Truckers Report Jobs

Find Trucking Jobs

Company Driver Company Driver Dry Van Dry Van Flatbed Flatbed Refrigerated Refrigerated Specialized Specialized Owner Operator Owner Operator
More Trucking Job Searches ⌄ Fewer Trucking Job Searches
⌃

Brokers paying factoring companies

Discussion in 'Freight Broker Forum' started by mcgoo422000, Dec 10, 2012.

  1. Dec 10, 2012 #1
    mcgoo422000

    mcgoo422000 Medium Load Member

    529
    174
    Mar 18, 2012
    0
    Has anyone else noticed that once a broker realizes you are using a factoring company they go into slow motion
    on paying a invoice? I signed up with a new broker in October and hauled a load. their broker packet claims they pay in
    17 days, it's well over a month now and still no payment.
    I signed with this factoring company in Sept and done had one customer put on hold due to slow payment.
    Is this the way brokers really operate? I only dealt with quick pay till Sept. and lost 0 dollars in 7 years and
    every customer on factoring moves like moss growing to pay. These are ones with 95-100 score on DAT.
     
    mcgoo422000, Dec 10, 2012
    mcgoo422000, Dec 10, 2012
    #1
  2. Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.

  3. Dec 23, 2012 #2
    cletus snow

    cletus snow Bobtail Member

    38
    6
    Oct 24, 2012
    pike county ga
    0
    i musta missed something if you are getting your coin through a factor what difference does it make how long they take
     
    cletus snow, Dec 23, 2012
    cletus snow, Dec 23, 2012
    #2
  4. Dec 23, 2012 #3
    UTI TRANSPORT

    UTI TRANSPORT Light Load Member

    126
    53
    Nov 16, 2012
    0
    UTI TRANSPORT, Dec 23, 2012
    UTI TRANSPORT, Dec 23, 2012
    #3
  5. Dec 23, 2012 #4
    BigBadBill

    BigBadBill Bullishly Optimistic

    4,599
    4,438
    Oct 2, 2010
    Chattanooga, TN
    0
    Typically it is the opposite. Brokers know that most factoring companies report and small carriers don't. Reason I don't like load board credit and d2p. Easy for company to manipulate data.

    But what you could also be seeing is that if your factor company does no early collection work like you may have that this is slowing things down. We call withing 3-days of sending invoice to make sure they have everything and around 25-27 days to make sure payment is being sent.
     
    BigBadBill, Dec 23, 2012
    BigBadBill, Dec 23, 2012
    #4
    RedForeman Thanks this.
  7. Dec 23, 2012 #5
    windsmith

    windsmith Road Train Member

    7,296
    6,028
    Sep 2, 2011
    NEPA
    0
    Bill, it's 9:30 on the Sunday before Xmas. Get off here and spend some time with the fam. :)
     
    windsmith, Dec 23, 2012
    windsmith, Dec 23, 2012
    #5
    BigBadBill Thanks this.
  8. Dec 23, 2012 #6
    RedForeman

    RedForeman Momentum Conservationist

    4,867
    22,119
    Jan 30, 2011
    0
    To add to what BBB mentioned about diligence on the collection, once the factoring company gets your invoice from you it might be a day or three before they stuff an envelope and 1st class mail it to the customer, adding several more days in transit. There could be a week or more difference in the DTP reported by the factoring company and when the clock starts/stops at the customer.
     
    RedForeman, Dec 23, 2012
    RedForeman, Dec 23, 2012
    #6
    BigBadBill Thanks this.
  9. Dec 23, 2012 #7
    RedForeman

    RedForeman Momentum Conservationist

    4,867
    22,119
    Jan 30, 2011
    0
    Because if they take too long, you the carrier get to pay the factoring company back. Usually 60 days. Also, some agreements will have an escalating discount rate. The longer that customer takes to pay, the higher your discount is.
     
    RedForeman, Dec 23, 2012
    RedForeman, Dec 23, 2012
    #7
    BigBadBill Thanks this.
  10. Dec 30, 2012 #8
    olepete

    olepete Bobtail Member

    33
    6
    Apr 10, 2010
    0
    we are exact opposite. we were 30 d2p now we are trying for 10 15 at most. factors are always paid in 10 because they report it for sure. also, i swear all factors do not open their mail for days
     
    olepete, Dec 30, 2012
    olepete, Dec 30, 2012
    #8
    BigBadBill Thanks this.
  • Truckers Report Jobs

    Trucking Jobs in 30 seconds

    Every month 400 people find a job with the help of TruckersReport.