Quick Pay vs. Factoring

doesn't quick pay come from the broker itself and factoring come from a 3rd party provider? Either way you'll give away money earned by choosing these options over 30 day pay with a bankers check which is free.

 

well not all brokers offer quick pay, thats why we use TBS factoring, flat 5% fee, free credit checks via internet, scan today, money in the account tomorrow.

 

quick pay is better "No Contract". But not every broker is able to quick pay you.Some carriers quick pay is a total joke they want to charge you 2% to 8% and mail you a check or fund you so called account with comcheck & have the balls to charge you for a comcheck Fee on top of what they have robed you out of.
Some companies like Land Scratch will charge you 2.5% and take 48 hours to 72 hours or more to pay you, depending on when you send the trans flunk paper work to them.Ask if anyone out there that has been with their factoring company for more than 5 years that is a better deal than just asking for a recommendation.Because some time you have people on this forum that are trying to sell you something you may not want.

 

Who and why are you data mining ???

 

not annoying at all... your always going to have rude answers no matter the question, but the rest of us don't mind ~

 

Some brokers offer reasonable quickpay. Mercer is free, Landstar is like 2% I think and they give it to you on a Comdata card. Jones Motor has a similar card.

You're best avoiding factoring if at all possible. It's not a service business as they would lead you to believe. Each invoice you send them is essentially a credit application based on the broker or shippers credit, not yours. They can and will deny them leaving you a few days behind and still having to bill them yourself. And if they grant the "loan", then they have control over any future loads you haul for that broker/shipper. 5% may not seem like a lot, but depending on your margins it may be 10-20% of your net. and that is only for a 30 day loan !! My factoring company also charges ridiculous fees such as $16 to send them the original BOL's by FedEx, a $15 handling fee on each invoice, $9 to send funding ACH to my bank and $15 to put the money on their own freakin' card ! It's a racket...

I also question how quickly they get the billing sent to the customer after receiving the invoices, and how much if any effort they make to collect payments. Because if there are any problems, believe me it will be you and not them paying.

 

Do you drive?

 

Who are you factoring with? I'm with Apex, and have no complaints. I know they charge me fees each time I factor, so I try to wait until I have 5-10 invoices to send in at once. I like the convience, saves me the hassle of needing to be home checking the mail for checks.