Stepping Out With My Own Numbers

Whether I utilize them or not is not going to cost me a dime. I might, according to the contract I signed, keep them idling for ever. I've been always very wary about any brokers out there, except the big ones: CHR, XPO, TQL, JBH, Convoy, Coyote....I never worried about their payments arriving on time. As a matter of fact, all of them are paid in full as of today. I will not factor these guys at all.
Now, I hope to use smaller brokerages more.... as long as they are approved for factoring. I mean, I won't be as hesitant about calling them, and especially as suspicious when they call me...all I need to see is the factoring approval and their ranking before starting negotiations. Before, I was checking their profile on DAT directory, reading reviews - which are not always a good measure for risk assessment - it was all taking too much time. Well, I'll see how it works.

 

Right on. I do see that on DAT when you click on a load to get more information there's a "FACTOR" button at the top of load info section. If the check mark is green I guess it means that load can be factored with DAT's partner Triumph Pay. So I've heard.

 

Yes. I contacted Triumph 3 years ago, thinking about using them on the back burner too. I was even assured by their rep that I could do it. Their non-recourse rate was 4.9% and they had more expensive fees for transferring money. Also, If I remember correctly, they required a reserve account. Having read their contract though, it was plainly stated that I was to surrender all of my invoices....so it was not a good option for me.

 

He did? Well, then shame on him. Looks like they are mutual adoration society, anything he ever says, everyone is supposed to love it. I rarely find anything useful there, anyways. Either someone brags or #####es about something.

 

I wouldn’t worry about it, he’s one of those petty people that if you don’t agree with him then he’ll just silence you. I’ve been banned from his little group numerous times.

 

Man... I hate to see you guys factoring all of a sudden. I really do. I just don’t understand why you would start unless you HAVE to?

Far as the guy on FB... never heard of him. I don’t have FB though. Sounds like a Jack ###.

Joe, I wouldn’t worry so much about people not paying. It’s not as bad as you think. Definitely not worth taking a 3 percent hit. IMO. As for the load booking company. Your 100% right. They are poaching spot loads 24/7 non stop. But... as my Dad says.. that’s just the way it goes. First your money, then your clothes.

Misesian you’ll be fine man. You’ve been smart and have things setup based on efficiency.

 

Help me understand why you are using factoring. You have cash, you can pay your bills and even withstand a slowdown. Are you only concerned that the brokers will go under?