1PM CST for all funding types.

• Setup Fees: $150 (One-time, only on initial account setup)
• Instant Payments via TANK: $3
• Same Day Funding Wire: $25
• Next Business Day ACH: $5

No. If you have a customer that’s paying you faster, at a lower cost, or if OperFi is not approving that customer, you do not have to submit it for factoring. You can pick and choose which customers you want to factor.

OperFi does not issue you a 1099 for all of your customers' revenue earned throughout the year. You can download all of your purchased invoices for the year on the OperFi phone app or your desktop portal login.

OperFi partners with many third parties to provide additional services to help your business grow and scale. We can provide you with a quote for the following services:

• Accounting
• Drug Consortium
• Authority & Permits
• ELD (Electronic Logging Devices)
• Business Loans
• Equipment Financing
• BOC-3
• Health Insurance / Life Insurance
• Broker Bond
• Commercial Trucking Insurance
• Compliance & Safety
• Payroll
• Credit Repair
• Websites & Marketing

Click the link below to find a service that’s right for you:

OperFi Vendor Contact

• Verify Email Domains: Check the domain age of any unfamiliar email sender. Fraudsters often use recently created domains to impersonate legitimate companies.
• Beware of Phishing Scams: If you don’t recognize an email, don’t click on links or download attachments. The FMCSA will never request sensitive information via email.
• Evaluate Load Rates: If a rate seems too good to be true, it probably is. Always compare rates against market averages to spot potential scams.
• Avoid Suspicious Payment Methods: Legitimate brokers and shippers won’t ask to pay via Zelle, PayPal, Venmo, or other non-traditional methods. Stick to standard payment processes.
• Watch for Blind Shipments: If a broker asks you to haul a blind shipment (hiding the shipper and consignee on the BOL), be cautious. This is often a red flag for double brokering.
• Check the Carrier on the BOL: If the carrier listed on the BOL isn’t your company or the broker, raise red flags and verify legitimacy before proceeding.
• Protect Your Business Information: Never share sensitive details like DOT PINs, driver’s licenses, or banking information with unverified parties.
• Verify Broker Credentials: Cross-check broker MC numbers, contact details, and reputation before accepting loads. Contact OperFi if you have any doubts.
• Confirm Rate Confirmations: Always ensure you receive a valid Rate Confirmation directly from the broker before dispatching a truck.

• Double Brokering: A carrier books a load and then re-brokers it to another carrier, often violating agreements and leading to payment disputes.
• Phishing Scams: Fraudsters impersonate brokers, factoring companies, or shippers via email, attempting to steal sensitive information or redirect payments.

Double-brokering occurs when a carrier books a load through a broker and then re-brokers it to another carrier. It’s illegal, violates Broker Agreements and Rate Confirmations, and can lead to unpaid loads, financial losses, and business closures.

Fraudulent actors may disappear without paying the carrier while still invoicing the broker. While some brokers post duplicate loads for legitimate reasons, most agreements strictly prohibit double-brokering, allowing brokers to:

• Withhold payment
• Blacklist offenders
• Report them on platforms like Carrier411 and Freightguard

Call OperFi immediately to see if we can help you out. Review this video on how to catch it and correct it:
Watch the video

If submitted before 1 PM CST, your invoices will be processed the same day. Payments are issued via ACH, wire transfer, or fuel card, depending on your preference.

You need to submit:

• Signed Bill of Lading (BOL)
• Rate Confirmation
• Invoice

Tip: If submitting via email, include a Transmittal Sheet for faster processing.

Invoices submitted after 1 PM CST may be processed the next business day. We recommend submitting early to avoid delays.

Yes, we offer fuel advances up to 40% of the load rate, with a maximum of $2,500 per outstanding load. You must have been working with OperFi for at least 60 days.

Yes! You can check the status of your invoice processing by logging into your OperFi phone app or desktop portal to view where your invoice is in the processing status.

Tank Payments is a full-service financial account built specifically for freight carriers.

