Can Someone Explain Factoring? How Does Factoring Work?

Well #1, $2.00 a mile/ 2500 miles per week. LMAO

5-6 weeks not on the high end but more the norm. Mail your invoice on Monday. Gets there and in the hands of accounting by Friday. They state right up front. 30 days from receipt of signed BOL. So, add another 30 to that week then another week to actually get to you. Maybe another 3 days or more for it to clear.

I'm not making this up. I had my own authority. I lived this.

And why do you care if someone factors? Is it affecting you? Tons and tons of people do it. It doesn't make them any lesser of a person then you unless your trying to put yourself up on a pedestal. There are plenty of people who started this way. Not just truckers.

Even a small business who all of a sudden gets a huge order. They get an advance on the order so they can buy what they need. Not called factoring but a line of credit and other terms.

 

I don't care what anyone does and am not trying to put myself on a pedestal I am trying to help people out. Factoring is a predatory practice in my eyes much like pay day lenders and car title loans.

I too have my own authority and a small business and sometimes it is tough but I work too hard to give my money away to others just over a month or two of waiting.

As to my numbers I said they were round numbers to make the math easy but if you don't like them cut in half. How many drivers couldn't use an extra $500 a month?