Trusted by the #1 factoring company in the industry.
OTR Solutions
Did you know?
Within a few hours of applying you can get immediate cash, as well as fuel and lumper advances to meet the daily expenses associated with growing your business.
Please keep in mind that we work with a variety of lenders on behalf of our carriers. You are under no obligation to choose OTR and we will never try to deter you from continuing your current contract with any other provider.
Invoice Factoring Steps
Obtain Rate Con and POD.
Path Pro Logistics will create an invoice for the factoring company on your behalf, or you can create one yourself. You don’t need to create an invoice for the broker.
Your invoice is sent to your factoring company. The factoring company then sends the invoice to the broker.
The factoring company promptly sends you your cash advance. Most use ACH (Direct Deposit) or Wire Transfer, both of which allow same-day funding. OTR Solutions offers a third funding option called BOLT that gives you access to your cash within seconds even on holidays!
The broker pays the factoring company.
The remaining balance minus applicable fees will be refunded to you.
With OTR you can choose to have non-recourse or recourse factoring.
Non-recourse factoring means the factoring company assumes most of the risk of non-payment by your customers (the broker). The trade-off is typically higher fees and more restrictions.
Recourse factoring is the most common; this form of factoring allows for lower factoring fees, greater flexibility, higher credit limits, flat rates, and all-around simpler contracts. However, it also holds your company responsible for any non-payment. In this scenario, the factoring company will make every effort to collect repayment on your behalf but if it is unsuccessful — you are responsible for repaying the funds that the factoring company is owed and attempting to collect the debt from customers (the broker).
Be sure to read factoring agreements very closely and investigate any stipulations.
Our carriers trust OTR to deliver exceptional customer service while offering one of the most competitive fee structures in the industry — making factoring less complicated and supporting their businesses for over a decade. The cost depends on the program you chose. Once a completed application is received, an approval decision is made and the appropriate documentation is sent to you via email within a few hours.