Factoring company

If you use them, you need to use both Uber and Convoy. I'm having one of the best weeks of my O/O career this week, one load I booked on Convoy and the other on Uber. They don't work for everybody, but in my lanes they work really well. I gave up on load boards and brokers. Too much of a hassle.

 

For locals booking loads every day or even multiple in one day, it makes sense to use a load board where you can quickly book loads. I do long haul, so I book 1-3 loads per week. It takes me 30 min to 4 hours to book one load, and a lot of it depends on the area.

I haven’t tried doing local. I have tried booking daily loads for two weeks, and it was okay, but I found it to be unsustainable because I needed to book a load every day and I found myself not getting enough sleep.

 

Like others have said. Apply for a line of credit and pay 6% per year vs 3% per load. Work as fast as you can towards running only on your own money.

 

For those against factoring, what’s your time worth? How much time do you spend sending invoices, following up on unpaid invoices, etc? How much weight do you think your single truck company has if a broker doesn’t pay?

I gross in the $220-$240k range, so I pay about $7k a year to factor which gives me a full time staff to handle everything. To each their own of course, but it’s worth the $7k a year to me.

 

I totally understand why people use factoring companies. You can not pay for fuel, maintenance, repairs and bills everyday and get re-paid 30+ days later. The income to expenditures is out of balance.
I have done it twice in the past 10 years with 2 different companies, both were awful.

I realized later that the fee's from the factoring companies was no different than paying a $35 overdraft bank fee, or a $35 late fee on a credit card that was occurring every day.

 

BS, I’ve been doing it for years.

 

Speak for yourself. Not everyone can do that

 

Why not, I’m no more special than anyone else.

 

The only serious benefit I see from factoring is getting paid even if the broker doesn’t pay. Everything else is easy, for me, that is. Invoicing and making sure you get paid is under 30 min per week. For folks who book daily, then yeah, the workload can pile up fast.

 

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