And the cost of money doesn't count for anything? At just a "reasonable" factoring rate of 5% for 30 days, you're paying 60% APR. I believe they call that usury.
Factoring companies: which are good? What to look out for?
Discussion in 'Ask An Owner Operator' started by last load, Apr 10, 2013.
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It's not like you guys have a lock on providing those services. Anyone with a bit of work at the keyboard can find the same thing... without signing up for usury, and the lure of "cheap money," that is anything but cheap.
AR management? Save it for shop keepers. -
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I do agree with you in part: anyone considering a factoring company solely on the basis of fast money is going in the wrong direction. And will probably end up signing with one of the companies that operates like a payday loan company and get in trouble.
Much like changing your tires, doing your PM service, and making your breakfast for that matter, there's a service provider out there willing to do all or part of that for you for a fee. There isn't a thing in this industry you can't do for yourself if you are able, willing, and benefit more by doing it yourself. Ultimately the buyer has to figure out if there's value there.Cetane+ and silver dollar Thank this. -
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Please! No one is expressing "hate." This is called reasoned discourse.
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I spoke with another company in which they stole $25000.00 from also. THEY LEGALLY STEAL and their is no juristiction over factoring companies. So I am in the process of hiring an attorney and trying to get my money back! Any one else have any problems with them please let me know, any infor is helpful.
Trucking Jobs in 30 seconds
Every month 400 people find a job with the help of TruckersReport.
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