I had to tell a broker today that if payment was not received in my office by Mon Jan 7 2008 that I would be filing against their bond. Payment should have been in my office on Dec 30, 2007. The broker got real made and had the nerve to say to me "It's just 4 days late". When I ask when payment would be sent, I was told Mon 1/7/08. I insisted that payment be in my office by that date and he hug up on me, not once but three times (I called back each time).

This is the 2nd time since being in business and working with brokers that I had to do this. Then the broker does not want to work with you anymore. What the broker seems not to realize is that I don't want to do business with them either if you are not going to pay me within 30 days or less.

My factoring company refused to do business with them but I chose to business with them anyway because they were at least paying their bills and had high credit. From now on if the factoring company says no then I will also say no. It's not worth the hassle to chase down payment.

Why did the factoring company refuse to factor them? They will tell you what issues the broker has and usually it's a good reason not to do business with a broker they refuse to factor. The only broker I have hauled for that they refused to factor was Progroup Logistics out of Stephenville and that was only because they were in business for less than a year. Their payment is due in a week. One can only hope my check will be in the mail. I usually allow an extra week for mailing. BTW,it is never a good idea to tell the broker you will be filing on their bond. Most don't even have a bond. :lol: They have a trust fund. If you want to file on their bond just go to the FMCSA website,put in their MC number and call their bonding company. Which broker was this if I may ask?

I would not threaten to file on a broker's bond if they were only 4 days late. It is usually best to work things out without having to go after their bond. You could always file something on the load boards about your experience with a particular broker, good or bad. If he agreed to pay in 30 days then he had that long from the time he receives your bills and proof of delivery to mail a check. Some factors don't work with brokers who have been in business less than a year.

I dunno, you sound like a credit card company bill collector. I think your going to be on the phone non stop with every broker expecting to be paid while you sit there with a stop watch. If your that much in need of getting paid you have more serious problems that need to be addressed with your lack of cash on hand!

Kind of like you when it comes to your stories about "I yelled at this shipper to unload me". If you were that much in need of getting unloaded, you have more serious problems of spreading yourself too thin! :lol:

I'll await your same old tired response.

I was wondering what happened to you Joymax. I have taken one load now that the factor said no to, they had a 100 next to their name on the loadboard so I took it. Other than that I don't take it if the factor won't factor it. I really don't even use the factor, only once, but to be honest half the time I call they say no so I end up taking something from the big companies that I don't have to worry about. I'm waiting for them to cut me off.

Oh by the way, after the factor said no on the one I took I went and pulled the credit myself on RTS and they said they would be factorable.

As a matter of fact I got a great load out of California to Mass and I tell them straight out that I need to use a factor so more or less if you have bad credit let's not waste each other's time. (of course in a much more polite way) and he was going on about how great their credit is and such and sure enough the factor said no. So that was a no to that load.

How's it been going for you Joymax?

What website do you use to do thorough credit checks? BTW,has anyone used QK logistics out of Fort Worth?

I use D&S factors and I pulled credit myself through http://www.rtscredit.com/

You can do it on line but I just called up. I think it was $9 but you can buy a package and they come out to $4 or so each.

The girl there is always calling me trying to sell me a package but she is very nice and if and when I buy a package I will do so. But right now things are working ok just calling D&S. I wish they were open on the weekends though. I just got a call on a load but if I never heard of you (in my big 5 months out here ) then I will not just do business with you. Actually now that I think of it I could just pull the credit myself but it was a load to Texas anyway. Of course he said he would pull me out but we all have heard that before

Thanks. They didn't have a lot of info since the broker has been in business for less than 6 months but their authority and bond is active and their insurance is on file. Avg. days to pay was 36. Should I,or should I not? :lol:

<Steve wrote:I dunno, you sound like a credit card company bill collector. I think your going to be on the phone non stop with every broker expecting to be paid while you sit there with a stop watch. If your that much in need of getting paid you have more serious problems that need to be addressed with your lack of cash on hand!>

Steve,

I don't sit with a stop watch. I have a bill reminder setting in Quickbooks that reminders me when payments are due. I usually wait 3-4 days after the due date to follow-up about payment. This is only the 2nd time that I had to do this in 2 years. 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.