Freight Broker/ Factoring

Discussion in 'Discuss Your Favorite Trucking Company Here' started by Expedited, Jan 22, 2009.

  1. Jan 22, 2009 #1
    Expedited

    Expedited Bobtail Member

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    Jan 22, 2009
    Dumont, NJ
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    Sienna Funding is a GREAT factoring company, they also have a freight brokerage conmpany named BTC Transport which works hand in hand. When you factor with them they put you on their preferred carrier list and help you get more loads. Their customer service is excellent and the fund you the same days within a few hours!
     
    Expedited, Jan 22, 2009
    Expedited, Jan 22, 2009
    #1
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  3. Jan 22, 2009 #2
    luvtheroad

    luvtheroad Road Train Member

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    Thanks for a great piece of info.
     
    luvtheroad, Jan 22, 2009
    luvtheroad, Jan 22, 2009
    #2
  4. Jan 23, 2009 #3
    PharmPhail

    PharmPhail Road Train Member

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    Do you have to sign a contract to use them for all your loads, or can you use them for say, every other load for the first few months getting started O/O?
     
    PharmPhail, Jan 23, 2009
    PharmPhail, Jan 23, 2009
    #3
  5. Jan 23, 2009 #4
    pullingtrucker

    pullingtrucker Road Train Member

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    I can see why they would put you on the prefered list...they make more off ya by them factoring the loads. Its kinda like quick pay that some of the others have.
     
    pullingtrucker, Jan 23, 2009
    pullingtrucker, Jan 23, 2009
    #4
  7. Jan 23, 2009 #5
    luvtheroad

    luvtheroad Road Train Member

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    It's kinda like a loan company in a way. some are good and some not good. I would carefully read all the fine print before I entered into a relationship with anyone who controlled my finances.
     
    luvtheroad, Jan 23, 2009
    luvtheroad, Jan 23, 2009
    #5
  8. Jan 23, 2009 #6
    walleye

    walleye Road Train Member

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    I would think that if you have to use a factoring company to get paid,...It's time to park the truck and close the doors,....
     
    walleye, Jan 23, 2009
    walleye, Jan 23, 2009
    #6
    Lilbit Thanks this.
  9. Jan 23, 2009 #7
    luvtheroad

    luvtheroad Road Train Member

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    sometimes people have cash flow problems and the little bit of help counts. not everyone can run up to the local bank and get money. i know i cant, and i am debt free. so use the factoring when you have to if its the only way and then get away from them asap
     
    luvtheroad, Jan 23, 2009
    luvtheroad, Jan 23, 2009
    #7
  10. Jan 23, 2009 #8
    Expedited

    Expedited Bobtail Member

    4
    1
    Jan 22, 2009
    Dumont, NJ
    0
    I understand where you are coming from but you would be amazed how many companies factor, especially in today's economy. I would take a quick pay many times just be paid instantly. And then BTC mentioned to factor with their sister company Sienna Funding. It was a great choice, because I really do get more loads out of BTC due to factoring with Sienna. So it's almost like factoring for nothing with the return business.
     
    Expedited, Jan 23, 2009
    Expedited, Jan 23, 2009
    #8
  11. Jan 23, 2009 #9
    Expedited

    Expedited Bobtail Member

    4
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    Jan 22, 2009
    Dumont, NJ
    0
    Sorry Pharmphil, yes you need to sign a contract as you have to do with almost all factoring companies but as you see in my other post it is more than worth it. Also Sienna has a flat rate and no escalating rates like many other factoring companies out there.
     
    Expedited, Jan 23, 2009
    Expedited, Jan 23, 2009
    #9
    PharmPhail Thanks this.
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