Factoring, but not really....

Discussion in 'Freight Broker Forum' started by bonder45, Nov 5, 2022.

  1. bonder45

    bonder45 Road Train Member

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    So we started to get more freight ( totally wasn't planning that ) but it has blossomed into something bigger than we have ever expected.

    We currently offer a 5% quickpay ( I put it at 5% in hopes people would say no and just take the 30 days ) and to my dismay every single carrier we have outsourced has taken the 5% quickpay.

    I have enough funds to cover everything but gosh darn it puts me on edge personally have to wait that 30 days so I'm looking for an outside solution.

    Is there a factoring company out there that we can partner through where we pay the factoring company in 30 days but they pay the carriers quickly which results in $0 dollars out of my account?
     
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  3. wichris

    wichris Road Train Member

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  4. bonder45

    bonder45 Road Train Member

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    Not an option being Canadian in the US
     
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  5. wichris

    wichris Road Train Member

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    Triumph. They'll do QP to the carriers, but they'll own all your receivables.
     
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  6. bonder45

    bonder45 Road Train Member

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    I don't think you read what I originally wrote.
     
  7. bonder45

    bonder45 Road Train Member

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    Canadian, 100X harder to get a LOC while in USA.
     
  8. bonder45

    bonder45 Road Train Member

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    All I want is a company I can factor ANYONE who wants quick pay.

    Personally I do not need to factor, my reserves are perfect where they are at. It just gets a little dicy when I have to quickly carriers up to 50-100k / month then won't get my money from my customers 30 days after that.
     
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  9. Oxbow

    Oxbow Road Train Member

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    I'm a Canadian in the US and have LOC with my local bank.
     
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  10. Oxbow

    Oxbow Road Train Member

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    You can probably get an SBA backed LOC.
     
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  11. wichris

    wichris Road Train Member

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    Change to a commercial bank and go for a business manager account. More expensive than a LOC, but only pay when you use it.
     
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