Transportation Funding Group

(800) 705-FUND (3863)

 

BILLING PROCEDURES

You prepare your invoices as your customer requires, but instead of mailing them to your customer you route them through our Minneapolis office. As we receive your freight bills we prepare a statement of our own, attach it to your invoice, and then forward it to your customer. An Assignment stamp alerts your customer that the bills have been factored and to remit payment directly to TFG.

SETTLEMENTS

At the end of each day that you submit freight bills we prepare a daily factoring activity report and a check, which we send to you by mail, overnight courier, or if you prefer we will wire the funds directly to your bank. You may even choose to have all or part of your settlement check wired into your fuel account.

FOLLOW-UP

Once the invoices have been factored and forwarded to your customers, our highly experienced collections department will begin routine credit follow-up. If we become aware of a problem with an invoice we will notify you and together we will solve the problem. This is another valuable benefit of factoring with TFG.

YOUR RESERVE ACCOUNT

TFG typically advances 80% of the freight bill amount, less our low one-time fee. The remaining 20% is held in a reserve account until after the invoice has been paid. We then credit your account for the reserve and it is available on your next Settlement. Many factoring companies delay returning your reserve.

TFG CONTRACT

You will be asked to sign a contract with TFG which covers the legal issues related to factoring your freight bills. The contract runs month-to-month. Naturally, we would like to do business with our carriers for a long time, but we believe that earning your loyalty through excellent service is the way to build long term relationships, not by tying your hands with an extended and restrictive contract. We have been month-to-month with some of our carriers since 1995.

 

©1995-2012 Transportation Funding Group