© 2024 HMD Financial
freight invoice factoring services
Fast and convenient
Receive up to 99% of your money upfront to get your business rolling at 100% speed. No extra fees.
A PROUD MEMBER OF HMD ENTERPRISES
Fast and convenient
Receive up to 99% of your money upfront to get your business rolling at 100% speed. No extra fees.
A PROUD MEMBER OF HMD ENTERPRISES
freight invoice factoring services
Get your business going. Full-bore.
Advocating for the needs of small trucking businesses, HMD Financial offers professional recourse freight invoice factoring services to owner-operators and freight carriers.
Optimize your cash flow
Accelerate delivery pipeline
Secure more contracts
without compromising
on current ones
without compromising
on current ones
Get up to 99% advances
on your invoice totals
with same-day payouts
on your invoice totals
with same-day payouts
How freight invoice factoring works
In the logistics and transportation industry, freight invoice factoring (also known as trucking factoring or freight bill factoring) is a handy financial tool that simply speeds up payment.
It enables you, as an owner-operator or a freight carrier, to sell your invoices or BOLs to a factoring service provider and receive the full amount due less a fixed commission within 24 hours or less.
HMD Financial is a modern, online-based, recourse factoring company created by truckers for truckers.
Recourse factoring means that our clients share the risk of potential nonpayment and must buy back any invoices that we are unable to collect payment on.
In exchange for choosing to work with us, you enjoy same-day funding and super-low service fees.
Use this expedited payment to effectively close cash flow gaps and channel funds into purchasing new equipment or accelerating the delivery of urgent shipments — all without having to wait for weeks or even months to collect from customers or brokers!
WHY CHOOSE HMD FINANCIAL
Our founders started HMD Trucking in 1998. They have over two decades of hands-on experience working in the transportation industry. So we understand the cash flow needs of motivated drivers who strive to grow a trucking business
in a highly competitive market.
in a highly competitive market.
Our ultimate goal is to make freight invoice factoring easy and accessible for every proud owner of a trucking business. To that end, we offer simple and straightforward financing terms with no hidden fees or unexpected penalties to make sure your hard-earned money stays in your pocket.
We understand that time is of the essence for all our clients and offer same-day application review and quick payouts for qualifying applicants.
Our clients are always busy delivering various types of loads throughout the nation. We fully appreciate that and make it easy and hassle-free for truck owner-operators to submit their financing requests anytime, anywhere, via our online client portal or mobile app.
With its founders bringing over 20 years of experience, our group of companies has been extremely successful in working with local and nationwide partners providing various services to drivers and trucking owner-operators.
At HMD Financial, we understand the significant expenses associated with fuel and maintenance that our clients face. To address this, we have developed a comprehensive Fuel & Maintenance Program designed to help our clients reduce costs and enhance their profitability.
WHY CHOOSE HMD FINANCIAL
Our founders started HMD Trucking in 1998. They have over two decades of hands-on experience working in the transportation industry. So we understand the cash flow needs of motivated drivers who strive to grow a trucking business in a highly competitive market
Our ultimate goal is to make freight invoice factoring easy and accessible for every proud owner of a trucking business. To that end, we offer simple and straightforward financing terms with no hidden fees or unexpected penalties to make sure your hard-earned money stays in your pocket.
We understand that time is of the essence for all our clients and offer same-day application review and quick payouts for qualifying applicants.
Our clients are always busy delivering various types of loads throughout the nation. We fully appreciate that and make it easy and hassle-free for truck owner-operators to submit their financing requests anytime, anywhere, via our online client portal or mobile app.
With its founders bringing over 20 years of experience, our group of companies has been extremely successful in working with local and nationwide partners providing various services to drivers and trucking owner-operators.
At HMD Financial, we understand the significant expenses associated with fuel and maintenance that our clients face. To address this, we have developed a comprehensive Fuel & Maintenance Program designed to help our clients reduce costs and enhance their profitability.
Partner program
Do you know carriers who struggle with payment collection? Become our partner and benefit from every new client you bring on! Learn how dispatch agents and individuals can use our partnership program to their advantage!
500
modern trucks
26
years of history
More than two decades of service excellence and steady growth
Founded in March 1998 by Henry Malukas and his wife Daiva, the HMD Group of Companies is one of the leading trucking groups in the Midwest.
Since inception, the HMD Group of Companies has grown its fleet and diversified its service portfolio. With an emphasis on achieving and maintaining high safety ratings and rewarding driver performance and loyalty, its competencies have expanded from over-the-road freight hauling to include flatbed hauling, hazmat transportation, freight brokerage, and, most recently, recourse freight invoice factoring.
Get funded today. Let’s talk!
By clicking "APPLY NOW," you agree to HMD Financial's Data Use Policy & Consent to Contact and our Terms and Conditions. By checking the box above, you also agree that we may call you or send you a text/SMS message at the phone number you entered above with reminders, offers, and other information about our services, including by using an automatic telephone dialing system or an artificial or prerecorded voice. You also agree that we may email you at the address you entered above for these reasons. You are not required to consent to these communications as a condition of using our services. Reply STOP to opt out of text messaging. Standard rates apply.
FAQ
- What is the factor fee that HMD Financial charges it’s clients?Our freight factoring fees are tailored to fit your unique needs! There are multiple factors we consider when determining our factor fees, ensuring you get the best deal possible. These factors include your monthly factoring volume, the type of truck you operate, and the nature of your business operations. Contact us to help you find the perfect rate to keep your business moving forward!
