Freight fraud is an escalating crisis in trucking, that costs time and money as it wreaks havoc across the trucking industry. From double brokering freight and fraudulent invoices to cargo and identity theft, carriers are increasingly vulnerable to scams. Freight invoice factoring with a trusted truck factoring company like Apex Capital is a strong, multi-step defense against fraudsters.
How can hard-working truckers protect themselves from bad actors who are ready to steal your cargo and cash? We’ll tell you how we do it, here at Apex. With a thorough, five-pronged system that includes back-office support, broker credit checks, auditing, dedicated account executives, and collections.
Understanding Freight Fraud and Double Brokering
Freight fraud comes in many forms, and one of the most harmful is double brokering. What is double brokering? That’s when a load is brokered to a second unauthorized party, leaving the original carrier (and sometimes, broker) unpaid. Fraudsters might also submit fake invoices or doctored paperwork, making it difficult for carriers to collect payments.
How Apex Capital Mitigates Freight Fraud
Here at Apex Capital, America’s Favorite Factor, we focus solely on truck factoring. Freight factoring is an effective way to mitigate freight fraud and improve your trucking company’s financial stability. Apex provides immediate cash flow to our carrier clients and we take on collections and fraud detection with our in-house expertise.
Apex Back-Office Support Offers Defense Against Freight Fraud
Our back-office support is a critical line of defense against freight fraud. We handle the heavy administrative work for our clients – processing invoices, verifying loads, and tracking payments. Our services mean truckers don’t have to worry about missing red flags in paperwork or payment processing. Our in-house experts catch double brokering, suspicious rate sheets, bad actors with fake identification, and imposter brokers. With Apex’s back-office support, trucking companies can focus on what they do best – hauling loads.
Arm Yourself with Knowledge: Free Broker Credit Checks and Credit Reviews
Want to avoid freight fraud? Know exactly who you are doing business with. Apex’s free broker credit checks arm carriers with vital knowledge that could prevent them from becoming fraud victims. Our credit checks are available 24/7 on-the-go with the Apex Mobile Factoring™ app and client website. Our credit department includes a team of analysts who regularly conduct credit reviews of brokers so that our clients haul for trusted partners.
Meticulous Auditing and Detection Prevents Fraud
Factoring with Apex means getting extra safeguarding with thorough auditing services. Think of it as a form of multi-factor authentication, our team will meticulously check paperwork and customer information for inconsistencies – fonts that don’t match, suspicious phone numbers and emails, incorrect company names – backed by aggregated data and years of industry experience.
Our audit process catches fake rate sheets and fraudulent bills, ensuring that invoices and other documentation are accurate and valid. We want our clients to get paid for the work they do.
Dedicated Account Executives Want Clients to Succeed
Trucking companies aren’t one size fits all. Enter our dedicated Apex Account Executives who give personal support and guidance. They get to know each of our clients by name, understand their business, and become trusted partners. Each Apex factoring client is paired with a dedicated representative who will provide five-star service.
Freight Bill Collections and Strong Relationships = Fraud Prevention
Strong relationships effectively help prevent fraud. This is why Apex’s freight bill collections team not only handles the collections for unpaid invoices but also builds solid relationships with their customers. Our payment collection process means we identify signs of fraud early, allowing us to act quickly before fraud can escalate. Apex’s proactive approach ensures timely payments for our carriers and mitigates the headache of financial losses from fraud.
Why Freight Invoice Factoring Is Your Defense Against Fraud
Apex Capital, America’s Favorite Factor, offers more than just fast payments to our carrier clients. We are a one-stop defense against freight fraud. Get help with back-office support, regular broker credit checks, detailed paperwork audits, personalized customer service, and expert freight bill collections.
Ready to protect your business from fraud and streamline your operations? Let Apex Capital get you paid fast and safeguard your company from fraud. Call us at 855-369-2739 or get started here.