperson initially said the company had “recently sustained a sophisticated cybersecurity incident” after FreightWaves inquired about an attack announced by the Lorenz group on the dark web in late July. 

“Due to our pre-existing security measures, we were equipped with sufficient...

https://www.freightwaves.com/news/claims-of-ransomware-attacks-on-factoring-firm-ecapital-shrouded-in-mystery

Commentary: What does a freight factoring company do?

The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.

This summer, Convoy announced the start of its freight factoring service, in partnership with Apex Capital. Aimed at attracting small carriers, quick turnaround funds are now available for non-Convoy loads in addition to the 0% QuickPay option previously available for Convoy loads.

With QuickPay being offered by a number of brokers, the benefits of choosing a...

https://s29755.pcdn.co/news/commentary-what-does-a-freight-factoring-company-do