Is there any good advice for factoring company/quick pay company (which one you use)

Discussion in 'Experienced Truckers' Advice' started by Billenkh, Oct 10, 2013.

  1. Billenkh

    Billenkh Bobtail Member

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    Oct 10, 2013
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    I am suffering with this factoring company. trying to change it but i think it will be really frustrating.
    they have that contract that holding our every movement. everything we do costs even we gave them the 60 day notice still
    have to pay cancellation fee. Reason for canceling is they don`t answer any of my call or email, it is really hard to get in contact with them.
    Also They contact with big name companies with no notice to us and let them send all payment to them. without any notice or approval.
    So if you know any factoring company that have fair contract with Carriers? Please help thank you
     
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  3. Casual Trucker

    Casual Trucker Medium Load Member

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    What is the name of the factoring company you R Dealing with ? ,Someone may recommend the same thing you have now
     
  4. KeyFactor

    KeyFactor Light Load Member

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    I own a factoring company, so my perspective is a bit different than many on this forum. Why did you go with this company in the first place? Were they recommended to you? People often sign up with whomever posted the lowest advertised rates and later find out about these hidden fees. I think you're doing the right thing by asking for references now. Check this forum for companies NOT to sign with. I'm not sure your factor can legally direct companies to pay them without your written consent, but that might have to be challenged in court. Best of luck.
     
    Last edited: Oct 11, 2013
  5. Billenkh

    Billenkh Bobtail Member

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    Oct 10, 2013
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    This is our first time factoring ever, never had different factors. Did not realize there were lots of hidden fee and lots of hard to loose contracts.
     
  6. silver dollar

    silver dollar Medium Load Member

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    Stay away from Foley Carrier Services (factoring division) Three years ago, they nearly put me out of business. I now use Match Factors which I am very satisfied with. Three years and not one charge back.
     
  7. klkruger

    klkruger Light Load Member

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    I used Apex Capital out of Ft Worth. They have fees - not hidden - but easy to work with and ALWAYS answer calls and emails. The discounts on fuel with fuel card they gave me more than offset all fees - meaning their service ended up costing me nothing.
     
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  8. Billenkh

    Billenkh Bobtail Member

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    Oct 10, 2013
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    Now i cant just discontinue with them. tried to contact with lawyers but they are expensive. now we just have to wait until all brokers paid off. Any advise?
     
  9. aimhigh

    aimhigh Light Load Member

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    TX /USA - Germany -China
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    OP! ..... ..... ..... ..... ..... ..... ..... .....
    Do not forget to save all of your receipts and other cost or added expense associated with this account! It may seem as if you are losing today (ala Gordon Lightfoot)but tomorrow (come tax time) you will be glad. Most drivers do not think/plan one year ahead with their finances, but in all actuality; the more you spend the more you can gain- "remember it is not whether you win or lose but how well you play this mah-trucking game".
     
  10. wrongwaytommy

    wrongwaytommy Light Load Member

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    I use qp for quite a few brokers who direrct deposit in 48 hrs
    sometimes I factor loads but only when i have too
     
  11. Beatrice

    Beatrice Bobtail Member

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    Jan 22, 2014
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