Factoring/New Authority

Instead of factoring, try to use brokers that pay quick or charge less than factoring companies.

The factor % sounds cheap but adds up to a good amount of money over a year.


Good luck

 

I have a question, when you have a customer that is known for paying within ten days - when you invoice them, do you still put net 30?

I’m kind of concerned if I send a net 30 term they may wait that long? The carrier I used to be leased to used this brokerage and I know their reputation for paying under ten days, but this is my first time billing them direct.

 

All my invoices say " due upon receipt"
I wait the normal 30 days for about 50% of my pay. The other 50% is paid sooner.
Good luck.

PS. I doubt the broker would change their
"normal" pay. Probably doesn't matter what number of days you put on your invoice.
They have a system.

 

Ten four, that makes sense thanks

 

i put Due Upon Receipt. on most my invoices.

 

No one really cares about term you put on invoices. They have their procedures and they following them. If they don't pay for too long, don't do business with them in the future for this reason.

 

I get a check within 7 days....or quick pay within 1 hr of email....from broker (shhhh!!! wont tell who this Mr. Awesome Broker is)

 

Also:
Broker quick pay, a carrier can jump on or off it from one load to the next. No contracts of "must do all business with this broker through our factoring company" or "must do $x per month in order to get the "only" 2% rate" - etc.

 

I dediced not to go with them, they sent me the contract and idk. They wanted a lot of it notorized, many pages (more than 20) that needed to be printed and signed...

And I found some fine print where; every customer you turn into them, it will cost $50 to terminate once you leave the factoring company... so yeah it’s a month to month contact but if you leave with say 20 customers, that’s a $1000 fee... idk maybe I read it wrong

 

yeah that's just what we need. we need FMCSA tapped into all our bank accounts too,so they know how much money we have on hand for any unseen events they can dream up.

sweet merciful crap man.....