Transcap Launches Invoice Factoring Solution for Freight Industry

Transcap, a freight factoring and alternative lending brand, launched an invoice factoring solution designed to support trucking owner-operators, fleets and freight brokers in the United States.

"There's tremendous demand and growth potential for the entire industry, but small to mid-size owner-operators can't survive without consistent, reliable cash flow," Craig Cohen, president of Transcap, said. "That's why we provide a factoring solution that gets them the money they need quickly so they can stay on the road and remain competitive."

After completing an online application with Transcap, trucking companies can receive factoring approval within 24 hours. Once approved, carriers upload or email invoices for immediate cash from anywhere on the road. For new clients, Transcap waives fees for the first invoice. Clients that refer other trucking carriers or brokers receive a $500 referral bonus when they sign up. Additional client perks include fuel savings cards and discounts on tires, maintenance and insurance through the Transcap preferred partner network.

"Whether you're an owner-operator or managing an entire fleet, trucking is a tough business," Cohen said. "We make it our mission to remove as many roadblocks as possible and make their lives easier."

Transcap was launched by a group of factoring veterans, including Joel Adelman, the founder and former CEO of Advance Partners.