- What are your requirements?As a freight factoring company dedicated to ease and efficiency, we don’t have any stringent prerequisites for you to begin factoring with us.
- Does your company factor invoices from Amazon Relay?Yes, as a versatile factoring company for trucking, we do factor invoices from Amazon Relay. Although getting recognized as our clients' factoring company can take a bit longer compared to others.
- How does this process work?Starting with us, a factoring company for truckers, is straightforward. After signing the agreement, we only require a list of your customers. Upon their approval, we can commence factoring your invoices within the same day. Just upload rate confirmation and proof of delivery (POD) to our app.
- Do you have a load board that your factoring company associates with?Currently, we do not associate with any load boards as part of our freight factoring services.
- Is there a minimum?No, as a flexible factoring for trucking company, we don’t enforce a minimum monthly factoring amount.
- What is your competitive advantage?As part of the HMD Enterprises, we benefit from over 25 years of hands-on experience in the transportation industry. This in-depth knowledge allows us to thoroughly understand the day-to-day operations of a trucking company, giving us a unique edge over other factoring companies. Our emphasis is on exceptional customer service; we provide a dedicated team for each of our clients to ensure personalized, consistent support. We are invested in fostering durable relationships and are dedicated to helping our clients succeed and achieve their desired outcomes.
- After I deliver a load, what is the typical timeframe for payment?That would depend on the type of payment you requested. We offer 2 types of payments. The ACH Direct Deposit is completely free of charge and the funds are expected to be reflected in your account within 24 hours after verification. The WIRE Payment is a same-day payment type. However, a $25 or 1% of the invoice fee that the bank charges will apply.
- Do you operate as a recourse or a non-recourse factoring company?We operate as a recourse factoring company. But, with our system, we go the extra mile to ensure it doesn't escalate to that point. We vet every customer in advance to safeguard all parties involved.
- Do you offer dispatch services?While we don’t directly offer dispatch services, we have cultivated partnerships with reputable dispatching companies.
- I'm currently working with another company. Can I still sign?Our commitment to integrity means we cannot begin factoring until your contract concludes with your existing company. However, based on what your current outstanding invoices look like, we can do a buyout, meaning we will buy all of your open invoices with your current factoring company to get you over to us.
- Do you provide services for a freight brokerage?Absolutely! We extend our freight factoring services to freight brokerages as well.
- Do you offer fuel cards?Absolutely! We now offer a comprehensive fuel and maintenance program designed to keep your business running smoothly. Our program provides discounts on fuel and maintenance services, helping you save money and stay on the road longer. To learn more about our fuel card options, visit our dedicated fuel program page.
- Do you work with brand-new companies?Indeed, we do! We are committed to supporting businesses at all stages, including brand-new companies.
- What is the ACH transaction fee?Here at HMD Financial, our ACH transactions are completely free of charge.
- When does the daily funding window close?Invoices submitted and verified before 11:00pm CST are guaranteed a next business day payment.
- Do you complete a credit check process for brokers/shippers? If so, is there a credit check fee?We complete credit checks on all brokers/shippers, we only accept "B" customers or higher. This is a service we offer as your factoring company for completely free!
- Is there a fee for getting set up with HMD Financial?Signing up with us is 100% free! Which is not the case with all factoring companies.
- What is a UCC filing and why do factoring companies use them?The Uniform Commercial Code (UCC) governs the legal framework for the assignment of accounts receivable or other forms of payment obligations from one party to another. Factors use the UCC to establish a clear legal framework for factoring transactions, protect their interests, and ensure enforceability of their rights to collect payments from debtors.
- Can I work with multiple factoring companies?Short answer: No. The reason for this standard across the factoring industry is due to the challenge brokers or shippers face in managing multiple payment assignments.
- Does a factoring company review my credit score?It's up to the factoring company to decide, so make sure to ask before signing anything. HMD Financial does NOT check its clients' credit.
- How long does it take to get set up with HMD Financial?Once all paperwork is submitted, you can get set up with us within just couple of hours.
- What types of companies can factor with HMD Financial?As a company founded by a trucker for truckers, HMD Financial focuses on freight factoring. We only work with companies in the Transportation Industry.
- I only drive local, can I still sign up with a factoring company?You don’t have to be an OTR driver to start factoring with us, we work with local drivers as well.
- If I sign up with HMD Financial, do I have to factor all my invoices, or can I pick and choose?We don’t require you to factor a minimum amount, which means you can pick and choose which brokers you would want to factor.
- Can HMD Financial help me find loads?Once you sign up with us, we provide you with a list of brokers whom we work with. You can get set up with them with ease.
- Why do factoring companies need me to sign a contract?Every factoring company has to have contracts in place to be able to legally factor and collect payments on behalf of our clients.
- Why would I use factoring instead of quick pay?A trucker will get professional assistance from a factoring company, with all the papers, invoicing and collections for all loads from different brokers. Quick pay is not offered by every broker, and each broker has their own terms and rates who will pay on their own loads only. Besides, you will handle all the paperwork yourself. HMD Financial handles all the administrative burden so you can focus on running your business.
- What are the different types of factoring rates?There are two types of factoring rates across the industry, flat factoring rate and tiered rate. Tiered rates increase the fee depending on the time it takes for a broker to pay. Flat factoring rates charge the same percentage on each invoice factored, regardless of how long it takes the broker to pay. HMD Financial, as a freight factoring company dedicated to ease and efficiency, we offer flat factoring rates only.
