TL;DR
- Freight factoring brings forward payment on an eligible freight invoice. The carrier receives an upfront portion, and the balance is settled after the broker or shipper pays.
- MileFactor’s published offer is 80% upfront after approval and a 0.04% daily fee. Non-recourse coverage is set out in the agreement.
- Start with the invoice, the correct payer, and the load records. You can mention several invoices in the form description; the team can request the additional details directly.
The process follows the load as well as the money. Truckstop’s freight factoring guide explains the general funding model; the seven steps below show what to prepare and how MileFactor’s review works.
1. Connect the invoice to the delivered load
Start with the invoice number, load reference, delivery date, amount, and agreed payment terms. The person reviewing the request should be able to follow the invoice back to the transportation work.
Have the rate confirmation and delivery record available. DAT’s freight factoring guide identifies these among the records commonly used in freight factoring.
| Record | What it helps establish |
|---|---|
| Issued invoice | The amount, invoice date, and payment terms |
| Rate confirmation | The agreed transportation work and rate |
| Bill of lading or proof of delivery | The shipment and delivery record |
| Payer’s legal name | The broker, shipper, or other party that owes payment |
| Dispute or deduction correspondence, if any | Whether any part of the amount is contested |
MileFactor does not require a document upload to start the inquiry. Supporting records may be requested during review.
2. Identify the business that owes payment
The broker, shipper, dispatcher, and delivery location are not necessarily the same party. Use the legal name of the person or business responsible for paying the invoice, based on your agreement and invoice records.
For example, if a broker arranged a load delivered to a warehouse, do not automatically enter the warehouse as the party that owes you. Check the rate confirmation and payment arrangement.
In MileFactor’s form, “Who owes it” means the other side of your invoice. “Your details” means you and your trucking business.
3. Send the initial details through MileFactor
The inquiry has three parts:
- The invoice: amount and a description covering the load, invoice date, payment terms, and due date.
- Who owes it: the payer’s business or individual details and state.
- Your details: your name, company, role, state, contact details, and how you heard about the service.
If there are several invoices, mention them in the invoice description. The team can follow up for the additional information rather than making you repeat everything in the first message.
4. Review eligibility and the funding terms
Submitting an invoice starts a review; it does not confirm that funding is available. Explain any late payment, customer deduction, or dispute in the description.
The published offer is 80% upfront after approval, a 0.04% daily funding fee, and non-recourse factoring with coverage set out in the agreement. Issued invoices can be submitted up to 30 days after their due date. See the factoring terms.
Before proceeding, confirm the fee base, chargeable period, additional charges, and how non-recourse coverage applies to the particular invoice.
5. Receive the upfront portion after approval
For an approved $10,000 invoice under the published 80% advance, the upfront portion is $8,000. The other $2,000 is the starting balance for later settlement, before the agreed fee and any applicable deductions.
The example shows the advance split. The invoice still needs to be approved, and the payment timing confirmed during review.
The practical distinction is between cash available upfront and money expected after the invoice has been paid.
6. Follow the payment arrangement while the invoice is outstanding
Follow the payment and customer-notification instructions in your agreement. Confirm how the broker or shipper should pay and what to do if a payment reaches you directly.
Funding days run from the advance to customer payment under the published illustration. They are not simply every day since you delivered the load or issued the invoice.
If the payer raises a question about delivery, the invoice amount, or paperwork, keep the response and supporting records together with the invoice.
7. Check the final settlement
After the broker or shipper pays, the remaining 20% is settled less the agreed daily fee. Reconcile the settlement statement against the invoice, advance, funding period, and any deductions.
For a provider shortlist organized by practical needs, read 7 freight factoring companies to compare.
Keep the final payment record with the load and invoice records. That makes the full sequence visible: work completed, invoice issued, advance received, payer payment, and balance settled.
Frequently asked questions
Can I submit more than one freight invoice?
Yes. Mention the invoices in the description, and the team can ask for the additional details directly.
Does non-recourse mean every unpaid or disputed invoice is covered?
No blanket coverage should be assumed. The factoring agreement determines the covered events, exclusions, and remaining obligations.
Can an overdue freight invoice be reviewed?
MileFactor’s published review window runs from invoice issuance through 30 days after its due date. Include the due date and explain any payment issue; the review determines whether the invoice is eligible.
Bottom line
If you have a freight invoice and want to explore funding before the broker or shipper pays, submit an invoice. You can also use the calculator to see an illustration before submitting an invoice.