Factoring

Factoring

Upgrading your TruckSmarter Checking Account

  • Updated

TruckSmarter is releasing new improvements to bring you an improved factoring experience. If you are in an active contract with TruckSmarter, this article provides you with the necessary steps to agree to the new terms and upgrade your TruckSmarter Checking Account. Please note that you will be issued a new debit card after completing the upgrade — read on to learn more!

📅 Please accept the new terms by April 1st, 2024 and finish upgrading your TruckSmarter Checking Account by April 8th, 2024 to avoid delays in factoring invoice processing.

Benefits

1. Review and agree to the new Terms of Service

2. Initiate the upgrade and switch your account

3. Activate your new debit card

Frequently asked questions

 

Benefits

Upon completion of this upgrade, your TruckSmarter Checking Account will gain access to the following improvements:

  • Earn 3.27% Annual Percentage Yield* on funds in your account
  • Extended wire cutoff time
  • Check mailing service (coming soon)

 

1. Review and agree to the new Terms of Service

First, you will have to review and agree to the new Terms of Service. Navigate to the Factoring tab and look for a notification displayed at the bottom of the Factoring or Banking menus. The notification will prompt you to open and review the new Terms of Service — tap the notification to begin the process.

Frame 1.png

 

2. Initiate the upgrade and switch your account

Next, you must initiate the upgrade by switching to your new TruckSmarter Checking Account. When migrating, your balance will be instantly transferred to your new TruckSmarter Checking Account and there will be no disruption to your factoring invoices. Similar to step (1), begin the process by opening the notification displayed at the bottom of your screen from the Banking menu. Follow the prompts to switch your account — once complete, you will need to activate your new debit card.

🚨 Please note that when migrating, your existing TruckSmarter debit card(s) will become inactive. After switching, you will immediately have access to a new virtual card. You are welcome to wait until your new card arrives in the mail before switching.

Frame 2.png

 

3. Activate your new debit card

To complete the process, you must activate your new debit card. From the Factoring tab, open the Banking menu. The section titled Your debit cards will list your new debit card (note the prompt that says Activate your card). Select the card, verify the one-time passcode sent to your phone, and tap the Activate button to enable your card.

Frame 3.png

Congratulations, you have now successfully completed the upgrade process. We hope you enjoy your new features and benefits!

 

Frequently asked questions

How is the interested calculated?

The interest is calculated based of your daily balance and paid at the end of each month into your account. There is no action needed to earn interest and the rate may be impacted by changes to the Federal Reserves Secured Overnight Financing Rate Data.


When will my new debit card arrive?

Once you accept the new Terms of Service, TruckSmarter will automatically send your new card in the mail. Your card is expected to take 5-7 business days but delivery times may vary. Please contact TruckSmarter Support if you have not received your card in the mail after 14 days.


What happens to payments or recurring charges to my old account or debit card?

Charges or payments from your old account will fail to process once you initiate and switch to your new TruckSmarter Checking Account. Please be sure to update your account information in any payment profiles or bill pay authorizations that draw from your old TruckSmarter account. TruckSmarter will notify you if there is a failed attempt during this transition period, but it is recommended that you review any business-critical accounts associated with your TruckSmarter Checking Account. TruckSmarter is not responsible for any fees you may incur for upgrading your TruckSmarter Checking Account.

 

* Annual Percentage Yield (APY) of 3.27% is effective as of November 29th, 2023. This rate is variable and based on the Federal Funds Rate target range and is subject to change. No minimum balance or minimum deposit required. Fees may affect earnings on the account.