Wex Fleet One Factoring Services
Wex Fleet One is one of the premiere invoice factoring companies in the trucking industry. When you’re waiting for invoices to be paid, but need capital for immediate bills and overhead, Fleet One can help.
Who is Wex Fleet One?
Fleet One has grown into one of the top factoring companies for freight brokers. The company has 28 years of experience in truck financing, and they have streamlined the application and setup process to ensure financing is provided as quickly as possible.
The company was founded in 1988, and they’re headquarters is in Nashville, Tennessee.
Competitive rates and no hidden fees are offered, with funding dispersed in 24 hours.
When it comes to funding, there are no limits with Fleet One. You will have funding with rates as low as 1%, but rates do vary and will be discussed with you.
The company’s factoring solution is designed for fleets that have one to 50 trucks.
What Services Does Flex One Offer?
Fleet One offers invoice factoring and accounts receivable factoring. The company is a direct lender, with rates as low as 1%. Wex offers freight factoring solutions and trucking finance across the United States.
The company’s superior technology has allowed their offering to become one of the best in the industry.
When you work with Fleet One Factoring, you’ll also gain access to the company’s fuel card.
Wex Fleet One Non-Recourse Factoring
Wex offers customized solutions for your fleet that include:
· Same day funding (free)
· Flat rates
· Online invoice uploading options
· Flat rates
You will gain access to the EDGE fuel card, too.
When you apply, you’ll have to go through a quick setup process. The process allows you to open an account and start factoring faster in the future. The rates are tailored to your company and to keeping your company running smoothly.
Rates can be as low as 1%, but many factors will determine the rate that you pay.
One of the main benefits of Fleet One is that they understand that the money is already owed to you. When you choose invoice factoring, you’re not taking out a loan and there are no banks involved in the process.
Non-recourse funding means that Wex takes on all of the risk when factoring the invoice. If the customer who is responsible for the invoice never pays, Wex will assume all responsibility.
Risk will be a determining factor in your overall rate.
Non-recourse funding will have higher rates because you’re not guaranteeing the invoice.
Wex Fleet One Recourse Factoring
When you choose recourse factoring, you’ll receive the same benefits that you receive with non-recourse factoring with one slight difference: you assume the risk. Wex will try and collect on the invoice, and if it cannot be collected, you will be responsible for the money not collected.
Since you’re taking on more risk, you’ll receive lower rates.
You’ll want to use recourse factoring when it’s a major client that you know will pay the invoice. If you’re dealing with a risky client or a client that is going through financial hardship, you may want to consider non-recourse factoring instead.
When you work with Wex’s invoice factoring, you’ll also receive:
· Free credit analysis
· Your own dedicated representative
· 24/7 online account access
The free credit analysis program is great for smaller trucking fleets that do not conduct thorough credit analysis on clients. Free credit analysis allows you to be able to check the credit of current and potential customers. If a customer has poor credit, you can choose to not work with them to be able to minimize your risk of non-payment.
When you work with Wex Fleet One, you’ll also enjoy:
· Collection management done by the company
· No hidden costs or fees
· No monthly minimums to maintain
And Wex will also offer you the chance to be a member of their fuel card program.
Wex Fleet One Fuel Card
The fuel card offers cost savings to smaller fleets that need to be able to cut back on fuel costs. The fuel card, also known as Fleet One EDGE, allows access to 3,000+ fueling stops across the nation.
Average savings per gallon is 15 cents, and there are no fuel transaction fees.
When you start using the company’s factoring services, you gain access to EDGE, and you can also save on:
· Maintenance
· Parts
· Wireless plans
· Hotels
· Tires
You’re going with a larger company that can negotiate far better deals than smaller fleets.
Some fleets have been able to reduce their fuel costs by as much as 20 cents a gallon.
When you choose invoice factoring through Fleet One, you can factor any number of invoices. The company wants to work with you long-term, so you don’t have to factor all of your invoices if it doesn’t suite your company.
If you’re in a financial crunch, you can start factoring the outstanding invoices that you have to pay your bills.
The company will buy freight invoices and works with:
· Freight forwarders
· Shippers
· Brokers
If you have a trucking fleet, contact the company today to see how they can help you factor invoices to get the money you need today.
Fleet One Factoring Reviews
Wex is an IFA member, and they will fund up to 95% of eligible invoices. Wex is a publicly-traded company, so you can find out a lot of information on the company online. They have a good reputation, but the main company does not. There seem to be some issues with Wex as the main company, but Fleet One is a different story.
Fleet One factoring has generally good reviews, with the fuel card being the biggest issue.
Factoring works great, money is dispersed quickly and the representative assigned to you will work hard on your behalf.
While there may be better fuel card options, for invoice factoring, Fleet One is a good choice.
Rates are low, terms are transparent, and the company will work diligently to ensure that your invoice is paid.