Factoring Customers NOT Brokers

Discussion in 'Ask An Owner Operator' started by M.Enterprises, Jul 26, 2009.

  1. M.Enterprises

    M.Enterprises Medium Load Member

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    Can I use a factoring company to front money when I haul directly for a customer? Do shippers have bonds?
     
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  3. pullingtrucker

    pullingtrucker Road Train Member

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    Yes you can and the facotring company will look into your customer just like they would a broker before they deal out the money. But, just a word of advice...some customers look down on this and you may lose their business if they get hasseled a lot by the factoring company. I would suggest going to a bank and maybe try to get a line of credit for you business. The intrest rate may be the same or less than what the factoring would cost. As far as I know shippers don't have any bonds, just the brokers do.
     
  4. 112racing

    112racing Road Train Member

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    the only reason a company would frown on factoring is if they don't pay their bills in 30 days i personally had a guy that was out 45 days and he got pissed because the factoring company called looking for money so i stopped hauling for him the guys that still haul for him are out 7 weeks from doing loads to getting payed and half the time the checks are no good untill the following week a couple of them would have to wait for the checks to clear so they could have fuel money so i wouldn't haul for him anyway i got burned once for 8g's never again
     
  5. M.Enterprises

    M.Enterprises Medium Load Member

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    I hear alot about drivers getting burned for thousands. Is this common?
     
  6. phroziac

    phroziac Road Train Member

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    Gary, IN
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  7. Redrider

    Redrider Light Load Member

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    i have never been stiffed for the whole load and i can thank D&S for that.if i havn't hauled with them before then i factor,i rather give 5 than 100 percent
     
  8. Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    I got shafted for $6800 from a small carrier. The owner didn't think it was that big a deal, said he had medical bills etc. :biggrin_25511:
     
  9. M.Enterprises

    M.Enterprises Medium Load Member

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    WTF??

    You see, I'm sort of an industry outsider; trying to learn trucking and stumbling around the room trying to find the light switch. I don't know of another industry where a law abiding businessman could just get shafted without any ability to shut down or in some way sanction the fraudster.

    I recently got shafted by a company that appearently does business honorably (at least for one of our freinds on this forum), and the amount justifies flying halfway across the country with a pair of brass knuckles. I don't think it will help anything to use force against a passive-aggressive type that does this sort of thing. It can't possibly go my way, I figure.

    But...

    Has anyone ever "met up" with the person that wronged them and walked away with a check? Or, is there a way to pull YOUR money out of a fraudsters account?
     
  10. Allow Me.

    Allow Me. Trucker Forum STAFF Staff Member

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    Here's my situation. The owner had an operations manager running the company. The operations manager shafted me, but blamed the owner. I knocked on the owners front door unannounced, and he blamed the operations manager, all the while crying about his medical bills. His attitude was, oh well, that's business. Yes, I could have bashed his face in, but then I would have gone to jail. I sued and lost in court, but the story does not end there. This is a small town and I can't/won't say anything else re: this matter. :biggrin_25516:
     
  11. dino6960

    dino6960 YOUDAMAN

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    that sucks !!!come over to dinos collection agency 10% of whats owed is mine if i collect lolhave slegde hammer will travel, depending on the amout ,depends on the weight of the hammer,5 k 5lbs, 10k 10lbs give an attitude ajustments after collection are free omg is that what it needs to come down to in this day and age??? simple rule HALF UP FRONT? 6800 bucks and hes got med bills ,he knew what he was doing and figured there was nothing you could do, redneck technoligy=dont mess with my family,dont mess with my truck,and dont mess with my money,and not nessasarly in this order, i hate people like thatgrrrrrrrrrrrrrrrrrrrr:smt068:smt074:glasses5::naka:
     
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