|Frequently Asked Questions
Q: How soon can I start factoring with Transwest Capital?
A: Immediately. We offer same-day setup for new clients. Please fill out our online application form or call us at 1-877-741-1301.
Q: Does Transwest Capital give advances?
A: No. Only the transportation broker may provide an advance on the load.
Q: What if my company received an advance?
A: If you received an advance on a load from a broker, we will calculate the money you receive based on the adjusted gross truck pay after subtracting any advance fees. We will still invoice the broker for the actual agreed-upon rate. Shortages and claims for a load are deducted in the same way.
Q: Why factor rather than get a bank loan?
A: Bank loans are not a sure thing. Factoring is. While approval of a bank loan relies upon your credit worthiness, factoring approval is based on your client’s credit history.
Q: How will I received funds from factored accounts?
A: Depending on your preference, Transwest Capital will either wire money directly to your bank account and/or onto your fuel card. We can also issue a comcheck over the phone.
Q: How long will it take to receive funds?
A: Verified invoices will be funded within 24 hours of receipt in our office. In some situations we can even fund on the same business day.
Q: What happens if my customer does not pay my invoice?
A: Your company will be responsible for any refusal of payment and will need to repurchase the invoice from Transwest Capital. To avoid this, we suggested checking a broker’s credit history with Transwest Capital before accepting a load from them.
Q: How are factoring fees determined?
A: Our fee is a flat rate for each freight bill factored or a 90 percent advance with a reserve account. You get paid the balance of the invoice, minus any advances or advance fees that may have been accepted. Comdata transactions fees will also be applied.
Q: How much are Comchecks over the phone and Comcheck card fees?
A: Clients that receive funding by Comcheck (instead of a Comcheck card) are charged a $10.00 fee for each $1,000 issued. There is a flat-rate $5.00 fee to load funds onto your Comcheck card, regardless of the amount loaded.
Q: Who bills my customers if you buy my invoices?
A: After receiving your freight bills and issuing your funds, we will prepare an invoice, submit it to your customer and collect the payment directly. Trucking companies must send the signed original bill of lading, rate confirmation sheet and all related documents for each freight bill factored.
Q: Does Transwest have a Comdata Card program?
A: Yes, Transwest has a Comdata Card program and can issue cards to clients who request them. Some of our clients request that 100% of their funding be issued to their assigned Transwest Comdata account for ease of access to their capital at truck stops and fuel stops all across the country.
Q: What if I want to stop factoring?
A: Unlike most factoring companies, Transwest Capital does not require long term contracts, so your trucking company is not committed to use our factoring service for any length of time. However, we cannot issue a release until all open accounts receivable for your company have been paid in full, or another factoring company purchases your account.
Q: What if I only factor a few freight bills each month?
A: No problem! Use our service as often as you like. There is no minimum or maximum dollar amount required each month.
Q: Can I factor all of my freight bills?
A: Certainly. You can factor as many freight bills as you like. Transwest Capital factors on a load-by-load basis, so there is no need to factor every account. Also, the more you factor with us, the lower your rates become.
Q: What if I'm under contract with another factoring company?
A: You can only work with one factoring company. If your company is under contract with another factoring company and would like to use Transwest Capital instead, please call our office at (800) 670-1404 to let us know. We will need to receive and verify your release letter and UCC termination.
Q: Do you hold part of my money in a reserve account?
A: For non-recourse factoring there is no reserve, so you get all of the money due at once minus our fee. There is no charge back if we don't get paid for freight bills that meet our funding standards. Transwest Capital assumes liability for the freight bills we purchase. Certain restrictions apply. Misdirected payments, shortages, damages, late fees, advances, claims and changes in rate could affect the settlement process.