Factoring Companies

Discussion in 'Ask An Owner Operator' started by M.Enterprises, Apr 9, 2009.

  1. M.Enterprises

    M.Enterprises Medium Load Member

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    Does anyone have a suggestion for a great factoring company?

    I am looking for a company that will work for a competitive fee and will credit small and large customers alike. Certain companies make you wait 30 days or more to get your pay. Are there factoring companies that anyone recommends?
     
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  3. Les2

    Les2 Road Train Member

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    Will you explain the point of a factoring company? I'm pretty sure I know but just want to make sure.
     
  4. M.Enterprises

    M.Enterprises Medium Load Member

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    Yes I am switching CHRipoff to real companies that don't front fuel money. 82 cents a mile is not worth it. These other companies are good for $1.15 to $1.60 and I need credit to get this done.
     
  5. Longshot379

    Longshot379 Light Load Member

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    I've been using D&S Factors for the last year and have been really satisfied. Just make sure you call check each broker with them and get a approval number before accepting the load. Takes less than a couple of minutes a call. They send you trip pak envelopes, Drop your signed bills and load confirmation sheets in a Trip Pak box within 24 hrs and they direct deposit your money in 24-48 hrs less 5%. I found them thru the internet truckstop ld bd.
     
  6. Les2

    Les2 Road Train Member

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    OK got a cpl questions...

    1. Did you read the contract you have with them?
    2. Do you deal with the factoring company for all loads?
     
  7. Longshot379

    Longshot379 Light Load Member

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    I did read the contract and nothing raised any short hairs and No you do not have to factor everything. I only used them for the ones that would not pay in less than 7 days. Once they approve the broker, It is their responsibility to get paid. No charge backs.....
     
  8. Les2

    Les2 Road Train Member

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    The reason I asked was, what would be the point in having your own rights if you had to deal with the factoring company for everything.

    Anyway, I know a guy who is being sued by a factoring company that he was dealing with. The place he was hauling out of filed banckruptcy and the factoring company didn't get their money so they're going after him to get their money back.
     
  9. Baack

    Baack Road Train Member

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    There are different levels of factoring
    But for 5% I am pretty sure its a no recourse contract
    The ones that can come back after the OO are usually around 2 or 3 %
     
    jdjordan2810, panhandlepat and Les2 Thank this.
  10. Longshot379

    Longshot379 Light Load Member

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    They do their own background checks and credit reports. You call and get either approval or disapproval for the mc# of the broker. If they approve, It's their responsibility to get paid. If they disapprove and they don't get paid, It can and will come back to you.
     
    panhandlepat and Les2 Thank this.
  11. KWConcepts

    KWConcepts Bobtail Member

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    Factoring companies are a risk, Credible factoring companies are an asset...You increase your cash flow eliminating sitting on your money and you save yourself the hassle of getting stumped with a/r's.....what else could you ask for, right?
     
    panhandlepat Thanks this.
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