I don`t deal direct with shippers or receivers
I have found out a lot of them are just cheapskates and want freight hauled for next for nothing.I deal with a factoring company and direct with some good brokers.
Billing direct / account receivables
Discussion in 'Ask An Owner Operator' started by HopeOverMope, Jan 3, 2018.
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thats right.They take it out of my cash reserves and they haven`t done that in 5 years.I can`t remember a time they did that.
DSK333 Thanks this. -
wrongwaytommy Thanks this.
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Most people are honest and won't #### you. I tend to mostly deal with the same people, which limits my risk as they are known on time payers.
Some people will straggle with payments, but imo if you show up at their office ready to #### #### up, pretty rare that you won't get paid as @KO1927 can attest to.DSK333 and wrongwaytommy Thank this. -
some factoring companies have a program where they never come back wanting money regardless,but my factoring companie keeps 5 % and after the bill is paid they get 2.9 % plus a dollar or two for invoice handling.My cash reserves usually are around 1 % , which they are supossed to return to me monthly but I have to get on their ### to get it sometimes.They usually clip me for 4% when it is all said and done
DSK333 Thanks this. -
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Prolly be better off with quickpay, while I never did quickpay or factoring myself; least ways with quickpay there isn't an intermediary to come back on you. Idk what kind of cut places get for quickpay, but bigger brokers it shouldn't matter in terms of negotiation bc the actual agent you deal with doesn't necessarily know your payment terms anyway.redoctober83 and DSK333 Thank this. -
Quickbooks vs Freshbooks which one or neither?
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Don't mean to be mean and don't want to seem to bash anyone but you all need to learn how factoring companies work, what is a recourse factoring contract and a non-recourse factoring contract, how to negotiate terms and so on.
If 5% or what ever the fee is, is too much for you, then learn how to manage the cash flow to cover the bills going forward, which for many this means not getting paid and banking the money to cover the three or five months of expenses with the truck and related expenses. The 5% or what ever is a cost to doing business which allows one to have instant cash flow that is needed to move forward. A lot of owners are running so cheap that 5% kills them.redoctober83 Thanks this.
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