November 5, 2023
We have some exciting news! SmartHop has a new freight factoring solution for carriers in the trucking industry, SmartPay.
Factoring is already a popular solution in trucking. If you’re a carrier, you know it can take several months to receive payment from brokers. While you wait, you still need to run your business and pay for expenses like fuel, insurance, and payroll. Freight factoring exists to solve this problem.
At SmartHop, we believe that traditional solutions aren’t aligned with a carrier’s best interests. Contracts are complicated, payments take 2 days, factoring fees are typically 3-5%, and It’s common to see factoring companies charge $30 for a same-day transfer or $10 for an ACH transfer. We built SmartPay as a convenient and affordable solution that tackles the problems carriers face with existing factoring programs and puts more cash back in their pocket.
At SmartHop, we understand the unique challenges faced by trucking businesses. That's why we've designed SmartPay, a factoring program tailored to meet your specific needs. Here's what you can expect:
1. Competitive Factoring Rates as Low as 1.5%
SmartPay offers industry-leading rates to ensure you keep more of your hard-earned money, with rates as low as 1.5%. Say goodbye to high factoring fees and hello to increased profitability.
2. Same-Day Funding
No more waiting for weeks to access your funds. With SmartPay, you can enjoy same-day funding, which means you can pay drivers, cover expenses, and seize opportunities quickly.
3. Reduced Transfer Fees
We believe that every penny counts. SmartPay offers free ACH transfers and same-day transfers up to 67% lower than other factoring companies, putting more money back in your pocket.
4. No Annual Contracts or Cancellation Fees
We value flexibility, which is why SmartPay doesn't lock you into annual contracts or surprise you with cancellation fees. You're in control of your factoring journey.
5. Professional Collections and Time Savings
SmartPay simplifies your back-office work with professional collections on your behalf. We save you time, so you can focus on growing your business.
Customers can choose to combine SmartPay with one of SmartHop’s Smart TMS plans (without changing their monthly subscription fee), so they can enjoy lower factoring rates and fees alongside powerful fleet management software. When they log into SmartHop, they'll see all eligible SmartPay brokers on SmartHop’s load board.
After a customer delivers a shipment for an eligible SmartPay broker, all they need to do is navigate to the SmartHop invoice module to upload their trip details, rate confirmation and bill of lading documentation, and select the payment option based on how fast they would like to get paid. Customers have the option to choose a same-day transfer for the fastest payment speed or an ACH transfer if they’re able to wait 1-3 business days.
The SmartHop system will transcribe the information from the documents to create an invoice. Once SmartHop approves the invoice for funding, SmartHop will submit payment to the connected bank account.
If you want to use SmartPay without adding our Smart TMS software, that works too! SmartPay-only customers will still have a SmartHop login with limited features and will need to create a trip within the platform in order to factor an invoice.
Customers have 3 different options to factor with SmartHop. They can sign up for a SmartHop Basic or SmartHop Professional plan to get access to our fleet management software alongside preferred factoring rates and fees, or they can take advantage of just factoring with SmartPay only.
You can review our plans here.
Don't miss this opportunity to supercharge your cash flow, increase profitability, and take your trucking business to new heights. Sign up for the SmartPay today, and get ready for smoother roads ahead!