If you run trucking, logistics, or any type of transportation business, you know how vital cash flow is. We are deeply rooted in this sector, and have been able to come out the other side but still need help. That is why we have partnered with some of the top money in the sector to make sure when we need cash quickly or when our clients need cash for payroll, Accounts receivable, or related business needs to keep things moving. OFactoring can meet most demands but we have several special programs in the Oil and Gas Industry.

FAST CASH ADVANCE PROGRAM

Factoring Company for trucking and transportation companies working in the oil and gas industry
invoice advance for trucking companies

This is designed for most companies’ needs (if you are in the oil and gas industry or adjacent see FACTORING below)

How does trucking cash advance work?

EXAMPLE: How Factoring Works with a 1.65% Rate:

  1. Invoice Submission: The trucking company submits its outstanding invoices to the factoring company.
  2. Advance Payment: The factoring company pays the trucking company a percentage of the invoice value upfront (often 80-90%). The remaining amount (minus the factoring fee) is paid after the customer pays the invoice.
  3. Factoring Fee: The factoring company charges a fee for this service, typically expressed as a percentage of the invoice value. In this case, a 1.65% rate means that for each invoice factored, 1.65% of the invoice amount is kept by the factoring company as their fee.
  4. Collection: The factoring company takes on the responsibility of collecting payment from the customer.
  5. Remaining Payment: Once the customer pays the invoice in full, the factoring company releases the remaining balance to the trucking company, minus the 1.65% fee.

Example:

  • Invoice Amount: $10,000
  • Factoring Fee (1.65%): $165
  • Initial Advance (90%): $9,000 upfront
  • Final Payment: When the customer pays the $10,000, the factoring company releases the remaining $835 ($10,000 – $9,000 already paid – $165 fee).

This arrangement allows trucking companies to maintain cash flow for fuel, maintenance, and other expenses without waiting for customers to pay their invoices, at the cost of a small percentage fee.

How does the standard application work?

To get approved for factoring in the trucking industry, you generally need to follow these steps:

1. Research and Choose a Factoring Company

  • Look for a reputable factoring company that specializes in the trucking industry.
  • Compare rates, terms, and customer reviews to find a suitable match.

2. Application Process

  • Complete the Application: Fill out an application form provided by the factoring company. This form typically asks for basic business information, such as company name, contact details, and revenue.
  • Submit Documentation: Provide necessary documentation, which might include:
    • Business registration and ownership proof.
    • Copies of recent invoices to be factored.
    • Contracts or agreements with clients (if applicable).
    • A list of customers and their contact information.
  • Financial Information: Some factoring companies may request bank statements or proof of financial history to evaluate the health of your business.

3. Credit Check on Customers

  • Factoring companies assess the creditworthiness of your customers, as the approval relies more on your clients’ ability to pay than your company’s credit rating.
  • The factoring company will conduct due diligence to make sure your customers are reliable payers.

4. Review and Approval

  • The factoring company reviews your application and supporting documents.
  • If approved, they will outline the terms, including the factoring rate, advance rate, and any other fees or conditions.
  • This process usually takes a few days to a week, depending on how quickly you provide the required information.

5. Sign the Factoring Agreement

  • Once terms are agreed upon, you sign a contract that details the terms of service, fees, and your obligations.
  • Make sure to read the agreement carefully and understand any penalties, cancellation policies, or hidden fees.

6. Submit Invoices for Factoring

  • After the contract is signed, you can start submitting invoices to the factoring company.
  • Ensure that the invoices you submit meet the factoring company’s criteria (e.g., no liens or disputes).

7. Receive Your Advance

  • The factoring company processes the invoices and provides an advance payment (usually 80-90% of the invoice value).
  • You’ll receive funds within 24-48 hours of invoice submission, depending on the company’s policies.

8. Ongoing Management

  • The factoring company manages the collection process and communicates with your customers regarding payment.
  • Once the customer pays the invoice, the factoring company releases the remaining balance to you, minus the agreed-upon fee.

Key Points to Remember:

  • No Long-term Commitment: Some factoring companies offer non-recourse factoring (they absorb the risk of non-payment) while others provide recourse factoring (you’re responsible for non-payment).
  • Fees: Understand if the 1.65% rate is flat (applies once) or tiered (increases over time if invoices remain unpaid for extended periods).
  • Additional Charges: Be aware of any extra fees like wire transfer fees, monthly minimums, or account maintenance fees.

This process helps ensure that your application is smooth and that you can start receiving advances to support your trucking operations.

