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How to Use and Set Up the Factoring Feature in Carrier TMS

Table of Contents

    Introduction

    Carrier TMS has a built-in factoring feature for carriers who work with a factoring company. When you factor an invoice, a Notice of Assignment is added to it automatically. The notice tells your customer to send payment to your factoring company instead of your business.

    This article covers how to set up your factoring company, how to factor an invoice, and what changes on factored invoices.

    How to Set Up a Factoring Company

    Step 1: Log In to Carrier TMS

    Step 2: Open Settings

    • Click your company name in the lower-left corner.
    • Select Settings.
    Carrier TMS company menu open from the lower-left corner with Settings highlighted above Dispatchers, Carrier Profile, and Subscription Details

    Step 3: Open Factoring

    • In the Settings menu, click Factoring.
    Carrier TMS Settings menu with Factoring highlighted between Billing and Quickbooks Integration, next to the Factoring Company page

    Step 4: Add Your Factoring Company's Details

    • Enter your factoring company's Name, Address, City, State, Zip, Email, and Phone Number. These fields are required.
    • Enter your Factoring Fee (%).
    • Click Save. These details appear on any invoice you factor.
    Factoring Company form in Carrier TMS with Name, Address, City, State, Zip, Email, Phone Number, and Factoring Fee (%) fields

    How to Factor an Invoice

    Step 1: Open Send Invoice

    • Open the load you want to invoice and click Send Invoice.

    Step 2: Check Factor Invoice

    • In the Send Invoice window, check Factor Invoice. This adds the Notice of Assignment to the invoice.
    Send Invoice window in Carrier TMS with the Factor Invoice checkbox checked and the note Notice of Assignment sticker is added to invoice

    Step 3: Check the Invoice Preview

    • Before you send, preview the invoice. Make sure the red Notice of Assignment appears at the top and names your factoring company.
    Invoice preview with an arrow pointing to the red Notice of Assignment box at the top, stating the invoice has been assigned to and is payable to the factoring company

    What Changes When You Factor an Invoice

    Item Without factoring With factoring
    Payment instructions The customer pays your company directly. The customer pays your factoring company.
    Notice of Assignment Not included. Added in red at the top of the invoice.
    Invoice layout Standard invoice. Includes your factoring company's details and the Notice of Assignment.
    SuperPay Based on your SuperPay setup. Not affected by factoring.
    Note: Factoring only changes the payment instructions on the invoice and adds the Notice of Assignment. It doesn't change how payments are processed through SuperPay or override your SuperPay settings.

    Next Steps

    Ready to send a factored invoice? Learn more about sending invoices from Carrier TMS.