My suggestion is get a line of credit at your bank. Use brokers that offer quick pay. Factor company I used was Apex. They were fair and easy to work with. Be careful using factoring. The cost can sneak into your pocket book and put your business at risk. Good luck
Oh my god! Please don't factor. I am going through a nightmare trying to get rid of one now. They will drive you out of business if you want to leave
The first few months are the toughest, but if you can manage to get by, and there are ways, then the money rolls in on a steady basis, no need for a factoring company. It seems like once a guy starts factoring, it is hard to stop and you are just giving a percentage of what little bit of profit there is or should be away.
Get a loan or a line of credit and also quick pay from brokers, which will cost 2-5% of the load. Eventually you want to get rid of them. It’s an unnecessary expense. However, not using quick pay will mean brokers won’t pay you until 2 weeks to 2 months.
Starting out, there are some brokers that will advance you as much as 50% once you are loaded, and do quick pay for the rest, this used to cost 1.5 percent with most of them, but better than factoring. The way I understand it, by law, they are suppose to pay within 15 days, from when they receive the clean bills, some do most didn't. II found most to be 30 to 45 days, any longer and I didn't use that broker any more. I probably brought on a lot of the 45 day stuff myself, as I am bad about not sending my bills in to the office until I have a stack of them. lol
I guess it depends. If the carrier-broker agreement says they will pay you in 30 days, and they haven’t paid you in months, you can take them to court.
