What is Interstate Capital’s White Glove Service?
White Glove Service is ICC’s premium, full-service freight bill funding program for owner/operators and small motor carriers with 1-10 trucks. It’s as easy as 1-2-3.
Interstate Capital’s White Glove Service is an optional service for owner/operators and small trucking fleets with one to ten trucks.
Interstate Capital’s White Glove Service is our premium, full-service factoring option that saves you the most time and money and, it’s as simple as 1-2-3.
One: we pre-approve your load on-line or over-the phone;
Two: you fax us your load confirmation when the driver’s picked up the load;
Three: Your driver drops the bill of lading into any yellow trip-pak receptacle at participating truck stops.
White glove service features one low fee and, in addition to fuel advances before delivery and 100% advance after delivery, we will prepare, image, and mail your invoice to your freight broker.
That saves YOU time AND money. Best of all, we fund off copies—not originals, saving even more time.
We can fund by wire, ACH, or com-check. Interstate Capital provides you 24-7 access to all your images and reporting.
Full Service Factoring
Full service factoring refers to the type of services a factoring firm will provide a business. While invoice factoring is simply the selling of unpaid invoices at a discount in return for immediate cash flow, some firms may offer to take care of more than just your immediate financial needs. Generally, a full service factoring firm will also take on the responsibility of collecting the unpaid debts, keeping records, notifying and contacting customers, and other services. This may also refer to the conditions of the invoice sale as some firms may take on full risk for the unpaid invoices while others will require repayment if the invoices are not paid within a specific period of time.
In a simple factoring transaction, a business will sell its accounts receivable at a discount to a factoring firm. The firm will provide capital to the business and receive its profit from the difference between the discounted price of the invoices and the full price owed as well as various fees that are included in the agreement. Full service factoring firms will take on more responsibilities including contacting customers.
Full service firms will notify your customers that their invoices have been factored and they must now pay their invoice debt to the factoring firm and not the original business. These firms will also contact customers to attempt to collect payment in cases of extended non-payment. As these firms take on the debt owed to you, they will also take care of the record keeping.
Most firms will set a predetermined date by which the invoices must be paid. If the invoices are not paid by that date, the business that sold the invoices is on the hook for the unpaid amount. Other firms, called non-recourse factoring firms, will take on the full risk of the debt (usually at a higher price) and handle the necessary collections without any risk to your business.