Appreciate this. We haven't had to factor yet.... But I'm nervous. The next 21 days or so will be tight... I don't mind calling, but since I have literally no training or industry experience, brokers intimidate me and I don't know if I'm doing it right.
I've heard Coyote loadboard, and possibly TQL <shudder> also work with brand new authority. I think JB Hunt works with new authority. I watched this YouTube vid of a driver explaining who he worked with during his first 90 days. Happy hunting.
I'm cheap, and I've ONLY ever been a company driver. Over the years I am now convinced that factoring is the way to go. Take it from a cheapskate. It's worth the small amount you pay the factoring company to have certain money in your bank account right now. It saves you the time and energy someone would have to spend hounding customers for payment. You can be paid the next day or the same week as when you deliver instead of waiting for at least 30 days for direct pay. I don't know which factoring companies are good or what difference there is between different factoring companies. The guys over in this boards Owner-Op section would certainly know.
Hey, we’ve ALL been there. I read you guys had a car dealership... well you know when you know vehicles inside and out and it just flows with no effort because your knowledge and experience is so deep? That’s where you’ll get eventually with this. Get DAT power so you at least have a 15 day average to go off of and what be severely undercutting yourself or other drivers
Factoring is a low interest payday loan scheme that without reading the contract can really bite. Also if there is a later issue with the bills or a claim you are responsible! It’s only 30-45 days to get payments. Some brokers don’t even take more than 2-3 weeks. That’s nothing for your hard earned money that you deserved. Imagine after factoring after 10 years the total cost!
Those who understand mathematics sell factoring and those who don’t understand mathematics purchase factoring