Regarding factoring. Don't do it. If you need cash flow use local bank credit or other source but no factoring.
Here is why.
Factoring bank will pay your invoice then 30 - 45 days later broker underpay your invoice to factoring bank. Bank will silently withdraw money from your account or from your next invoice. You say, well i will call broker AP and ask them. You are out from this equation. Broker have contract directly with your factoring bank.
Finally you realized how factoring is bad and terminate contract, now be ready for surprise. Because brokers AP signed contract with factor bank they will not pay you without release letter directly from factoring bank. But you now not factoring bank customer, nobody in factoring bank cares what you need.
Remember cheese in trap is to catch not to feed.
Factoring, Brokers, Dispatchers and Loadboards
Discussion in 'Expediter and Hot Shot Trucking Forum' started by Miroh, Feb 10, 2019.
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Shady not companies shady some individuals in any company. -
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I dunno, my rate confirmations cover me.
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