Factoring Companies That You Recommend For Owner Operators?

If you used your credit card for 100$ and paid it off 1 month later. Bank charges you 2$ interest. That's means that the APR is 24%. Not 2%.

So your customer returning the money to your factoring company after one month not after a year!

Multiple factoring rate by 12 (11 in worse case) and if you can get money cheaper then get it.

 

Some of you people honestly have not got a clue how factoring works. First off you’re not paying an APR you pay a flat fee for the service. OTR for me is .03% if you factor $1000 you pay $30 for the service of having $970 put into your account the same day or the next depending on what time that you send in the invoice. I love how some of you act like 30-45 days is normal for getting paid if you bill a customer direct. I’ve got direct customers that will let you wait 90-120 days. I only factor brokered freight on my end. Getting my money the next day plus unlimited credit checks on anyone that I do business with is well worth the .03% that I pay for the service. I’m a one truck operation. They’ve told me that if I decide to grow that they would cut that rate down to get my business. Once again it is a flat rate not an APR like some on here have suggested.

 

I can say the same about my credit card.
It's not 36% APR it's a 3% monthly fee.