Factoring Companies

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

  1. JasonTheRock

    JasonTheRock Light Load Member

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    Feb 7, 2009
    Oakland, Ca.
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    I agree. However, at least with the factoring company you know how much you are getting screwed out of!! LOL!

    Just signed up with D & S, will use them only until my cash reserve is back up. Had to make a larger down payment on a flatbed than I wanted to get a good rate. Plus, I will be using internet truckstop to get loads from, there will likely be more brokers that are covered by them since they are affiliated with the board.
     
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  3. jose89

    jose89 Bobtail Member

    15
    0
    May 8, 2009
    caldwell id
    0
    I have been with trans am since jan and one thing they offer that the rest don't is same day pay. Say I delivered a load in denver on monday morning well as soon as I get it signed I scan it on my all in one printer using my laptop then I hookup my blackberry to it upload the file and email it to my assigned agent. Of course you have to check any new brokers to make sure they will fund you. Getting back to before once my agent gets the paperwork and it looks good(by that I mean its a clear scan and has the invoice, confirmation sheet etc.) Then at 4pm that same day I get funded 86 percent of the billed invoice. The rest will be paid into a reserve account when they get paid minus their 4 percent fee. They don't require a min amount in the reserve account but it would be wise to keep some in just in case. Also unlike other factoring companies since they pay me via my scanned bols I don't have to rush the paperwork just the price of a stamp, sometimes to if there is a lot of papers in there. Also there is no start up fee just a one year contract with a 250 penalty for cancelling. They do require that you do all your loads for them but you don't have to my friend that got me to try these guys out will just get paid by the broker if they pay quick enough. For me its just easier to do them all through them since they would be paying me the quickest anyways. Anybody that's been doing this for any amount of time understands the impotance of cash flow. Anyhow if anyone is interested in trans am give me a holler. All my info is accurate I would never steer a fellow driver wrong and am doing this because I looked at several differnt companies before getting on with them and I just think they are the best hands down. I do get a refferal bounus for everyone I get on lol don't get me wrong but again everything is as I said god bless you all and good luck we need to learn to pray more for our economy and our country myself included. Its easy to find reasons to be down
     
  4. HwyPilot

    HwyPilot Medium Load Member

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    395
    May 31, 2008
    Northern Georgia
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    Hey jose - just for the sake of it - do you mean trans am trucking, or a factoring company running that name? It might be useful info for someone to check out.
     
  5. jose89

    jose89 Bobtail Member

    15
    0
    May 8, 2009
    caldwell id
    0
    But that same company is also a trucking company I guess with company drivers and a broker division I have yet to try booking a load through them but the factoring side of it I am happy with again if anyone is interested give me a shout and ill give you the contact info.
     
  6. wtm

    wtm Light Load Member

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    May 11, 2009
    south
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    Factoring usually runs me about 7% after all the fedex fees and what not. I would look into a flat rate I saw a company advertising 5% flat but Im sure that doesent count your mailing and transfer fees so I guess it would be the same if a company offers quick pay I use that its usually cheaper.
     
  7. JasonTheRock

    JasonTheRock Light Load Member

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    Feb 7, 2009
    Oakland, Ca.
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    I use D&S they charge 5% and give you free trip pak envelopes (thats what they say). Havent used em, no drop boxes near my house. Going ot have to though, fedex is getting expensive.They charge me $1 to deposit the money in my bank account (regardless of how many BOL i send in at time.). Will find out tommorow if they charge for the trip-pak as I am still out and will use for the first time.
     
  8. wtm

    wtm Light Load Member

    118
    18
    May 11, 2009
    south
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    Mine works like this i overnite the invoice and they pay me 90% within 24 hours direct deposit then they charge 1% per week untill they recieve payment from customer usually runs 3-5 weeks then when my reserves "whats left out of the 10% they held" reach $500 they send them too me. They take there percentage out of the 10%.
     
  9. JasonTheRock

    JasonTheRock Light Load Member

    257
    102
    Feb 7, 2009
    Oakland, Ca.
    0
    Sorry took ahwile to update.

    Okay, they do not charge for the trip pack envelopes (or for transportation of them) and they get their overnight.

    D&S is charging me the 5% plus $1.00 to transfer funds to my bank account (its the same if I send it 1 or 10 BOL at the same time). That is it.
     
  10. The Chosen One

    The Chosen One Bobtail Member

    40
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    Mar 18, 2009
    East Coast
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    I us ofmpass when I have to. And they charge 4% money is in my acct.
    The next day. But don't forget to use these factoring co. Only if u have to. At the end of the year you'll see you could've saved this money.
     
  11. eloy

    eloy Bobtail Member

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    14
    Oct 11, 2008
    Gilbert, AZ
    0
    I use freight capital and pay 3.5% ...They initially take 10% then credit you back the remainder after the company has paid....I use their free credit check and have not had any problems...
    The only thing is that it is very difficult to switch factoring companies and I am not sure if they have the best feul card program
     
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