Create and manage factors

Factoring companies typically work with smaller carriers to provide greater financial flexibility. Factoring companies takes over an invoice (A/R) for a carrier, and then pays the carrier for a fee. It then engages the broker to get paid. If a carrier partner is working with a factoring company, you can create them in Turvo to ensure that these companies are included on any invoices or accounting matters. 

Creating a factor account

To create a factor account:

  1. Navigate to the plus symbol + located in the top right corner of the screen and select Factor.

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  1. Enter the Factoring company name, Parent account (optional), Address, and Phone number.
  2. Once all required criteria are filled out, the CREATE button change from grey to blue. 

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  1. Clicking CREATE directs you to the Details tab of the factor's account page.

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  1. On the Details tab, click Payments to expand the section.
  2. Enter in the appropriate Payment method(s). The following payment methods are currently accepted:
    1. ACH Payment: Electronic payment deducted from customers account. ACH payments require the following details:
      1. Bank name
      2. Account type
      3. Routing number
      4. Account number
    2. COMCHECK: A form of payment that is used to pay an unload fee to the lumper's services and also used to purchase Fuel/Equipment at the fuel station.
    3. EFS (Electronic Funds Source): Instantly issue payment or cash. This setting is ideal for brokers, because they provide immediate payment or access to cash, keeping fleets moving forward.
    4. Paper Check: The factor is paid with a paper check from an accredited institution. The Paper Check payment method requires the following details:
      1. Recipient of check
      2. Address
    5. Wire: Transfer payment electronically to end user. The Wire payment method requires the following details:
      1. Recipient of wire
      2. Bank name 
      3. Account type 
      4. Routing number
      5. Account number

Note: At this time Turvo does not host any of these payment methods. 

Configuring a carrier to use a factor

If a factoring company is used, you will need to adjust these settings in the Payments section of the carrier's profile.

  1. Navigate using the left navigation bar to Accounts > Carriers, and select the correct carrier.
  2. On the carrier Details tab, under the Payments > Method section, Pay to should be set to the factoring company.

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Carriers invoice the broker, and forward the invoice to the factoring company (or the broker may forward that invoice to factoring company).

When applying a payment to the carrier, you will see the option to pay the factoring company via the payment method that was selected.

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Managing factors

Note: You must have Admin or Super Admin user access to edit factors.

The left navigation bar allows you to view each individual factoring company created by navigating to Accounts > Factors

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Select the correct factoring company account to open the account's Summary tab. The Summary tab shows a basic overview of account stats and activity.

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The Details tab allows you to input the factor's address information, adjust the account status (it must be set to Active in order to be used), add IDs, payment methods, add an account owner, and a commissions recipient. 

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Specific contacts for the factoring company can be added under the Contacts tab, and any messaging to other Turvo users regarding this factor can be found under the Messages tab. You may also start a new message about the factor under the Messages tab.

Any important documents that should be saved with the factor's account can be uploaded under the Documents tab.

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