Owner Operators, who’s in and who’s out? (poll)

I factor my broker loads. It’s essentially the same as quick pay, but with the added bonus of a credit check, and insurance. Sure I give up a % but like @Siinman said, you just push for a little more to cover it and I know I’m getting paid. After all, cash sinks a business faster than anything.

My direct bill customers are all local to me. If I have to chase money it shouldn’t take me very long to find them.

 

the longer I have to wait, the more I charge, never factored a load in my life

 

i don't factor. I hate extra hands in the cookie jar. I do about half quickpays with brokers and about half 30 days. It evens out fine.

My rule is if their quickpay is more than 3% I don't use em. And I most definitely consider this cost when negotiating the load.

 

Early on I got burned for close to 30 grand. The bond got maxed out before I filed. So I was basically sol. And even so it was only a 10k bond. I did file criminal charges as did a couple others. The ### hole got 5 years, but I was still out of my money. I have factored with a non recourse factoring ever since. It’s 2.5% because I have been with them so long. Honestly though I’ve only had one other in 18 years that didn’t pay. Lots that have been slow to pay and they eventually become nonfactorable. I definitely understand people’s feelings and why they feel that way. But for me it has worked.

 

30k, ouch! You've been at it longer than me, by 10 years sounds like. I think I've invoiced around 1035 loads as of this week. I've only ever not been paid on 2. Both were small loads and the brokerages were bigger names that went under with tons of people looking to get paid so I didn't even try.