Factoring Companies for Trucking Company Invoices in the oil fields

OFACTORING for TRUCKING COMPANIES

We have a special program that is designed to get you the cash you need quickly. If your invoice in from one of the following companies letterhead you are in luck. Just Upload and Get Funded (Must have an account set up)

SPECIAL OPPORTUNITY SERVICES FOR THE FOLLOWING (but not limited to) If they are Oil or oil adjacent just ask us; you still may qualify if they are not on this KNOW list:

#Company NameHeadquarters AddressRevenue (in billions USD)
1Exxon Mobil Corp.5959 Las Colinas Boulevard, Irving, Texas, USA$340.65
2Chevron Corp.6001 Bollinger Canyon Road, San Ramon, California, USA$246.25
3Marathon Petroleum Corp.539 South Main Street, Findlay, Ohio, USA$177.45
4Valero Energy Corp.One Valero Way, San Antonio, Texas, USA$176.40
5ConocoPhillips925 North Eldridge Parkway, Houston, Texas, USA$70.00
6Phillips 662331 CityWest Boulevard, Houston, Texas, USA$111.46
7Occidental Petroleum Corp.5 Greenway Plaza, Suite 110, Houston, Texas, USA$37.00
8EOG Resources, Inc.1111 Bagby Street, Sky Lobby 2, Houston, Texas, USA$25.00
9Pioneer Natural Resources777 Hidden Ridge, Irving, Texas, USA$23.00
10Hess Corporation1185 Avenue of the Americas, New York, New York, USA$12.32

Other Companies that we do cash advanced or sort special financing for with the following addresses on the invoice:

#Company NameHeadquarters AddressRevenue (in billions USD)
1Exxon Mobil Corp.5959 Las Colinas Boulevard, Irving, Texas, USA$340.65
2Chevron Corp.6001 Bollinger Canyon Road, San Ramon, California, USA$246.25
3Marathon Petroleum Corp.539 South Main Street, Findlay, Ohio, USA$177.45
4Valero Energy Corp.One Valero Way, San Antonio, Texas, USA$176.40
5Phillips 662331 CityWest Boulevard, Houston, Texas, USA$111.46
6ConocoPhillips925 North Eldridge Parkway, Houston, Texas, USA$70.00
7Occidental Petroleum Corp.5 Greenway Plaza, Suite 110, Houston, Texas, USA$37.00
8EOG Resources, Inc.1111 Bagby Street, Sky Lobby 2, Houston, Texas, USA$25.00
9Pioneer Natural Resources777 Hidden Ridge, Irving, Texas, USA$23.00
10Hess Corporation1185 Avenue of the Americas, New York, New York, USA$12.32
11Devon Energy Corp.333 West Sheridan Avenue, Oklahoma City, Oklahoma, USA$15.49
12Anadarko Petroleum Corp.1201 Lake Robbins Drive, The Woodlands, Texas, USA$13.40
13Apache Corp.2000 Post Oak Boulevard, Suite 100, Houston, Texas, USA$7.40
14Noble Energy, Inc.1001 Noble Energy Way, Houston, Texas, USA$4.40
15Murphy Oil Corp.300 Peach Street, El Dorado, Arkansas, USA$2.80
16Range Resources Corp.100 Throckmorton Street, Suite 1200, Fort Worth, Texas, USA$3.00
17Southwestern Energy Co.10000 Energy Drive, Spring, Texas, USA$4.60
18Cabot Oil & Gas Corp.Three Memorial City Plaza, 840 Gessner Road, Suite 1400, Houston, Texas, USA$2.00
19EQT Corp.EQT Plaza, 625 Liberty Avenue, Pittsburgh, Pennsylvania, USA$1.50
20Chesapeake Energy Corp.6100 North Western Avenue, Oklahoma City, Oklahoma, USA$9.00
21Halliburton Co.3000 North Sam Houston Parkway East, Houston, Texas, USA$20.00
22Schlumberger Ltd.5599 San Felipe Street, Houston, Texas, USA$28.00
23Baker Hughes Co.17021 Aldine Westfield Road, Houston, Texas, USA$22.00
24Superior Energy Services1001 Louisiana Street, Suite 2900, Houston, Texas, USA$1.20
25Weatherford International2000 St. James Place, Houston, Texas, USA$3.60
26National Oilwell Varco7909 Parkwood Circle Drive, Houston, Texas, USA$7.25
27TechnipFMC11740 Katy Freeway, Houston, Texas, USA$13.00
28McDermott International757 North Eldridge Parkway, Houston, Texas, USA$6.70
29Fluor Corp.6700 Las Colinas Boulevard, Irving, Texas, USA$15.00
30KBR, Inc.601 Jefferson Street, Houston, Texas, USA$5.80
31Jacobs Engineering Group1999 Bryan Street, Suite 1200, Dallas, Texas, USA$14.00
32AECOM300 South Grand Avenue, Los Angeles, California, USA$20.00
33Bechtel Corp.12011 Sunset Hills Road, Reston, Virginia, USA$17.60
34Wood Group17325 Park Row, Houston, Texas, USA$10.00
35WorleyParsons5995 Rogerdale Road, Houston, Texas, USA$9.00
36Saipem America15950 Park Row, Houston, Texas, USA$4.50
37Subsea 716201 East Freeway, Channelview, Texas, USA$3.80
38Oceaneering International11911 FM 529, Houston, Texas, USA$2.00
39Helix Energy Solutions Group3505 West Sam Houston Parkway North, Suite 400, Houston, Texas, USA$0.80
40Transocean Ltd.1414 Enclave Parkway, Houston, Texas, USA$3.00
41Diamond Offshore Drilling15415 Katy Freeway, Suite 100, Houston, Texas, USA$1.00
42Ensco plc5847 San Felipe Street, Suite 3300, Houston, Texas, USA$1.50
43Nabors Industries Ltd.515 West Greens Road, Suite 1200, Houston, Texas, USA$3.00
44Patterson-UTI Energy, Inc.10713 West Sam Houston Parkway North, Suite 800, Houston, Texas, USA$2.50
45Helmerich & Payne, Inc.1437 South Boulder Avenue, Suite 1400, Tulsa, Oklahoma, USA$2.00
46Precision Drilling Corp.10350 Richmond Avenue, Suite 700, Houston, Texas, USA$1.

