Anybody here have any good experiences with a non-recourse factoring company? And if so, if you don't mind sharing the companies name and the rate you pay them, that would be great; especially because I'd rather hear it from carriers/truckers than off these company websites
Just looking at some options if I decide to factor for the first year out- thanks in advance if you answer
good Non-recourse factoring
Discussion in 'Ask An Owner Operator' started by HopeOverMope, Dec 27, 2017.
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That said, I have never factored anything personally, just passing along what they tell me.DSK333 and HopeOverMope Thank this. -
NASTC has a good deal with Orange Commercial Credit. I signed up with them but haven't used it yet. I remember the rates were good though.
DSK333, redoctober83 and HopeOverMope Thank this. -
Great, thank you all for those leads.
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Apex charges 5%. Not sure of terms.
I use the recourse cost about 3% per invoice. I have no minimum $$ per month.
I've read a post on ttr someone recently stated they required minimum $$ invoices monthly.
I have been satisfied with their service.
I recommend not using factoring company. Better to get a line of credit with your local bank.
Good luck.javierm533, TallJoe and HopeOverMope Thank this. -
I moved the money into my business account from the LOC and paid the insurance in full.
I just needed a week for some invoices to pay from good customers, which they did and I then paid the LOC back the full amount.
Cost me like $15 in interest.Rideandrepair, TallJoe, HopeOverMope and 1 other person Thank this. -
But is that non-recourse really non-recourse in absolute terms? The Triumph solicitor (the one you see on DAT loadboard) told me, that it is but only, if the broker has filed for bankruptcy. If not, and the non-paying broker or customer is just not paying but still in business, the will still come back to you and demand money return.
redoctober83 Thanks this. -
Rideandrepair and HopeOverMope Thank this.
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Factoring really is not a solid money flow solution- Your giving up way too much money over the length of your contract to them
Most Non-recourse stats at 5% for you 1-2 truck guys....
IF,and only IF you fail to do your homework and move a load for a subpar broker or shipper.........Move it to a reputable collections company like RTS.....
Now,If you are seeking factoring because you have a certain money flow Problem, (Which means you are bad with money) ..Then Factoring will keep you afloat- But you Need to fix YOU first, Then go to 30-45 day receivables billed directly to your brokers or customers.
Hate seeing you guys give up $ 10-15k per year in factoring........That's a New car-or an inframe on your truck.m16ty, gokiddogo, xsetra and 1 other person Thank this. -
Rideandrepair, Flatbed Cowgirl and bigbyrc Thank this.
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