Accounts Receivable Factoring
Accounts Receivable Factoring
Let DAT and OTR Solutions take the hassle out of receivables financing and accounts receivable factoring.
Collecting on your unpaid invoices doesn’t have to be a headache. Let DAT and OTR Solutions, two of the most trusted names in the industry, make accounts receivable financing simpler through receivable factoring.
- Factor your invoices with ease through accounts receivable factoring from OTR Solutions.
- Get paid in 24 hours or less with AR factoring.
- Never worry about billing and collecting again.
Factor your invoices with ease through accounts receivable factoring from OTR Solutions.
Accounts receivable financing gives you fast access to the money you already earned.
Accounts receivable factoring from trusted DAT partner OTR Solutions makes it easy to sell your invoices and receive the money you already earned (minus a small receivables financing fee) in under 24 hours, instead of 30, 60, or even 90 days. Receivable factoring isn’t a loan or a line of credit; it’s a quick way to get greater access to your own money, faster than waiting for invoice payment from clients.
Get paid in 24 hours or less with AR factoring.
Simply submit your paperwork and collect on your unpaid invoices within hours.
Receivables financing with DAT partner OTR Solutions means that you have greater control over your finances. Waiting on unpaid invoices can take as long as 90 days. Meanwhile, you’ve got bills now. You may even have to turn down freight opportunities because you don’t have the money to pay for the expenses that come with it. With low-fee receivable factoring, you can pay your business expenses on your own schedule without waiting for invoices to come through. That means no more turning down freight opportunities or putting off repairs because you’re waiting to access the money you already earned.
Never worry about billing and collecting again.
Accounts receivable factoring takes your invoice off your hands, meaning you don’t have to worry about tracking down a slow-paying partner.
Billing customers and following up to collect on those unpaid debts is a back-office task that is both time consuming and complicated — not to mention annoying since you’re just trying to get the money you already earned! OTR receivable factoring will not only take on your unpaid invoices and get you cash in hand fast, it will also deal with collection on your behalf. Plus, AR factoring can actually help your business build credit by helping you avoid loans or late payments. It’s a win-win!
"OTR Solutions is a wonderful company to work with. They go above and beyond to meet your needs. Everyone I have worked with has always been really nice and professional. I would recommend OTR Solutions to everyone looking for a great factoring company."
- Nicole Ives
"OTR Solutions is one of the best things that has happened for our company Sal-Trans Express, Inc. Their Customer service is of the best quality. Provide detailed explanations to all questions asked and truly always look out for their customers. Their personalized services have allowed our company to scale quickly and allowed us to make the necessary decisions for our company."
- Eduardo Salazar
Accounts receivable factoring, also called AR factoring, is the process of selling an invoice or accounts receivable asset which gets you paid quickly and outsources the debt collection process to an AR factoring partner. Accounts receivable factoring companies will take on your unpaid invoices, essentially purchasing them from you for the full value of the invoice minus a small fee, then follow up with customers to make sure those invoices are paid and they earn back the money they paid you.
Selling accounts receivable is another term sometimes used to describe accounts receivable factoring companies. While all factoring receivables companies will collect on unpaid invoices, factoring rates can differ from company to company. And freight brokers and trucking companies have to look out for hidden fees and fine print that can mean you’re paying more for AR factoring than you might have bargained for.
The good news is that with DAT partner OTR Solutions there are never any fees and the rate you see is the rate you’ll pay. Plus, with no monthly minimums or volume limits you can choose exactly which invoices you want to factor and none of the ones you don’t.
Recourse factoring is a form of accounts receivable factoring where factoring receivables companies pay all or part of invoices but don’t take on any collection risk of the invoices they’ve purchased, it’s simply a temporary exchange where the customer should pay before the period is over. Though factoring fees are often lower than with non-recourse factoring receivables companies (which take on the risk of a non-paying client, not making you pay back the value of the invoice if your customer doesn’t pay — we will cover this further in the next question), if your client chooses not to pay, then you will need to reimburse all or part of the amount of your invoice.
Non-recourse receivable factoring means that accounts receivable factoring companies take on the risk of unpaid invoices. Though all receivable factoring companies handle collection, non-recourse companies will not make you pay for unfulfilled invoices. However, some so-called non-recourse factoring receivables companies include fine print and hidden fees in their contracts that do require brokers and transport companies to pay for unfulfilled invoices.
What does that mean? Well it means that, actually, most accounts receivable factoring companies only offer protection for non-payment when the broker or shipping customer goes out of business. Even those that claim to offer non-recourse options tend to just offer a slightly more protective version of recourse factoring. Only OTR Solutions offers true non-recourse factoring where you don’t have to take on any risk if a customer doesn’t pay. No matter what, you’ll be able to keep the money you earned.
When you’re looking into selling accounts receivable to a factoring company, you should be sure that there is no fine print that puts you on the hook for unpaid invoices or hidden fees. That’s why DAT has partnered with OTR Solutions. With no hidden fees and the only true non-recourse factoring program on the market, OTR offers AR factoring solutions you can trust.
OTR Solutions makes accounts receivable factoring easy. All you have to do is talk to one of our highly qualified experts to choose the plan that’s right for you and sign the paperwork. From there, you might need to supply a valid drivers’ license, W-9, and certificate of insurance (COI). After that, simply submit your invoices and other paperwork to get paid within 24 hours.
Even better, because OTR Solutions is partnered with DAT, you’ll be able to see exactly which loads you can factor right from your load board before you even pick them up. That way you’ll know what your finances will look like before you even pull out of your driveway.
Get easy, fast accounts receivable factoring with DAT and OTR Solutions.
Get access to your own cash and simplify your back office with DAT and OTR Solutions. Two of the most trusted names in the industry, we make selling accounts receivable simple, so you can keep cash on hand while focusing on what’s important: growing your business. Discover how factoring can help you today!