Recommended factoring companies from those who have used them?

Discussion in 'Ask An Owner Operator' started by Chicago123456, Aug 12, 2021.

  1. Chicago123456

    Chicago123456 Bobtail Member

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    what factoring company do you like ? is it possible to get response from them if they accept broker pretty quickly ? can you verify brokers on their webpage online inputting borker MC#s. or someone actually picking up a phone ?
     
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  3. pumpkinishere

    pumpkinishere Light Load Member

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    You do what you want but everyone on here suggest not to factor your loads. Some are saying once you enter into a factoring company they are impossible to get out from. My husband and I are new authority and we’ve decided to do quick pay if we want to but we are not going with any factoring company.
     
  4. pumpkinishere

    pumpkinishere Light Load Member

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    A lot of the loads on the load board offer quick pay and may take a percent or 2 for paying quick but we would rather deal with losing a percent or two verses getting into something that be impossible to get out of. Just saying
     
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  5. Chicago123456

    Chicago123456 Bobtail Member

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    when you say impossible to get out...do you mean you sign some kind of contract and you have to factor all the loads. I am mainly interested in them telling me if they would take the broker. if yes, I can work with the broker ..if they will not take the broker ..neither will I ...
     
  6. pumpkinishere

    pumpkinishere Light Load Member

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    Trust me when you get your new authority you are going to get bombarded with calls and texts from any and everyone wanting a piece of your pie. Factoring companies included. If you haven’t signed up on the dat board but planning on doing so you will see a percent for the company. Naturally the lower percentage I would not mess with. The ones rated with a higher percent or the ones that will quick pay will be the ones you want to take loads for.

    IF you ever have questions about taking a load for someone post it on this truckers report. Seems as though we are all doing this similar ways and people will provide feedback to you on their own experience with companies in question. A lot of what I see on here is if you haul for the higher percentage companies you should not have a problem getting paid.

    We go live on Monday so we are going to find out first hand how all this works but like you we were thinking factoring would be beneficial but like I said reading posts and talking to people on here we chose quickly that factoring companies were not getting our money. Whatever you do I wish you the best and be safe out there.
     
  7. Midwest Trucker

    Midwest Trucker Road Train Member

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    If you are going independent then once you get a load board like DAT you’ll see days to pay and credit score. You’ll be far better off in the long run not factoring. Especially if you run certain areas, you’ll get to know the brokers. California really is the larger fraud area by FAR.

    Edit: I’d try to not even do quick pay but I get it. Starting out it’s helpful to bank some money quickly. At least your not controlled and beholden to a factor at that point.
     
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  8. mnmover

    mnmover Road Train Member

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    APEX is one of the best, they will do the billing, collecting and pay you most of your money in a day or two. They also have a fuel card with deep discounts, one lady told me the fuel discounts more than paid for the factoring service.
     
  9. dumptruck89

    dumptruck89 Light Load Member

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    If your a member or ooida, you can get set up to see RTS's credit scores if brokers for free.
     
  10. xsetra

    xsetra Road Train Member

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    With all the brokers that have quick pay available, I would not factor.
    If you need the quick pay, try to only quick pay 50% of your loads. Better option is find the Brokers that pay quick without charging extra. Some brokers pay within a couple weeks.
    In just a couple months you will have a good flow of income.
    Good luck
     
  11. scoobertdoo

    scoobertdoo Medium Load Member

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    If you don't have 6 months running cash for your new company, and a stack of cash for repairs, then don't come in. That's not how you run a successful company.

    Your engine could blow, day number two, and you're gone.

    I am typing this right now, from the side of the road, waiting for a $1400 tire replacement road call. Honestly, you need cash in this game. If a 30 day pay would end your world, you are not ready. Work for the mega 6 more months and save save save.
     
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