Factoring companies

[Injun]

Some thing to think about is you dont have to factor 100% of every load even though they tell you that you have to. Time it just right with loads from brokers that you know that will pay within 30 days and if you wanna take a couple 3 weeks off you will still have a cash flow coming in.

You don't have to factor 100% of the revenue from the loads you do factor. You can take whatever advance the broker will allow you and factor the rest. You will only pay the percentage on the amount that gets factored.

 

[revelation1911]

Some thing to think about is you dont have to factor 100% of every load even though they tell you that you have to. Time it just right with loads from brokers that you know that will pay within 30 days and if you wanna take a couple 3 weeks off you will still have a cash flow coming in.

I think you're twisting it a little. You don't have to factor EVERY customer, but once you assign a certain one to the factor
you have factor that account till you get a release from the factor. Just like you can only use one factoring company at a time.

 

[8978]

I think Tim meant that you don't have to factor all your brokers.

 

[Tim]

You don't have to factor 100% of the revenue from the loads you do factor. You can take whatever advance the broker will allow you and factor the rest. You will only pay the percentage on the amount that gets factored.

Taking a advance on a broker load thats to be factored wont work cause your gonna lose more money. They factor off the rate conformation rate that you took the load for.
If you take a $1000 load and draw $500 the factoring company will still take there cut of the $1000. You best read the fine print.

 

[Tim]

I think you're twisting it a little. You don't have to factor EVERY customer, but once you assign a certain one to the factor
you have factor that account till you get a release from the factor. Just like you can only use one factoring company at a time.

I didnt say you had to, the factoring company will tell you that you have to.

 

[Injun]

Taking a advance on a broker load thats to be factored wont work cause your gonna lose more money. They factor off the rate conformation rate that you took the load for.
If you take a $1000 load and draw $500 the factoring company will still take there cut of the $1000. You best read the fine print.

That's not how that factoring company Celtic worked with did it. They only took their cut out of the money they paid out. I don't remember the name of the company. That was over five years ago.

 

[Tim]

That's not how that factoring company Celtic worked with did it. They only took their cut out of the money they paid out. I don't remember the name of the company. That was over five years ago.

Like I said, you gotta read the fine print.
Not all factoring companys are the same.
Just like these coils I take to Laredo has a $1000.00 cross over charge on them that I have to pay. That cross over charge is added into the rate and the factoring company takes there 2% off the total, makes no difference to them that I have to pay it. So I lose $20, but you know me, I'll make it up in the end.

 

[8978]

I wanna know what the Hell your taking out of Laredo to get out of there. It's like your second home!

 

[Tim]

I wanna know what the Hell your taking out of Laredo to get out of there. It's like your second home!

Cant tell ya.......but I'll say this, the loads never make it to the load boards.
Come on down. I'll be there Wednesday night........staying til Sunday night.
Well thats the plan anyways.

 

[8978]

I'm in TN right now empty. Need to find a load heading back up to Girard, OH for more tires. I think it was Laredo I was hauling CanAm bikes for a while. Paid pretty good but multiple stops and every place hard to get into when delivering.

 

[Tim]

Where at in Tn?

 

[8978]

TA. Daniel Boone or something like that

 

[8978]

Just looked. Davey Crockett

 

[Tim]

Wrong side of the state. Im going across 40

 

[8978]

Wrong side of the state. Im going across 40

That was close. I just saved $12.95

 

[Tazz]

Jeez a truck driver that does not know where he is

That would be Greenville Tn ya Yankee heathen.......somewhere in Tennessee.........mumble mumble mumble .......no wonder he checks air leaks in a lake........mumble mumble mumble

 

[Injun]

.......no wonder he checks air leaks in a lake........mumble mumble mumble

 

[Duck]

Jeez a truck driver that does not know where he is

That would be Greenville Tn ya Yankee heathen.......somewhere in Tennessee.........mumble mumble mumble ...

Daniel Boone, Davey Crockett, Johnny Appleseed... what's the difference? They're all the same guy.

....no wonder he checks air leaks in a lake........mumble mumble mumble

Since he doesn't appear to be online at the moment, let me reply on his behalf:

I only did that once, and I checked for water in my axles a few months later, geez! Give a guy a break!

 

[Tazz]

Still makes him a heathen that does not know where he is

 

[Duck]

Still makes him a heathen that does not know where he is

No I think it's the hammer & sickle on his mud flaps that makes him a heathen.