Sources

International Factoring for Trucking Business

We have a special program for US companies doing business internationally, but being paid by a oFACTORING list as well as a separate INTERNATIONAL PLAN PAYORS LIST:

Here is a list of the top 25 oil and gas companies, including their headquarters addresses:

#Company NameHeadquarters Address
1Saudi AramcoDhahran, Eastern Province, Saudi Arabia
2China Petroleum & Chemical Corp. (Sinopec)22 Chaoyangmen North Street, Chaoyang District, Beijing, China
3PetroChina Co. Ltd.9 Dongzhimen North Street, Dongcheng District, Beijing, China
4Exxon Mobil Corp.5959 Las Colinas Boulevard, Irving, Texas, USA
5Shell PLCCarel van Bylandtlaan 30, 2596 HR The Hague, Netherlands
6TotalEnergies SETour Coupole, 2 Place Jean Millier, La Défense 6, 92400 Courbevoie, France
7Chevron Corp.6001 Bollinger Canyon Road, San Ramon, California, USA
8BP PLC1 St James’s Square, London, SW1Y 4PD, United Kingdom
9Marathon Petroleum Corp.539 South Main Street, Findlay, Ohio, USA
10Valero Energy Corp.One Valero Way, San Antonio, Texas, USA
11Gazprom16 Nametkina Street, Moscow, Russia
12Rosneft26/1 Sofiyskaya Embankment, Moscow, Russia
13Eni S.p.A.Piazzale Enrico Mattei 1, 00144 Rome, Italy
14Equinor ASAForusbeen 50, 4035 Stavanger, Norway
15ConocoPhillips925 North Eldridge Parkway, Houston, Texas, USA
16Occidental Petroleum Corp.5 Greenway Plaza, Suite 110, Houston, Texas, USA
17Repsol S.A.Calle Méndez Álvaro, 44, 28045 Madrid, Spain
18PetrobrasAvenida República do Chile, 65, Rio de Janeiro, Brazil
19Lukoil11 Sretensky Boulevard, Moscow, Russia
20Phillips 662331 CityWest Boulevard, Houston, Texas, USA
21PTT Public Company Limited555 Vibhavadi Rangsit Road, Chatuchak, Bangkok, Thailand
22Canadian Natural Resources Limited2100, 855 2 Street SW, Calgary, Alberta, Canada
23Suncor Energy Inc.150 6 Avenue SW, Calgary, Alberta, Canada
24Devon Energy Corp.333 West Sheridan Avenue, Oklahoma City, Oklahoma, USA
25Hess Corporation1185 Avenue of the Americas, New York, New York, USA

Programs for Alternative Needs

Ask us about the following hot topics:

  • Ofactoring
  • dynamic discounting solution
  • early payment program
  • factoring agreement
  • diverse supplier certification
  • petrochem field services cash planning
  • cash management strategies
  • payment terms with discount
  • dynamic discounting software
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