Factoring

I agree. I’d lease on before I would factor.
I’d lease on before I’d factor. Also, I’d lease on before I’d hire a dispatch company for that matter as well. Why run on “your own” and throw away percentages of your load pay?
I don’t understand either of those circumstances.

 

Thanks for that.

I'm clearly in the minority when I say factoring can be a valuable service. Problem is, the scammer to legit ratio among factoring companies is about 100:1 and the scammers are very good at what they do. Most are predatory companies who pitch their service as something that it is most definitely not (easy money or dumping ground for customers you wouldn't fund yourself) , in order to play to a desperate and/or broke prospect and lure them in. Absolutely playing with fire when you don't understand the merits of such a service, how it actually works, what your obligations are, and the consequences of a screw up.

Sometimes I think I could just make a decent living teaching a class about the topic. But I know that would never work, because nobody would ever pay to learn something in person that they're already unwilling to figure out on their own for free. After all, 99% of people considering factoring are already broke and desperate, and could not pay for a class even if they were capable of recognizing the value and wanted one.

Coincidentally, that 99% is also the last group of prospects that should ever look at factoring as a solution to their problem.

 

Don't take this the wrong way, but if you don't understand, you're doing the right thing by steering clear of either. It's called not letting your ignorance get the better of you, and a smart practice to follow any time.

I'm agreeing with you, probably just not the way you think. The best example I can offer is: I'll never get rich trading stocks or crypto currency. I'm smart enough to figure it out, but on the surface it's more complicated and risky than I care to deal with, or make the deep dive to learn it. And I'm ok with that, even when reading about others' success stories. The few times I've looked into it, I get 30 minutes in and my head starts hurting so I steer clear.

In other words, I'd never push advice to someone that just doesn't see the value in what I'm talking about, if that makes sense. It also doesn't hurt my feelings when my input on factoring threads helps someone rationalize why they will never do it. It ain't for everyone.

 

Thank you for taking the time to write all this up. earlier I expressed my opinion about factoring. I guess I should clear up my opinion on why. First of all I should of used the word “NEED” to use factoring. Second I don’t have a problem even giving up a couple of point to get my money sooner. My desire to not use factoring is more about the policies used to keep people entrenched in the trap. It’s almost impossible to get out of factoring without loosing your customer. I understand the reason for these policies for long term viability of the factoring company but, if it was such a good program people would come back on there own without all the BS.

 

Well let me say this, I was blessed with enough start up not to have to go that route, but if I hadn’t have had enough start up, I’d stayed leased on.
I’m still very new to this to be honest, and I realize my take on factoring may not be right for everyone, but thankfully it was right for me.