BEWARE of NBT Factoring

Discussion in 'Ask An Owner Operator' started by Greenacres0802, Jul 11, 2011.

  1. georgeandson

    georgeandson Heavy Load Member

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    1 mile down the road.
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    they only get away with as much as you let them...
    don't use them and your problem is solved...easy as that.
    just like a girl who keeps screwing your friends. LOL don't date her and you will not have to worry about it. Make sense?
     
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  3. ultraclassic

    ultraclassic Light Load Member

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    Aug 4, 2011
    Oklahoma City, OK
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    Normally I wouldnt do this but I used a factoring company out of Corpus Christi TX for several years, Nationwide Capitol Funding. I factored well over 30K per month with these people while my business was open, multiple invoices and multiple clients. They always stayed on top of my invoices and made sure they were paid timely. If I turned in my invoices to them on Thursday before 4pm my money was ALWAYS in my account Friday morning. Then on the 10th of every month the reserve was deposited like clock work. Small operation Husband and wife work it together along with very long term employees. Very Very personable when you call. If you did need to leave a message you were called back ASAP. I can go on and on about this company and they good they done for me. You can bill daily, weekly, bi-weekly WHENEVER you need to bill and no amount too small/too big...
     
  4. Oscar the KW

    Oscar the KW Going Tarpless

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    I think OOIDA has a rating system for brokers and factoring companys. Might want to check with them next time.
     
  5. Greenacres0802

    Greenacres0802 Light Load Member

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    KIbbles, BBT Works. I closed out with NBT in the begining of Sept. They felt the heat and I am thankfully done with them. I now do my own billing and am doing great. As far as your advice George, When you contract with the factoring companies, you lock up your brokers as well until you have a relase on file with them, all loads have to go through the factoring company so you are basically screwed.
     
  6. kibbels32

    kibbels32 Bobtail Member

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    Nov 18, 2011
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    was your 12 months up, and did you get a paper saying they no longer collect for you? i ask for proof on this collection on an invoice and i get nothing from them.
     
  7. daltonpaulii

    daltonpaulii Bobtail Member

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    Nov 23, 2011
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    Greenacres0802,

    Bummer on your experience. I was with NBT and used their CashBuilder product for 2 and a half years. It was able to help me leave factoring forever! I would argue that using factoring DOES NOT absolve trucking company owers from running all aspects of their business. NBT has the only product that can get you out of factoring. How much is that independence worth?
     
  8. ShortBusKid

    ShortBusKid Heavy Load Member

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    Vegas
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    I use APEX and am very pleased with them. Fee's are fair and the fuel card is very good.
     
  9. dryvans777

    dryvans777 Bobtail Member

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    Nov 25, 2011
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    Guys, I have used 2 factoring companies in the past, before NBT, and they burned me. That being said, I have been with NBT for about 3 years and it has really helped me grow. Been able to use that cash up front for all sorts of things instead of waiting the 30 to 60 days to get paid or having to restrict my trucks to the brokers that offer cheap quick pay. Seems those brokers always gouged me on the rate just to offer quick pay at 1.5% or 3%. Anyhow, I hate that you guys had a bad experience over there but hell, I dont think you could go wrong if you talked to a fella by the name of Josh over there. He is one of the sales guys and personally helps me when I have probs. Of course, I dont bug him on every little thing but he keeps my account straight for the past couple years. Wish you fellas luck but I havent had any probs with NBT and am actually pretty glad I ran into those guys.
     
  10. trucking78

    trucking78 Bobtail Member

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    Dec 20, 2011
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    NBT is bad news. Did you know that you are charged a fee for EACH faxed invoices aka "quick funding?" If you look in your paperwork it never says that there is a fee for faxing your paperwork and it does NOT state that faxing your invoices are considered "Quick Funding." The recording on their phone line even tells you that if you want your money fast then to fax all invoices, but it fails to identify it as "Quick funding." The list of problems with NBT can go on. Money is never in your account within minutes. It is often by the end of the day. Also, there is a per invoice processing fee that they don't tell you about on top of the quick funding fee and the percentage held for each haul. NBT claims they bill the client within 24 hours of receiving your paperwork, but that is not true. Most of our customers are not getting the paperwork until 20- 30 days later, which will put them in at least a over 60 day category or result in charge backs. NBT has a lot of unprofessional people that work there and a lot of hidden fees that they are taking from small mom and pop kinds of trucking companies. BEWARE!!!!
     
  11. BigBadBill

    BigBadBill Bullishly Optimistic

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    Chattanooga, TN
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    Wow, one post and it is how great the company is and gives his, errr, a name you can call. Glad he found this forum and thread.:biggrin_25513:
     
    rollin coal and 112racing Thank this.
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