Freight Factoring - how has your experience been? Advice welcome

Instead of factoring try giving your customer 10% for early payment.

 

i would say avoid factoring at all costs, 15/45 days isn't really that bad, by the time you let this person and that person take 5-10% off the top that comes directly from the profit, there is less left for you. eat pb&j or whatever you have to do to make it threw and get your full payment is byfar the best way to go.

 

Why do you need factoring ? It's because your undercapitalized. Asking banks to capitalize your business has some problems. Asking factors for funding is akin to payday loans. Asking truckers for business advice is like asking prison inmates for legal advice. You would be much better off talking to your accountant about your undercapitalized state. He should be able to direct you to some more sensible alternatives to your lack of funding.

 

defiantly under funded if you cant make it 15-45 days, i would suggest maybe trying to mix in some loads that offer quick pay if you need, the problem with factoring is once you factor one load then they require that you factor all loads from that customer can be a slippery slope, quick pay option is a one time option.

 

Shippers should be applying for a line of credit with trucking companies. They should be paying truckers 5 or 10 percent extra to wait 45 days! Unless of course they pay COD like the rest of the world. This trucking industry has got it all upside down and backwards form any other business in the world.

 

I hear ya knocking on my celler door , I love ya baby can I have some more ...... Oh no the damage done

I saw the factor kill another man

Oh no the damage done