Better yet, it is the ONLY post he has made since he became a member on Nov 25, 2011. Trucker for 9 years that is his first post??? Hmmmm...
BEWARE of NBT Factoring
Discussion in 'Ask An Owner Operator' started by Greenacres0802, Jul 11, 2011.
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Actually 9 1/2 years but who counts halves? Started with my own KW and now have 52 rigs running. Been with 3 different factoring companies during that time and stuck with NBT for the service and understanding. Pretty simple, Bill. Actually just heard about this forum and searched out quite a few topics. Thought you guys might want my opinion on the matter. Ummmmm....as it is a "forum", right?
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You can put lipstick on a pig but it's still a pig. Your 2 posts have you pegged for a troll. So you built up a 50 truck company from nothing? Great, that means you can contribute business insight that all of us here would take an interest in. Something besides hawking NBT factoring. We get it. You like them. But your track record as a troll precedes you. -
I checked a lot factoring companies before settling on D & S. They are a non recourse factor and you don't need to factor all of your receivables with them, which is what I looked for in a factor. I rarely use them, but when I do they have always done a good job for me. Their fees are a little high at 5%, but once I send the bills to them the money is in my account within 24 hours and I don't have to worry about collecting the money. You need to read your contract with a factor very carefully. Fees are generally spelled out in black and white and you are held to the terms if you sign the agreement. Recourse factors can work well if the shipper or broker pays promptly, but most recourse factors have a sliding scale on their fees according to how long it takes to collect the money. I figure that I come out all right on the numbers, especially since I don't factor that much. Some factors want to charge a minimum monthly fee, require a minimum amount of receivables or force you to factor all bills. Each factor is different. If you want to use a factor then you need to check around and find the one that best meets your needs.
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I have used NBT for over 2 years. All my customers paid on time, and never had a problem. My business was growing very quickly, we were up to about 550,000 a month in sales. All of sudden on a Monday morning, we went to work as always, and around 9:30 am, my account was negative $35,000. When i called and asked why, they stated that my BOLS were fake, which is not true. FedEx and other major companies use the same type of BOLS that we have been sending them for over 2 years. Since i don't have the capital, i will now file bankruptcy.
If i were you, i would not use NBT. -
Well hopefully I will get all matters with them quikly.
Last edited: Jan 14, 2014
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