Factoring Service

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Factoring Services for Trucking Companies

It’s challenging enough operating a business — especially a small one or if you’re just starting out — and maintaining a reliable, steady cash flow can mean the difference between sinking or swimming. Unpaid invoices throw a huge wrench into the works, especially if you depend on the incoming funds for payroll or rent. That’s why we teamed up with OTR Solutions to provide our clients with factoring services that can make all the difference in the way they do business.

Why You Should Consider a Truck Factoring Service

Truck factoring — also known as freight factoring — allows carriers and owner-operators to turn unpaid invoices into cash. Essentially, a third-party factoring company for trucking will effectively buy those outstanding accounts receivable at an advance rate of usually 80% to 90% of the value and then collect on those unpaid invoices themselves. Factoring in the trucking industry means someone else takes the risk of non-payment. For many trucking companies, even getting a discounted amount for invoices is well worth getting the factoring services for trucking companies since they have immediate funds with which they can pay overhead costs or even take on additional work to make more money.

Management of Trucking Documents

When the general public thinks of what truckers do, they often omit all the administrative duties from the picture. As the world moves into digitalization, there are other considerations, too, such as data and information security. Making sure you have all your mandatory documentation and that it is properly completed, filed, and kept takes up a good chunk of time and effort. This can be stressful in and of itself, but it can also add undue stress to operating your trucking enterprise. That’s where Arrow Dispatch Services comes in.

Comprehensive Coverage

There is so much more to trucking than driving. Sadly, we know that in reality, there are stringent requirements for paperwork, compliance with SAFETY/DOT and other regulations, and insurance – not to mention finding, negotiating, and booking loads. That’s why we cover everything – broker/carrier packages and set-up paperwork, W-9, proof of insurance and insurance certificates, rate confirmations, invoicing, waybills, bills of lading, and customs/transportation documents. We also handle requirements set out in customer agreements – directions to shipper or consignee and appointment scheduling.

Expertise and Excellence

At Arrow Dispatch Services, we pride ourselves on our commitment to client care. Part of this is knowing the ins and outs of the trucking industry, which includes industry standards and regulatory requirements. We understand what is required, as well as why it’s required and who needs to see it. When we prepare, file, and manage trucking documentation, we are diligent, accurate, and ensure that everything that needs to be in the paperwork is there. We take your success very seriously – because your success is our success, too.

Our Approach to Document Management

Arrow Dispatch Services Services provides best-in-class management of trucking documentation by itself or as part of a more comprehensive dispatch service package. That’s because we know that different trucking businesses need different levels of support. Part of our no-nonsense approach to service is working with our clients to provide exactly what they need. We know you know your business better, and we aren’t here to sell you anything you don’t want.

But More Than Just Document Management

Of course, many of our clients value our full array of services because putting everything they don’t want to deal with into our capable hands frees them up to focus on what they do best. Through our dispatch service, we search for loads, negotiate rates – the highest price we can get for our clients so they make more money – and coordinate the details. We do the billing, management trucking paperwork and make sure everything that needs to be done for the customer contracts is done, properly and on time. We are also happy to assist clients by doing their bookkeeping and accounting, setting up and maintaining their IFTA reports, working with online transportation management services, and more.

CDL License

A CDL is a special license required to operate large, heavy, or hazardous material vehicles such as trucks, buses, and trailers in the U.S.

You need a CDL license to legally drive commercial vehicles, meet state and federal regulations, and qualify for jobs in the trucking or transport industry.

  • Class A CDL: For operating vehicles with a combined weight of 26,001+ lbs (tractor-trailers, tankers, etc.).

  • Class B CDL: For single vehicles over 26,001 lbs (buses, dump trucks, delivery trucks).

  • Class C CDL: For smaller vehicles carrying hazardous materials or more than 16 passengers.

  • Minimum age (18 for intrastate, 21 for interstate).

  • Valid driver’s license.

  • Medical examination (DOT physical).

  • Knowledge test and skills/road test.

You must apply at your local DMV or licensing office, pass the written exam for a Commercial Learner’s Permit (CLP), complete training, and then pass the road skills test.

Depending on your training program, it usually takes 3 to 8 weeks to complete CDL training and testing.

The cost varies by state, but generally ranges between $3,000 – $7,000 including training, application, and testing fees.

Technically yes, but most employers prefer or require formal CDL training. Truck driving schools also prepare you for the road test and improve your job opportunities.

Yes, CDL licenses usually expire every 5 to 8 years depending on the state, and you’ll need to renew it with updated medical and vision requirements.

With a CDL, you can work as a truck driver, bus driver, delivery driver, construction vehicle operator, or hazardous materials transporter.