Get paid instantly to your account - cheaper than wires, faster than ACHs. Tank allows you to:

• Transfer money to peers, different accounts, or fuel cards
• Monitor your fleet’s spend
• Receive SMS fraud alerts
• Create fleet reports
• Give your team access to money when they need it

Tank Payments facilitates all of OperFi’s electronic transfers, including Tank Wallet, ACH, or Wire.

Email the broker’s MC number to credit@operfi.com, and we’ll respond within minutes.

If a broker is not approved, we’ll notify you. In some cases, they may be on our No Buy List due to credit concerns. We encourage checking broker credit before booking loads to minimize risk.

The No Buy List includes brokers with poor payment history or disputes. You can view the list here: operfi.com/broker-watch.

Credit limits are based on factors such as:

• Broker size
• Payment history
• Risk exposure

If you exceed a broker's credit limit, we may need payments to clear before accepting new invoices.

Visit our blog article for a detailed guide on How to File on a Broker Bond:
Read the guide

Short payments happen due to:

• Broker deductions
• Damages
• Accessorial charges

We notify clients when a deduction occurs and assist in resolving disputes.

If you receive a broker check for a factored invoice, you must forward it to OperFi immediately. Depositing it yourself creates a funding discrepancy and can lead to account issues.

Limits may be temporarily adjusted due to:

• Aging invoices
• Late broker payments
• Increased risk exposure

We advise diversifying your customers to avoid disruptions and minimize risk.

If a broker goes bankrupt, we will discuss options such as:

• Waiting for bankruptcy proceedings
• Engaging collection services (which may involve a fee)

Our team will guide you through the best course of action in such cases.

You can submit documents via:

• Client Portal: OperFi Client Portal
• OperFi App:
• iOS App
• Android App

Due to TQL's policies and agreements, new OperFi clients are initially limited to a $5,000 credit limit with TQL for the first 90 days. Once this limit is reached, we cannot increase it or purchase new invoices until older ones are paid.

Since TQL pays factoring companies in 28 days, exceeding this limit may result in delays.

To address this, you have two options:

1. Option 1: We can send the Notice of Assignment to TQL to link the factoring relationship, subject to the $5,000 limit.
2. Option 2: Enroll in TQL’s 5% 1-day Quick Pay option, allowing you to book TQL loads while getting paid directly by them. We still encourage you to submit all other invoices and brokers to OperFi.

Why you should consider this: New authorities often struggle to qualify with brokers, but TQL works with new carriers and offers ample freight opportunities. While relying solely on the $5,000 limit may pose funding challenges initially, it is not permanent. As you grow and work with OperFi, we can increase this limit.

We always recommend diversifying your customer base and working with multiple brokers. Attached is our 100 Top Brokers list, where the top 22 brokers work with new authorities. The list continues with brokers that may be eligible after 30, 60, or 90 days.

We understand that TQL's 5% QuickPay option is more expensive than our factoring services. After your 90-day period with OperFi, we can link the factoring relationship, which may qualify you for more brokers, allowing for greater volume and diversification.

Watch these videos from our boot camp to learn more:

• Working with TQL
• Account/Portfolio Management (Debtor Concentration)

Brokers may hold all your payments until a claim is resolved. We recommend contacting your Account Executive and reviewing your Carmack Amendment rights.

If an invoice reaches 90+ days, we may initiate a chargeback and hold future reserves until the issue is resolved. Stay in touch with brokers to avoid delays.

If a broker submits a Freight Guard report against your company, you can contact Carrier411 to file a rebuttal.

If you need an LOR to switch factors, complete the request form here:
Request a Letter of Release

All factoring agreements have an Evergreen Clause, meaning your agreement renews automatically after each term unless you provide written notice stating that you wish to terminate before the next renewal.

Tip: Review your contract cancellation policies to ensure compliance with the termination process.

OperFi requires a 60-90 day notice before the upcoming term renewal period in order to terminate your contract.

To receive a Letter of Release:

• Submit proper notice of termination
• Ensure all outstanding invoices and balances are paid in full

For further details, contact contracts@operfi.com.

• For credit approvals & customer setup: credit@operfi.com
• For invoice submissions & processing: funding@operfi.com
• For fraud concerns or red flags: support@operfi.com

Still have questions? Contact support@operfi.com or call (your contact number here) for assistance.