..I'm looking at this from a collection standpoint....
Let someone else worry about someone paying, or not paying...
Anyone familar with TBS Factoring?
Discussion in 'Ask An Owner Operator' started by Hanadarko, Dec 10, 2010.
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So I was still chewing on this idea and almost signed up with Freight Capital for factoring until I read their agreement. Yea, its a standard one that everyone signs but I am not sure I like section 3 (Authorization)...here is the snippet:
Seller (me) also grants Freight Capital the limited power of attorney to correct and/or execute or initial all typographical or clerical errors discovered in any of the documents excecuted by Seller in connection herewith, make, amend or correct any filing required by the FMCSA or any Governmental agency having jurisdiction over seller, including but not limited to the correction of inconsistent names under which Seller is listed or filed or advertise fictitious names for the Seller in the name and at the cost of the Seller.....blah blah
Thats the part of the section I have an issue with. I dont like it.
I questioned them on this and while I get the general idea and their need for "protection" and the value of this statement, that doesn't mean I like it.
For the work I have lined up, I don't need these people anyways (like Walleye also said) but was going to sign up - just in case.
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Exactly.... If/When you decide give me a shout and LMK which one your're going to go with.
Now let me ask you something, if using a factoring company pays for itself (from what I hear) with the fuel discounts every-time than what's the harm in receiving your money allot sooner? ( If they don't offer quick pay.) B/C technically they are not in your pocket anymore.
To some o/o that little percentage isn't a factor when it comes to receiving their funds that much faster, even if they DON'T need the funds to keep on rolling, but they just want their money as soon as they can get it to avoid the famous "broker M.I.A." move. I personally know two of them.
I agree, especially if it pays for itself.
This is an example right here, it sounds good to me. If everything checked out than I don't see the harm in using them.
Was that just one contract or the others were pretty much the same? -
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