Frequently Asked Questions
Q: What is factoring?
A: Factoring is the purchase of an invoice or an account receivable.
Q: Who does SevenOaks factor?
A: Although we specialize in providing factoring services to the transportation industry, SevenOaks will purchase most business to business receivables. Regardless of how big or small your operation may be, SevenOaks has the most competitive and flexible program for you.
Q: How long is your factoring agreement?
A: It is as long as you want it to be. SevenOaks does not require a long-term commitment.
Q: Is there a minimum monthly volume or fee?
A: No. You may factor as much or as little as you like. We want you to be able to make decisions that are best for your company.
Q: How long does it take to get approved?
A: One phone call is all it takes to get a free quote. Once a completed application is received, an approval decision is made the same day and the appropriate documentation will be sent to you by overnight delivery.
Q: How fast can I get funded?
A: SevenOaks buys and funds on valid invoices the same day that we receive them. If you are a new client you may send invoices back with your original documents. New clients can be funded in as little as two days from the initial phone call to SevenOaks.
Q: How much does it cost?
A: SevenOaks has one of the most competitive and flexible rate structures in the industry. Depending on your monthly volume and client list, we can customize a program to match your specific needs. Call today at (800) 511-4588 to find out why we are one of the fastest growing Factors in the industry.
Q: Why do trucking companies sell their accounts receivable?
A: By selling your accounts to increase cash flow, your company maximizes the use of its largest "frozen assets"(accounts receivable).
Many trucking companies use the initial cash to:
- Satisfy tax demands
- Expand their business
- Extinguish present debt
- Acquire new equipment
The daily benefits of factoring include:
- Meet weekly payroll obligations
- Have cash to pay for fuel and repairs to keep trucks moving
- Fulfill contractual agreements with venders in a timely manner
- Spend your time making money instead of chasing...$CASH$