I was under the impression places like CHR database and build a profile of the carrier to be pulled up by the broker. Being a new entrant I expect to be using them quite often. I do like the quick pay option best, just hate to seem like I'm hurting for cash when I'm not. It's all about that piece of mind to not have to keep track of receivables and know I've been paid for my services.
Billing direct / account receivables
Discussion in 'Ask An Owner Operator' started by HopeOverMope, Jan 3, 2018.
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no,5 % total,and out of it goes 2.9 to the factoring company,then they keep a few bucks more for invoice handling,1 buck per invoice and I get whats left,usually 1 % plus the original 95%DSK333 Thanks this. -
I use Quickbooks Pro for my accounting, yet still use Freshbooks for my invoicing because I like their platform. Yes, it does cost me an extra couple of hundred bucks a year, but it's worth it to me.TallJoe, DSK333 and wrongwaytommy Thank this. -
Cash flow, or lack thereof, is obviously the number one thing that sinks businesses.
My .02 cents would be to try and set up a personal LOC if you can. Most credit unions will extend you such as a member (with good credit score) for around 8% APR right now. If you need a temporary cash bridge, that's a heck of lot cheaper than paying 4% to 6% of the gross revenue for quickpay or factoring fees.
I believe CHROB charges 2% quickpay and 1.5% if you do a certain amount of business with them.
Others like Werner Logistics & JB Hunt offer 1.5% quickpay.
The goal (in my opinion) is to get to the point where it's not necessary to borrow any money for normal operations costs.DSK333 Thanks this. -
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Besides, most factoring companies will come after you if they get stiffed anyways...Dave_in_AZ and DSK333 Thank this. -
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