Brokers who get angry when it's time pay
#21
01-08-2008, 08:45 AM
Originally Posted by SteveBooth
just handing over money for no good reason. That does not make good business sense.
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#22
01-08-2008, 10:08 AM
I was once reading an article written by GM Paterson and he said factoring is a necessity. :lol: I don't agree with that but I would also factor a broker that I am not familiar with,especially if it is a load that is under 2,000.00. For example,I did one load from Greenville to Fort Worth for 500.00 and the broker's average paying days were 39. I would rather spend an extra 25.00 and get my money the next day instead of waiting 39 to 45 days. Factoring repeatedly would be wasting money though.The only factoring company I use is D and S factors since they are nonrecourse and don't hold any reserve accounts.
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#23
01-08-2008, 03:39 PM
Factoring is a means to help grow your business without assuming any additional risk. You are under no obligation to repay a loan. You give a little money up to the factor, but have use of your money. If you have a line of credit that you use, it will necessitate you to pay interest to the bank. You could consider it a loan that never has to be repaid. :wink:
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