Shorted pay from broker

Fire your factoring company. And maybe the broker as well.
The broker isn't going to issue a check to you. They've already sent it to the factoring company. If this is a repeat business broker, bill them directly, use quick pay rather than factoring. If it is not a repeat business broker then cut them loose altogether. And call it a lesson learned.

Factoring is the wolf in sheep's clothing. The more hands the money passes through the worse off you are.

 

It really depends on why you were short paid. What happened?

 

If you were truly short, file on their bond if they will not respond to you.
But make sure it's not the factoring company screwing you over (more than they do by default anyway)

Otherwise it's a write-off on the books. Would cost much more than $300 to recover $300

 

I was owed $150.00, detention time, and got the runaround for one week. Sent about 7 emails, 5 calls and my factoring company got involved, no go. I finally called one of the managers and luckily he took care of it for me, on the spot. When my factoring company called she talked to accounting and was told they will get back to her and never did. Keep trying, try to talk to different people until you hit the right person. You might try to collect on there bond but I don't know how or how much that will cost.

 

I have to ask, why does anyone do any business with a factoring company if they are not going to remit the full value of the debt of the broker to the owner?

I mean that detent and other confirmed charges seem to be the factoring company's problem once you send in the bill to the factoring company, any problems with the broker is between them for a while then if it is recourse factoring contract, it becomes your problem.

 

The factoring company is normally responsible for the "debt" collecting. I'd fire the broker, factoring company AND file on the broker's bond if my paperwork was in order.

 

In my case I had the original rate con. When I delivered the load I had 5 hours of detention. Obliviously if I would of sent the original rate con to my factoring company they would of paid out the load without the detention. My problem was trying to get a new updated rate con,showing the 3 hour of paid detention, so I could send to my factoring company. That's what took my one week to get from broker/carrier I did the load for. My factoring company pays from rate con, not word of mouth. And yes my factoring company will do payroll, billing and collection but again off the rate con.

 

So when you took the load and you read the RC, you didn't add the detent clause in it and send it back for their signature?

Every time we get something from a broker with no detent or detent not to our liking, one of us crosses it out if it is there and put in another clause defining the time and rate, if they tell us no, we tell them to stick it and to find someone else.

 

This way you may get no load, because there actually other carriers that would take the load with good rate.