Some do. but not really in Florida. and the ones that do are cheap and a bunch of crooks..Good Luck
What's the pitfalls of factoring
Discussion in 'Ask An Owner Operator' started by WallyGator, Oct 4, 2009.
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ok... well now that i got the dedicated florida broker out of the way.. that eliminates one broker and one factoring company which means that if i want to stay in the state i'ma have to scavange load boards.. but if i do that chances are that i'll end up with multipe brokers and chances of me finding a factoring company to work with them all are slim. ... ... ... well the good news is i'll be home in a few weeks for RnR!!!!!
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true, wont get any back talk from me on that one. -
Some banks will factor as well.
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I've not used a factoring company (yet), but from what I understand, you can only use one at a time... or are only supposed to use one at a time.
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Also, we were told that if one factoring company doesn't take certain jobs, then you can use another factoring company. Freight Capital used to charge a fee to get started, but about a year ago they did away with it. Always check out the fine print, too.Gears Thanks this. -
I am on the fence about factoring, If you go with a company they want all of your bills. I have some brokers that pay in as little as 2 days (with no additional costs as well as if I need the funds immediately I have to pay the $1 comcheck fee and I get it) religously. Why would I basically want to give someone 1% to 5% of my company/profit. That is essentially what you have to do when you factor (and I dont know about the rest but my profit margins are way too tight right now). Right now with freight as cheap as it is, it is hard to let go of $10 on a bill BUT on the other hand, right now I have over 20K out and it is all within 21 days or less...... tough decisions to make.
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I feel the same.My own loads are fine but broker loads kind of make me nervous. I have about $25.000 out now and one bad check could really hurt.I pay my guys before I get paid so I might start factoring some loads.
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