Factoring

Factoring

[FAQ] Sign up for banking

  • Updated

How do I activate my TruckSmarter card?

Why do I need to verify my identity?

What documents do I need to provide?

Why don’t you pay me directly?

Do I have to use the debit card?

How do I link a bank account?

Why do I need a separate routing number for wires?

How fast do transfers settle?

 

How do I activate my TruckSmarter card?

Your TruckSmarter card must be activated before it can be used for physical or online transactions. To activate your TruckSmarter card, please call the Visa card center at this toll-free number:

  • +1 (833) 333-0417

Follow the voice-over prompts to verify your identity and set up your PIN number.

 

Why do I need to verify my identity?

When you factor with TruckSmarter, we set you up with an FDIC insured bank account that allows us to instantly pay you, even outside of banking hours. To comply with regulatory requirements, we must ask for personal identifying documents.

 

What documents do I need to provide? 

If you are a sole proprietor, we must verify your personal identity. If you are an LLC or Corporation, we must verify both your personal identity and business status. If your business has multiple owners, we must also verify other owner identities to mitigate fraud. Here are some common verification documents that we request:

Individual

  • ID Verification
    • Driver's License
    • State ID
    • Passport
      • If a non-US Resident, you must provide a passport
  • SSN Verification
    • Tax Return
    • W-2
    • Social Security Number
  • Address Verification
    • Utility Bill
    • Bank Statement
    • Lease Agreement
    • Pay Stub

Business

  • Federal Tax Identification Number (FEIN) document
    • Business Tax Return
    • IRS 147C Letter
    • IRS Form CP 575 (must be a filed form with EIN visible)
  • Certificate of Incorporation (COI) document 
    • Corporation
      • Articles of Incorporation or Certificate of Incorporation
    • Partnership
      • Partnership Agreement
    • LLC
      • Articles of Organization

For a full list of acceptable documents, please see our Accepted banking documents table.

 

Why don’t you pay me directly? 

To ensure that we are operationally efficient, we operate automatic payments with a single bank rather than managing thousands of bank relationships. If this is a concern, give us a call and we can talk about alternatives.

 

Do I have to use the debit card? 

You don't have to, but the TruckSmarter debit card will allow you to immediately access your funds. Even if it is a weekend or bank holiday.

 

How do I link a bank account to TruckSmarter? 

Please read Link your bank account to TruckSmarter.

 

Why do I need a separate routing number for wires? 

Some banks have one routing number for ACH/Direct Deposit and a different routing number for wire transfers. Check with your bank to make sure the routing numbers are the same. Otherwise, your wire transfer will be rejected and you will have to wait longer to receive your money.

 

How fast do transfers settle?

ACH: 1-3 business days. The vast majority of users report ACH transfers only take 1 business day unless requested over the weekend or after banking hours cut off.

Wire: If you submit your transfer before 4:00PM Eastern Time, you will have that money in your account later that day. If you submit a wire after 4:00PM Eastern Time, then it will arrive in your bank account the following afternoon. Note that there are fees associated with wire transfers.