BIG RIVER FINANCIAL

What Is Factoring?

• Factoring is the process of using your load documents to obtain a payment advance for a load you’ve successfully delivered.
• The advance functions somewhat like a short-term loan (typically around 90 days).
• Most brokers operate on a “Net 30” payment process, meaning they begin processing payment for a delivered load 30 days after completion.

How to Factor a Load:

• After delivering your load, submit your Rate Confirmation and Bill of Lading (B.O.L.) through Big River Financial’s web portal.
• The documents and load details are verified, and you receive payment within approximately 24-48 hours (depending on your chosen delivery method).

Key Steps to Ensure Successful Factoring:

Correct Paperwork:

• Always inquire if there’s a formal B.O.L. specified for a load. If not, seek approval for the blank B.O.L. you plan to use.
• Ensure you have all necessary pages (e.g., if a document has “1 of 4” printed on it, you should have four pages).

Good PDF Files:

• Prepare clear, readable documents with visible corners.
• Accurate Information:
• Verify that company names, addresses, and load details match those on the Rate Confirmation and B.O.L.

Signatures:

• Obtain a clear receiving signature for each delivery.
• For B.O.L.s with multiple deliveries, ensure signatures correspond to each delivery address.

Special Instructions:

• Some loads may have specific instructions; complete them as required.
• Confirm Delivery with Broker:
• While not mandatory, confirming delivery with the broker before factoring is a best practice.
• Obtain a direct contact for any potential issues.

Daily Cut-Off Time:

• Submit loads by 12:00 PM (noon) to process them on the same business day.

Additional Tips for Efficient Factoring:

Familiarize Yourself with the Account Portal:

• Learn to navigate the portal for faster payments and better control over open invoices.
• Check Broker Credit:
• Before booking a load, verify that the broker is credit-approved.

Know Your Load Documents:

• Review each page in detail to avoid delays.
• Have a Billing Process:
• Our team automatically sends load documents and invoices to brokers via their specified communication method.