Hello all

Hey You!...Hello

 

Okay, I'm not too bright, what's factoring?

 

Factoring is selling your receivables to another company to get the money faster. The only thing is you get less money. Say you are an O/O, deliver a load for a broker, instead of waiting for the broker to cut you a check, you work a deal with a factoring company to get your money faster, but you take a cut so they make money too. That's the short explanation. There is more to it than that.

 

Most major companies make the decision on the factoring themselves, and decide on the final outcome of were it is to be delivered to. The drivers usually deliver to were they are told to deliver it if it is refused, or over.