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Factoring Company

Discussion in 'Ask An Owner Operator' started by kaithlyn, Jan 4, 2011.

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  1. Jan 4, 2011 #1
    kaithlyn

    kaithlyn Bobtail Member

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    Dec 23, 2010
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    Im not sure if this is a right place to post here.. anyway
    Is anyone in here know any good factoring company out there thats reliable and charge lower rate??
    My brother just started on his trucking company, he will be a driver and i'll help him operate the rest of his business work for him. As far as rite now, we have no cash in hand. So, im looking for some good factoring company that help us with our cash flow. Any advice would be greatly appreciated!!
     
    kaithlyn, Jan 4, 2011
    kaithlyn, Jan 4, 2011
    #1
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  3. Jan 4, 2011 #2
    Krooser

    Krooser Road Train Member

    2,493
    1,066
    Jul 25, 2010
    Wisconsin
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    Many require you be in business for one year before working with you...
     
    Krooser, Jan 4, 2011
    Krooser, Jan 4, 2011
    #2
  4. Jan 4, 2011 #3
    josh.c

    josh.c Road Train Member

    1,105
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    Feb 22, 2009
    Knoxville, Tn
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    And there are plenty more that will beat your mailbox down and ring your phone off the hook the minute you submit the application for your authority.

    I'd recommend you don't factor, but if you absolutely must, go over the contract very, very carefully. I signed up with DandS, but I don't recommend factoring. Use the search function, there is all kinds of information on this forum about factoring and factoring companies.
     
    josh.c, Jan 4, 2011
    josh.c, Jan 4, 2011
    #3
  5. Jan 4, 2011 #4
    kaithlyn

    kaithlyn Bobtail Member

    21
    1
    Dec 23, 2010
    0
    Thank you very much for your response and advices.
    Yeah i know, we don't want to factor but like i said, we don't have any cash to operate our business and waiting for shipper and broker to pay us is a headache. So we decided to manage our receivable through factor company for first few months until we have good cash in hand. I've been done lots of researching and contact them through their ads posting on getloaded and truckstop.com, and there are so many with different rating and fee charges, not sure which one to choose and if they are safe.
     
    kaithlyn, Jan 4, 2011
    kaithlyn, Jan 4, 2011
    #4
  7. Jan 5, 2011 #5
    112racing

    112racing Road Train Member

    1,384
    20,548
    Nov 30, 2008
    pocono's, pa
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    D&S factors they take a strait 5% off the top ...paid the same day they receive the bills....they give you free trippak envelopes...no postage cost....ez no cost setup....only factor the loads you want to
     
    112racing, Jan 5, 2011
    112racing, Jan 5, 2011
    #5
  8. Jan 5, 2011 #6
    seapup

    seapup Light Load Member

    88
    15
    Aug 1, 2010
    wodstown,nj
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    I use D&S also. 5% takes a hefty bite out of your profit but they do pay quick and that helps with tight cash flow. Also you don't have to factor all invoices with them.
     
    seapup, Jan 5, 2011
    seapup, Jan 5, 2011
    #6
  9. Jan 15, 2011 #7
    papanuge

    papanuge Light Load Member

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    Sep 18, 2010
    Anderson, AL 35610
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    Freight Capital No Recourse 4.9% and you don't have a limit or have to factor all your invoices.
     
    papanuge, Jan 15, 2011
    papanuge, Jan 15, 2011
    #7
  10. Jan 16, 2011 #8
    2hellandback

    2hellandback Heavy Load Member

    978
    237
    Dec 19, 2007
    Blackfoot Idaho
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    I 2nd Freight Capitol,,, i just started using them recently,,, not because i needed too,,, partially because of there fuel discount at TA and Petro i saved 23 cents a gallon in Denver, call Scott, tell him High desert sent you! (760-496-1762) He is great to work with.
     
    2hellandback, Jan 16, 2011
    2hellandback, Jan 16, 2011
    #8
  11. Feb 28, 2011 #9
    Mr. PlumCrazy

    Mr. PlumCrazy Road Train Member

    1,341
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    Jul 30, 2009
    Lexington NC
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    I was thinking about useing them for the same reason but was wondering if there is any hidden fees on the fuel card like high transaction fees
     
    Mr. PlumCrazy, Feb 28, 2011
    Mr. PlumCrazy, Feb 28, 2011
    #9
  12. Feb 28, 2011 #10
    BigBadBill

    BigBadBill Bullishly Optimistic

    4,599
    4,439
    Oct 2, 2010
    Chattanooga, TN
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    But don't you have to factor with them to fund the card? So you are loosing $.18 to the gallon before you get the discount. You can use Englands card and get $.04 at Pilot off cash price and fund it anyway you want. Also, if you pull anything for Landstar you can get their card and get your funds deposited into the account in a couple days for 1.5% and get a minimum of $.20 discount at TA's and $.30 and Petro.
     
    BigBadBill, Feb 28, 2011
    BigBadBill, Feb 28, 2011
    #10
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