Factoring vs Quick Pay: Know Your Options
Both get you paid faster than standard net-30 terms. But they work differently, cost differently, and cover different loads. Here is how they compare.
Side-by-Side Comparison
| Broker Quick Pay | MJN Factoring | |
|---|---|---|
| Eligible loads | Only loads from the offering broker | Any load with a pre-approved customer |
| Advance rate | 90–95% typical (varies by program) | Up to 95% |
| Fee | 2–5% per invoice (varies by program) | Rates as low as 1.5%; first 30 days free |
| Time to pay | 1–3 business days | Same day for invoices submitted by 1:00 PM MST |
| Coverage | Limited to participating brokers | One MJN account covers all factored invoices |
| Fuel advances | Rarely available | Up to 40% of load value for qualified carriers |
Quick pay terms vary by broker. Ranges shown reflect common industry offerings, not any single program.
Benefits of Factoring Over Quick Pay
One Relationship, All Loads
Factor invoices from any pre-approved customer through a single account. No need to manage quick pay terms with each individual broker.
Lower Fees
MJN factoring rates start at 1.5%, with the first 30 days free. Most quick pay programs charge 2-5% per invoice (terms vary by broker).
Talk to a Person
Call MJN and reach a decision-maker directly. No call center, no queue. Your questions are answered by the people who manage your account.
Factoring vs Quick Pay FAQ
What is the difference between factoring and quick pay?
Quick pay is offered by individual brokers and typically advances 90-95% with a 2-5% fee (terms vary by program). Factoring works across all your loads from any pre-approved customer, with rates as low as 1.5% and advances up to 95%.
Can I use factoring and quick pay at the same time?
Generally no. When you factor invoices through MJN, payment is directed to MJN. You would choose one method per broker relationship.
Which option is better for owner-operators?
Factoring is typically better for carriers hauling for multiple brokers because one factoring relationship covers all your loads. Quick pay only applies to loads from brokers that offer it.
Ready to Switch to Factoring?
Apply for MJN factoring and cover all your loads with one account. Rates as low as 1.5%, advance rates up to 95%, and same-day pay.