Screewed by Factoring Co - Truckers' Trucking Forum

tiger1996 · **^ Top** #1 3 Weeks Ago

Has anyone ever had any dealings with Freight Capitol factoring company?I factored a few loads through them because I was not sure of the broker.Everything was fine till I called wanting my reserve money and they say I can not have it because they do not recieve regular invoices from me.Is there anything legally I can do without spending a fortune?They only owe me $312.Thanks

Gears · **^ Top** #2 3 Weeks Ago

I've not dealt with factoring companies so this is a shot in the dark....Maybe tell them you're going to use a different factoring company and want to close your account with them.

roadkill439342 · **^ Top** #3 3 Weeks Ago

Anything you can do without spending a fortune?
For $312?
You might wish to contact the Atty General in the State you reside in.
It is obvious they aren't abiding by their "own" rules. They MAY be in violation of WIRE FRAUD Laws
From THEIR website:

Quote:

NO! There are no volume or minimum requirements. Unlike other factoring companies, Freight Capital does not increase your rate if you do not meet minimums. Be careful of this. Many factors will tease you with what appears to be a low rate and then subsequently raise that rate when you fail to meet minimum volumes. At Freight Capital, we offer you a low, flat, fixed rate that will never increase, regardless of volume!

Quote:

At Freight Capital, you decide which customers you’d like to factor. Add new brokers or shippers as you please and as your customer base grows. We work with each of your customers in a professional and courteous manner and want to make this process as simple as possible. Your customers will appreciate Freight Capital’s extended credit terms since many good-paying shippers and brokers do not offer a quick-pay solution.

No Minimums, No Volume Requirements

112racing · **^ Top** #4 3 Weeks Ago

i used d&s there is no reserve and had zero problems with them

as long as you got a broker approval first you got paid

Brickhauler · **^ Top** #5 3 Weeks Ago

Quote:

Originally Posted by tiger1996

Has anyone ever had any dealings with Freight Capitol factoring company?I factored a few loads through them because I was not sure of the broker.Everything was fine till I called wanting my reserve money and they say I can not have it because they do not recieve regular invoices from me.Is there anything legally I can do without spending a fortune?They only owe me $312.Thanks

Do you still have some invoices that they have not collected on yet? The Factor that I use requires my reserve to equal 10% of the uncollected invoices. Maybe they are still waiting for $3100 to be paid to them before they release your $312?

Redrider · **^ Top** #6 3 Weeks Ago

i use d&s also,1 year and no problem,greatest

tiger1996 · **^ Top** #7 2 Weeks Ago

I do not get on here much.Thanks for the advice.Called them and they stated I have to wait on them to collect because I do not use them enough.The cut my access to my account off so I can not even look at it.I am sure if you used them alot this would not be a problem.

bigsmilenj · **^ Top** #8 1 Week Ago

Can anyone recommend a good company? What are the pitfalls and what rate should i expect to pay? Thanks.

stepnfetchit · **^ Top** #9 1 Week Ago

I was going to use a factoring company but not being familiar with them I went to my local (small town) bank. Told them what I was thinking and was told " we'll do it for you"! HUH! They have a program for small business owners to use for operating capital. I decided since they were local I would go that route. They had a number of options you could use. I didn't know banks did this but they will. I am not familiar with banking regs in all states but I would suggest to anyone needing operating capital to speak with the local bank. JMO

Brickhauler · **^ Top** #10 1 Week Ago

Going to a local bank is a great idea. I had checked with Wells Fargo a couple of years back and they have a program but you needed to run at least 25k through it every month. I never thought of a small local bank. I am not working today, I might just check it out. I use a factoring company now and would love to tell them to shove it. I would much reather deal with someone locally.

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