Factoring company

Apex**

 

I wasn't demonizing you, you could have said that without bragging about how much money you make, but you decided to belittle the op by flaunting your sucess instead.

 

The OP is a new truck owner with a new authority, which is precisely what I described could be the exception to go ahead and use a factor. I’m unsure how you could see that as belittling him? Frankly, if I was him I would think wow, maybe I’ll store away this advice for the future. That’s the difference between someone like yourself who is jealous by nature and has a victim mentality. Versus someone who can be happy for someone and therefore be envious with a victor mentality.

I wasn’t bragging at all and that certainly wasn’t my intention. Just because I bill out 250k doesn’t mean I profit 250k lol. It was an example of growing slowly and successfully.

If you are really that triggered then I can always go back and edit my post. I just think other people who appreciate candidness would like reading a story like mine and taking something away from it other then butthurtness like you have.

 

Sure go back and change it, just like it never happened

 

I get how that can get twisted. But I thank you for sticking around on these forums and looking out for us. You, ridge line and a couple of other fleet owners on here who’ve found success through hard work and slow growth actually stick around to help, guide, and advise us. I always read yalls posts a little more careful. Thanks!

 

Thanks man, I appreciate it. I’m here to learn as well and when I can, share my experiences. I like your posts and screen name.

 

But realistically the cost of taking them to court will be more expensive than what you'd be recovering in the first place.. which is why having a credit check system to verify your debtors and brokers before accepting a load is a must

 

Exactly! While factoring is not for everyone, it definitely has a lot of benefits and can be a great and useful tool for the right companies. Not having to deal with the headache of billing and collecting, having access to your funds right away to deal with expenses as they come up, and having options to save on fuel are all big benefits. Glad to hear you are doing well, sounds like you have a good plan in place with how much you are invoicing!

 

I can see only one benefit of factoring.
When using obscure brokerages, there may be a lack of faith of getting paid on time. When you factor an invoice for such a brokerage, you delegate that concern to the factoring. It is off your mind for the time being.

Otherwise, using factoring means nothing else but not enough cash on hand.

 

What you are referring to in "non-recourse" factoring. Although you are correct on the idea of non-recourse factoring, it actually doesn't even delegate that concern to the factoring company in the majority of cases. The only time a factoring company would eat that loss and not seek recovery, even on a non-recourse policy, is when the broker you hauled the load through goes into chapter 7 solvency (credit related bankruptcy) which is a very rare occurrence.