HMMM whata you guys think about?

[pepe4158]

I am getting bombed with company com-ons about how they can do sooo much for me since I got my authority...this question I think is more aimed at Rev,G-man or Steve.
The most interesting proposal seems to be like the one I got from Sunbelt Finance LLC; they seem to be able to assist in collection from brokers who dont pay and a credit check on them.....Hmmm is this service usefull in your guys opinion?

[Dejanh]

Well i aint GMAN/STEVE or whoever else but i know that it is usefull if the broker u did load from seems suspicious, its called factoring and they are in charge of your account recievable from that certain individual, they charge % fee for their service and i think its a good thing....

[pepe4158]

Thks Dej,....yeah doesnt matter to me who answers, I just need rookie owner-0p Info.
Say does OOIDA offer this service?...hmmm shoulda asked Crystal earlier when I had some last questions about my authority she helped me get.
Yeah...lil more bbackground Info....I was always asking as many questions that I could from other owner-ops (especialy with their own authority) while I was coming cross-country home from Carolinas.....usually went like this.

Other owner OP: WEll hope you got some good brokers linned up?
ME: Not really...have no payments and low overhead so just want to grap loads off the board n learn as I go I seppose.
Other owner OP: WEll you will get some lined up then as time goes by; just remember to take carefull note who is good and pays on-time.
ME yeah that would sux if one never payed...quess I could live with paying late tho.
Other owner OP: Hmmm you seem happy go lucky....that will change once he pays you late.

[BanditsCousin]

Keep a little black book for deadbeats. Factoring might be worth the expense now, as you are in your infancy of o/o. Keep track of the deadbeats, and spread the word.

Good news travels fast, bad news travels faster :wink:

[BigDiesel]

I used a factoring company for the first 6 months of operating on my own. This helped my cash flow a great deal.

[Dejanh]

Before you book the load check the brokers credits, days to pay and such. Get enrolled in internet truckstop, they have alot of helpfull tools that you can use to determine what you should charge for example on a certain run as well as credentials and rating of that brokerage firm you are doing buisiness with...its up to you how much money you are going to make, right now its pretty tight but things should pick up pretty good at the beggining of the second quarter as inventories are worked thru and new orders come in.....

Good luck..

[brian]

I used factoring to weed out the shady brokers, worked real well for me and I still do from time to time when new offers come along.

[pepe4158]

Hmmm quess I probably will go with a factoring company to start, sounds like a good idea till I get my feet a lil more wet.
Say are there any you guys would recommend over others, or just go with one of them thats spamming me for buiz?

[pepe4158]

sry dble hit post

I didn't use a factoring company. They all seem to have some little thing that I didn't like. I seem to recall that someone on here dealt with one factoring company that held on to there money in the end because they weren't using them anymore and it was in the contract.

Some of the broker companies offer quick pay themselves for a fee. If you go with a factoring company you will have to check with them first to see if they will do business with the broker. You can't just hook up with anyone.

I have the optional credit thing on The Internet Truckstop and they seem to be right on with days to pay. Keep in mind also that when the broker calls it's usually a rush to get the paper work done, insurance certificate faxed and get to the load. They also want an answer real quick so they can move on to someone else.

Before I post my truck I make sure I'm all set and ready to roll. I also have my printer hooked up and laptop powered on and ready to send and receive faxes.

Chances are for the first 4 to 6 months you will never haul for the same broker again so it's a non stop process of setting up with a new carrier or broker.

The broker that I haul cranes for is on a roll trying to get there days to pay down from 33 to under 10. They send a check out as soon as they receive the signed shipping papers so there's always a check waiting when I get home. They do ask that you go back onto the load board and report there payment performance which I do.

Make sure your all set to go when you post your truck. It will happen pretty quick and you'll be rolling!!!

Good luck there Nacho

[GMAN]

I check a new brokers bond and credit before doing business with them. I have also used a factor from time to time. I use D & S. They are affiliated with Internet truckstop. I like them because they charge a flat rate of 5% and are non recourse. In other words, once they take the invoice it is their responsibility to collect it and they cannot charge the account back to you. Some factors will charge the account back to you if they don't collect from them. They may also only advance a certain percentage of the invoice and discount over time, depending when the shipper or broker pays. With D&S I have my money within 2 days from when I deliver the load, as long as I sent the paperwork out the day I delivered. All I need do is drop it in any Trip Pak box. They usually have the information the next day. They fund it the day it is received and money is usually in my bank by the next day. They will direct deposit into my bank account the same or next day. If they do a wire transfer there is an additional charge. Just waiting a day can save that fee. I believe they charge $1 for direct deposit. Another thing I like about them is that I don't have to factor all of my invoices with them. Some factors require you to factor all of your receivables with them or a minimum amount of invoices with them each month. Others have a minimum fee you must pay each month. I looked at a lot of factors before going with D&S. There are a couple of others that I might consider should I leave them. I haven't sent anything to them in several months. As a footnote, if the factor won't take the business, you probably don't want to do business with them, either. If I haven't done business with the shipper or broker before, I usually call them before committing to the load to check their credit. As Steve mentioned, some brokers offer Quick Pay for a fee. Fees generally run from 1 1/2-8%. Most seem to be from 2-5%. You are much better off running on your own money, if you can. Things can get a bit tight starting out. Keep in mind that it is ultimately your decision whether you do business with a particular business or broker or not. Sometimes you can negotiate better pay terms without any discounts.

[Joymax_Trans2]

We also factor with D & S Factors and if I call them to check if they will factor a load and they say no then we don't do business with that Broker or Shipper. We use them as a quick credit check in addition to factoring our bills.

[pepe4158]

Hmmm say been hearing lots about this credit rating for brokers....how is this rating determined? I mean is this soley a business rating....or does their personal credit rating come into play?

[pepe4158]

K G-man
I usually go by the advice you and Steve give, so I went over to internet truck stop, every thing looked good till I got to the part of thr cost...$125 a month (gasp) ...ok is this really worth it? I mean will he come over and armoural my semi tires too for that much?
Well did join get loaded.com tho...there running a special where I get the first two weeks free....my favorite word...for free, and $25 a month seems way more reasonable.