8/24/2023 0 Comments Factoring invoices wex fleet one![]() The trucking industry is no different, but many companies are not sure what kind of financing can help and or what fleet factoring can provide that a typical business loan cannot. Most business today is built on some form of financing, whether it is a business infrastructure loan or a long-term credit line. Rates are low, terms are transparent, and the company will work diligently to ensure that your invoice is paid.Ashley Wilks When to start factoring and what to know ![]() While there may be better fuel card options, for invoice factoring, Fleet One is a good choice. There seem to be some issues with Wex as the main company, but Fleet One is a different story.įleet One factoring has generally good reviews, with the fuel card being the biggest issue.įactoring works great, money is dispersed quickly and the representative assigned to you will work hard on your behalf. They have a good reputation, but the main company does not. Wex is a publicly-traded company, so you can find out a lot of information on the company online. Wex is an IFA member, and they will fund up to 95% of eligible invoices. If you have a trucking fleet, contact the company today to see how they can help you factor invoices to get the money you need today. The company will buy freight invoices and works with: If you’re in a financial crunch, you can start factoring the outstanding invoices that you have to pay your bills. The company wants to work with you long-term, so you don’t have to factor all of your invoices if it doesn’t suite your company. When you choose invoice factoring through Fleet One, you can factor any number of invoices. Some fleets have been able to reduce their fuel costs by as much as 20 cents a gallon. You’re going with a larger company that can negotiate far better deals than smaller fleets. When you start using the company’s factoring services, you gain access to EDGE, and you can also save on: The fuel card, also known as Fleet One EDGE, allows access to 3,000+ fueling stops across the nation.Īverage savings per gallon is 15 cents, and there are no fuel transaction fees. The fuel card offers cost savings to smaller fleets that need to be able to cut back on fuel costs. Collection management done by the companyĪnd Wex will also offer you the chance to be a member of their fuel card program. ![]() When you work with Wex Fleet One, you’ll also enjoy: If a customer has poor credit, you can choose to not work with them to be able to minimize your risk of non-payment. Free credit analysis allows you to be able to check the credit of current and potential customers. The free credit analysis program is great for smaller trucking fleets that do not conduct thorough credit analysis on clients. When you work with Wex’s invoice factoring, you’ll also receive: If you’re dealing with a risky client or a client that is going through financial hardship, you may want to consider non-recourse factoring instead. You’ll want to use recourse factoring when it’s a major client that you know will pay the invoice. Since you’re taking on more risk, you’ll receive lower rates. Wex will try and collect on the invoice, and if it cannot be collected, you will be responsible for the money not collected. When you choose recourse factoring, you’ll receive the same benefits that you receive with non-recourse factoring with one slight difference: you assume the risk. Non-recourse funding will have higher rates because you’re not guaranteeing the invoice. Risk will be a determining factor in your overall rate. If the customer who is responsible for the invoice never pays, Wex will assume all responsibility. Non-recourse funding means that Wex takes on all of the risk when factoring the invoice. When you choose invoice factoring, you’re not taking out a loan and there are no banks involved in the process. One of the main benefits of Fleet One is that they understand that the money is already owed to you. Rates can be as low as 1%, but many factors will determine the rate that you pay. The rates are tailored to your company and to keeping your company running smoothly. The process allows you to open an account and start factoring faster in the future. When you apply, you’ll have to go through a quick setup process. You will gain access to the EDGE fuel card, too. Wex offers customized solutions for your fleet that include: When you work with Fleet One Factoring, you’ll also gain access to the company’s fuel card. The company’s superior technology has allowed their offering to become one of the best in the industry. ![]() Wex offers freight factoring solutions and trucking finance across the United States. The company is a direct lender, with rates as low as 1%. Fleet One offers invoice factoring and accounts receivable factoring.
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