do u sign a contract w them ? or u can used them once in a while, when u feel like it . or if u use them once is a long term commitment with them ?
Invoice Factoring Question - Are Contracts Required?
Discussion in 'Freight Broker Forum' started by mert, Jul 15, 2013.
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i understand , thx a lot !!
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You have to sign a contract and agree to sell all invoices to some or all (depending on the factor) of your customers for as long as you need the service. Many require you to stay with them for a minimum period of time (6-12 months), but some do not if you agree to pay a set-up fee.
HORIZON2819 Thanks this. -
Many brokers also offer quick pay now. Almost every time it is significantly lower than the rate the factor company charges. Try not to use any of these services at all, in the beginning it may be necessary and from time to time you may have to, but try your darndest to be able to wait to collect your money.
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Usually my brokers are in the 2-3% range. If it's 2%, I usually take the money. If not, I just wait the 30 days or so it usually takes.
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