Haul Factoring Reader

How it works

For owner operators and small fleets comparing freight factoring companies or stuck in a factoring contract. Upload the factoring agreement and fee schedule as a PDF or photos, or paste it, and enter your typical invoice amount, how many days your brokers usually take to pay, and how much you factor a month. Haul Factoring Reader pulls out the terms that decide what it really costs: the advance rate and reserve, the fee (flat or tiered by days), every per invoice fee like ACH, wire and processing charges, and every other fee, from setup and monthly minimums to termination fees. Then the app works out what factoring your own invoice costs in dollars and as a yearly rate on the money advanced, what you get up front and what's held back, a table of the cost if the broker pays in 15, 30, 45, 60 or 90 days, and your monthly and yearly cost at your volume. It also explains recourse (and what “nonrecourse” really covers), minimum volume, whether you must factor every load, the term and auto renewal, how to get out, the UCC lien and the notice of assignment, and lists anything worth a closer look before you sign. It reports what the agreement says; it isn't legal or financial advice.

It reports what the agreement says; it isn't legal or financial advice.