[Joymax_Trans2]

GMAN,

The broker has been in been for several years. The reason that factoring company would not cover them is because they are very slow in paying and within the past 6 months their credit rating has been downgraded twice. GMAN, so how many days past the due date should you wait for payment?If you keep getting answers like the check is in the mail, at what point, should you let the broker know, enough is enough and it's time to pay up.

I get credit alert list daily on every broker and shipper that I am doing business with to see if they are having financial trouble. Brokers are going out of business everyday and Carriers are not getting paid. I'm just trying not to fall into the group that's not getting paid.

Thanks to those of you with positive and constructive comments.

[Joymax_Trans2]

Merrick4,

Joymax is doing find. Working on finding more outbound shippers to work with instead on dealing with brokers. How are things with you?

[Mountain Flyer]

I have one broker that I have hauled for several times before who is about 60 days since I mailed the invoice... I called them... they didn't call me back... I called again, got the bill payin' lady... she said last Friday she thought she could pay me today (monday). I told her I was just glad they are still answering their phones and still in business :lol:

She laughed and thanked me for being nice. Now just hope they will pay. I have only been stung on one load in 2 years so that's not too bad I guess. But I have found it's better to try to work with them, but there is something to the "squeaky wheels get greased theory" as well.

Good luck. Oh, and Happy New Year. Too much snow out here today to drive, I am stayin' parked.

[pigrider]

Originally Posted by Joymax_Trans2

GMAN,

The broker has been in been for several years. The reason that factoring company would not cover them is because they are very slow in paying and within the past 6 months their credit rating has been downgraded twice. GMAN, so how many days past the due date should you wait for payment?If you keep getting answers like the check is in the mail, at what point, should you let the broker know, enough is enough and it's time to pay up.

I get credit alert list daily on every broker and shipper that I am doing business with to see if they are having financial trouble. Brokers are going out of business everyday and Carriers are not getting paid. I'm just trying not to fall into the group that's not getting paid.

Joymax hello this is Von. How do you get credit alerts daily on your brokers? Thanks
Thanks to those of you with positive and constructive comments.

[Joymax_Trans2]

Von,

I subscribed to a few credit agencies that monitor the finances of brokers and shippers. RTS Credit is one of them. You setup which companies you want to be alerted on and they email you a listing which a credit rating and credit limit changes.

[DD60]

The reason that factoring company would not cover them is because they are very slow in paying and within the past 6 months their credit rating has been downgraded twice.


That is a very good reason not to haul for them. A broker that has a history of not paying on time is a bad sign. The only acception I have to hauling for a broker that is unfactorable is if they are new. Even than I may not do it since a new broker doesn;t have sufficient credit history. I just cancelled a good paying load out of TX because my instincts gave me an alert. :lol:

Originally Posted by Joymax_Trans2

It's not about lack of cash as you assume - it's about staying on top of your receivables - it's a business thing! Oh, I forgot you don't get the business thing.

From my point of view, anyone who factors doesn't have the resources to pay for even the fuel while waiting 30 days to get paid. You stated before that it's a piece of mind thing. Well, on a $5,000 dollar week that's one hell of a price to pay for piece of mind. Good business sense? Sounds like your just pissing away money. I'm no genius in trucking (good quote for Rev) but I was smart enough to save enough cash to pay for fuel and expenses for at least a 2 month period. Factoring $3000 per week at 3% over 1 year comes out to $4,680. Give me a call, I'll give you a piece of my mind for $3,000 if it makes you feel better.

Sorry, just can't understand anyone having to factor

[merrick4]

Originally Posted by Joymax_Trans2

Merrick4,

Joymax is doing find. Working on finding more outbound shippers to work with instead on dealing with brokers. How are things with you?

I'm doing ok. I will be working on the shippers too real soon, I just wanted to run of the boards a bit to get some income. I noticed you hadn't posted in a while so I was wondering how things were going. I enjoy reading your posts, fiesty as they might be sometimes.

[Joymax_Trans2]

<Steve wrote: From my point of view, anyone who factors doesn't have the resources to pay for even the fuel while waiting 30 days to get paid. You stated before that it's a piece of mind thing. Well, on a $5,000 dollar week that's one hell of a price to pay for piece of mind. Good business sense? Sounds like your just pissing away money. I'm no genius in trucking (good quote for Rev) but I was smart enough to save enough cash to pay for fuel and expenses for at least a 2 month period. Factoring $3000 per week at 3% over 1 year comes out to $4,680. Give me a call, I'll give you a piece of my mind for $3,000 if it makes you feel better.>

Steve,

Once again you are assuming too much! First of all I would not factor a $5,000 a week bill to a factoring company. I have enough money to pay for fuel for each load I move on a daily basis without factoring. I was also smart enough to pay cash for fuel for a least a 2 month period. If you care to read my post, what I said is that I factor some loads not ALL loads. The loads that I factor are usually with brokers that I've never done business with before to see how they pay. Please get your facts straight before replying or just don't bother to reply. Keep your negative comments to yourself and let the people who have worthly and positive comments speak.

Call it what you like, factoring is factoring and just handing over money for no good reason. That does not make good business sense.