Factoring questions, answered

Factoring is a simple way for businesses to get cash from their unpaid invoices. Instead of waiting 30, 60, or 90 days for a customer to pay, you sell the invoice to a factoring company like MyFactor LLC. We advance most of the invoice value to you right away, collect payment from your customer, and send you the remaining balance minus a small fee. It’s not a loan, so there’s no debt to repay.

No. A bank loan is based on your credit and adds debt to your balance sheet. Factoring is different. You’re selling an invoice you’ve already earned, and approval depends mainly on how reliably your customers pay. That’s why factoring works well for new businesses, growing companies, and anyone who can’t wait on slow payments.

You deliver the load or complete the work and send us the invoice. We verify it and advance most of the invoice value to your account. When your customer pays us, we send you the remaining balance, minus our fee.

No.

Once an invoice is approved, funds go to your bank in seconds through Real Time Payments, or straight to your MyFactor Wallet.

Carriers: MC/DOT authority, certificate of insurance and a W-9. Brokers: broker authority, surety bond details and an A/R aging report. Other businesses: basic business documents and an A/R aging report.

Yes. We look at your brokers’ credit, not how long you have had your authority.

You will hear back within one business day, whether you use the form, the phone or email.

Transportation — owner-operators, fleets, and carriers waiting on broker payments. Freight brokers — brokerages paying carriers fast while shippers pay on terms. Staffing — agencies covering weekly payroll while clients pay monthly. Construction — contractors funding invoices and approved change orders. Healthcare — clinics, home health, medical staffing and labs waiting on insurance payers. Manufacturing — manufacturers funding the next production run while customers pay on terms. Wholesale and distribution — distributors freeing up cash to reorder before customers pay. Oilfield services — hauling, equipment rental, well services and field crews waiting on operators to pay. Security services — guard, patrol, event security and alarm companies with weekly payroll. Janitorial and facilities — cleaning, facility maintenance and landscaping companies with weekly payroll. Food and beverage — distributors, caterers, co-packers and specialty food producers.

You see your rate before you sign. One clear fee per invoice, with no surprise charges added later. Tell us your lanes and who you haul for, and you will get your rate before you sign anything.

Yes, free, from the app or the Portal.

Yes. $0 annual card fees, Discounts at truck stops nationwide, Limits per driver or per truck, Every purchase tracked in real time. The card is issued through our partner, Multi Service Fuel Card.

The MyFactor App and MyFactor Portal come with every account, on one login. Carriers who factor with us also get MyFactor TMS free for the first year.

MyFactor LLC is at 146 W 29th Street, Suite 10W, New York, NY 10001. You can reach us on (212) 466-6829 or at sales@myfactorllc.com.