Factoring for felons.. new O/O

Pretty much,
The way I understand it , It’s just a payday lender for trucking invoices.

ive never used it and never heard of it until fairly recently

 

They (factoring co) can also sometimes use their weight to encourage a company who is reluctant to pay up where a little trucking company doesn't have the time lawyers or resources to be as successful. That's been my companies motivation. I believe we also use Apex.

 

Yes this is very true. If a broker gets banned from a factoring company, many times the other factoring companies will ban them as well. Even people who don't use factoring companies will do a "credit check" on the broker with a factoring company before taking a load. A banned company will find it very hard to get loads covered. You'll see brokers post loads saying paid upon delivery or cod to try and get loads covered. The credit check for me and the invoicing and keeping up with getting paid is why I continue to use a factoring company. I can afford to wait the 30-45 days. But I like the reduced stress.

 

Gotcha.
Well that makes sense.

I never used a load board.
I used companies that had their own freight. So it was never an issue for me .

 

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