Brokers are thieves!!!

Well, if you are using a credit card, the store is taking a lose vs. checks. It may not be that much (anymore) but it is a % that Visa charges. It is then placed in the store account in 48 hours. Back when checks were common it would take weeks for the store to get their money. With Check 21 Act changed that weeks to days sure, but the company is still willing to pay Visa money, partly for the "quick pay" partly because for the consumer it's a "free" way to pay for stuff and insist the stores accept it by not going to stores that don't.

 

You both deflected from the question about "charging" Carriers for being paid when they should be paid, the US Government has taught you well!

 

No, we simply know what quick pay is, and what normal B2B (that's business to business) relationships are common. NET30 to NET90 is very common in business. So common in fact that trucking is about the only industry that even has the concept of quick pay or factoring. And for that loan, and that's exactly what it is, is a short term loan, people willingly give up of 2-3% of their revenue. The broker (or whoever) isn't charging for the money, they are providing a value added service that costs them money, so they have the right to recoop and even profit for that service.

I've never understood it myself, as I preferred a loan from the bank when my business was running low on cash. It costs less that way.


P.S. What does the US goverment have to do with a B2B commonality that literately spans the globe?

 

Quick pay and factoring are like pay day loans, if you own a buisness and need pay day loans to stay afloat you're sinking.

 

If it weren’t for brokers offering quick pay and factoring companies how many of these guys would be putting their fuel on a credit card at 15% interest? There’s a reason quick pay and factoring exist and I think both are used by the group currently looking to cap how much a broker can take.

 

It truly is fascinating the way some people think.

Is this what is taught in public schools these days?

 

They would be better off using the credit card. I bet if you figure the apr on factoring it would be astronomical.

Say a truck does $200k a year. At 3% for factoring that's $6,000 a year being given away.

 

What goverment needs to save us from ourselves, that's all that's been taught in public schools for a decade at least.

 

How does transparency cap how much a broker makes?

 

How does transparency cap how much a broker makes?