factoring companies

[cmb500]

Trying to find a nonrecorse factoring company. Tried jd fractors but the wany me to sign so the came come after personal assets. Who has any other companies that they use????

[pepe4158]

Was hopping you would get some responses....am wondering too, just know I got bombed with lots of advertising from them the last 4 weeks since they saw me apply for authority.

[cmb500]

Same here I got phones calls up the a**. I got my authority 1 weeks ago what a fun prosses. I bought a trailer this week. I tryied renting one but you have no credit as a new company starting up. So had to pull money out of the bank. I 've owned my truck for a year and was trying to use my truck credit to buy a trailer but no one wants to help out a new small buissness. Just getting to roll but just trying to find a factoring company now. I wish there were someone who could help with a factoring company.

[GMAN]

I looked at many factors. They are non recourse and will fund your bank account directly within 24-48 hours from when they receive your bills. You simply drop them in a Trip Pak and they usually get them the next day. Most of the time you will have the money the day after they receive the bills. They are a bit pricey at 5% (some are even higher), but you don't need to worry about pledging personal assets. They go after the broker or shipper rather than you, since they are non recourse. I like them because you don't have to factor a minimum amount each month or all of your receivables, only what you want. Some factors can charge back the receivable to you after a certain time period. The longer a shipper or broker takes to pay, the greater percentage some factors will take. I like the flat rate and non recourse.

[Superfly]

Factor loads non recourse

Ask for Desiere Ext 100 435 657 1858

tell here Jaime Jolicoeur sent ya she will look after ya.


I have been with them for over 2 years.

[cmb500]

whats the name of that company??

[Superfly]

The Company name is Factorloads there out of Utah.

You send them a rate application with the BOL and you are paid next day. The ygive you pre paid Fed Ex at a discount rate You have them Check credit on the shipper and if there good to go Make the haul. You are paid with a com check or a comdata card you get Pm,s At a Discount and fuel at a discount.

www.factorloads.com ask for deseire she wil llook after you.

Jaime

[pepe4158]

Say just wondering, you mostly go with a factoring company cuz of the threat the broker may not pay you...ummmm right?
Been noticing lot of these brokers are pretty big operations....hmmm does that increase the chances you will eventually get paid?

[GMAN]

Most brokers will pay you. Some will pay within 30 days. Others may take much longer. A few will never pay. The size of a broker may only slow the time until you get paid. There is a very large broker I have dealt with who likes to play games. I almost had to file on their bond to get my money. I did talk with the receiver about them. You MUST read every contract very carefully. I won't sign ANY contract which allows the broker to charge me a fine for ANYTHING. I will mark through that language. If it is unacceptable by them, then I don't do business with them. I will not sign something that I don't agree. On the other hand, some carriers or owner operators will commit on a load and never show up. I recall having committed on a load and another carrier found a load for me which paid more. They told me that I should cancel the load that I committed on and take the better paying load. I told them that I gave my word that I would take the other load. This carrier thought I had lost my mind because I was going to take the lower paying load. The problem is that I had given my word. Giving my word means something to me. The load I took paid fairly well or I would not have taken it in the first place. I think it would have been difficult for the broker to find another carrier to take my load had I cancelled it. I think that it is just good business when everyone keeps their word.

[cmb500]

I've been doing this for a year now. I had my truck leased onto a small company and kind watched what was going on. He was having to buy back some of his bills he had recorse factoring. But as a new company statring up I cant wait 30-60 days to get money for runs I've spent $750 on authority $2500 insurance $8815 trailer. But there are some companines that will do quick pay at 1% or a comcheck 40% up front.

[GMAN]

You want to find a factor who has non-recourse and who doesn't have a minimum fee or quantity per month. Many brokers have a quick pay option you can choose to get your money sooner. I would not pay more than 2% to them for the discount. Otherwise I would go with the factor. It is good to have a relationship with a factor or bank whether you use it now or not. I suggest getting a line of credit established with your bank. You can utilize the line of credit to get you through until the money starts rolling in if you cannot afford to finance your business. I would try to not use the line of credit unless you absolutely need it.