Factoring company recommendations?

Jan 15, 2019 at 09:21 PM CST + 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. I?ve never used a factoring company but thinking of giving it a try on some loads and would like some input as to who to use or who not to use! Thanks!

Replied on Wed, Jan 16, 2019 at 08:29 AM CST + 4
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. I have been using Smart Freight Funding for the last couple of years easy to warm with and very friendly. They advertise here on Bulkloads.

Replied on Wed, Jan 16, 2019 at 09:14 AM CST + 3
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Hi Wayne, I work for Smart Freight and can help you with any questions you may have. Give me a call at 531-200-5036 to chat about factoring with us, or email me at: [email protected].

Replied on Wed, Jan 16, 2019 at 02:52 PM CST + 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Question marks was supposed to be thumbs up emoji what the hell lol

Replied on Wed, Jan 16, 2019 at 02:52 PM CST + 2
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. We have used smart freight for several years and they are great to work with ! Easy,fast and honest ????

Replied on Thu, Jan 17, 2019 at 07:14 AM CST + 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. smart fright funding they are very good folks and fast to work with

Replied on Thu, Jan 17, 2019 at 07:15 AM CST - 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Opinions are free, your money needs to stay in your pocket. Ask me how. Email me at [email protected]

Replied on Thu, Jan 17, 2019 at 09:06 AM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. I currently use a very nice company called Capital Plus Partners, small mom & pop shop up in Ohio, they tret me very fair and they don’t make it complicated. Give them a call and ask for Renée or John, 614-205-7239

Replied on Thu, Jan 17, 2019 at 11:49 AM CST + 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Smart Freight Funding , I was just like ,had never used a factoring co. GiveThem try you will be very happy

Replied on Thu, Jan 17, 2019 at 06:57 PM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Smart Freight Funding. What kind of rate do they have? How soon do you get paid?

Replied on Fri, Jan 18, 2019 at 08:03 AM CST + 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Smart Freight Funding Rates are 5% and if materials are in by 1 PM eastern funds are deposited the next day. They also have lower percentages based on the percentage of the check that they pay early. Check their approved shippers list on their website, they fund almost all companies involved in bulk transportation. Also, if a company is not on the list you can check to see if they will fund it before booking.

Replied on Fri, Jan 18, 2019 at 08:03 AM CST

+ 1

Posted by a private BulkLoads.com member.

Smart Freight Funding Rates are 5% and if materials are in by 1 PM eastern funds are deposited the next day. They also have lower percentages based on the percentage of the check that they pay early. Check their approved shippers list on their website, they fund almost all companies involved in bulk transportation. Also, if a company is not on the list you can check to see if they will fund it before booking.

Replied on Thu, Jan 24, 2019 at 07:11 AM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Well, do you all know what factoring actually costs per year? If the factoring is like 5%? Take 12 months x 5%. Pretty pricey.

Replied on Mon, Feb 04, 2019 at 08:12 AM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. G Squared Funding out of GA!!! Been excellent!! Tell them Gina sent you!!

Replied on Tue, Feb 05, 2019 at 08:33 AM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Ive used Commerce commercial credit. .6% per each 10 days factored. Fund same day or next. Depends on when your paperwork is in.

Replied on Tue, Feb 05, 2019 at 09:44 AM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. You guys that use factoring don’t have the foggiest idea what it costs. Why do you think there are so many factoring companies. just get loans on your car title probably cheaper next thing thats probably coming get payday loan on your truck title.

Replied on Tue, Feb 05, 2019 at 09:37 PM CST + 2
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Quote: "You guys that use factoring don’t have the foggiest idea what it costs. Why do you think there are so many factoring companies. just get loans on your car title probably cheaper next thing thats probably coming get payday loan on your truck title." (1) Not sure what statement your making... but the rate that the factoring company offers you is stated up front.. (2) There are so many factoring companies because the need is there... just like there's over 3000 McDonald's across the United States. (3) I have a better idea, why get a loan against your vehicle? Just save YOUR money, and then use YOUR money to fund yourself UNTIL some of these 30 day brokers pay you and that way you get to keep your title to the vehicle just incase you have to sell it because the plan you thought you had didn't work. Personally, I thought it was simple math. Load pays $1,000, factoring company charges 5%, you get $950.00 and they get $50.00. so the mathematical equation looks like this in long form.. $1,000 - 5% = X X-being the amount that you receive after they fund the load...

Replied on Tue, Feb 05, 2019 at 09:37 PM CST

+ 2

Posted by a private BulkLoads.com member.

Quote: "You guys that use factoring don’t have the foggiest idea what it costs. Why do you think there are so many factoring companies. just get loans on your car title probably cheaper next thing thats probably coming get payday loan on your truck title."

(1) Not sure what statement your making... but the rate that the factoring company offers you is stated up front.. (2) There are so many factoring companies because the need is there... just like there's over 3000 McDonald's across the United States. (3) I have a better idea, why get a loan against your vehicle? Just save YOUR money, and then use YOUR money to fund yourself UNTIL some of these 30 day brokers pay you and that way you get to keep your title to the vehicle just incase you have to sell it because the plan you thought you had didn't work. Personally, I thought it was simple math.

Load pays $1,000, factoring company charges 5%, you get $950.00 and they get $50.00. so the mathematical equation looks like this in long form..

$1,000 - 5% = X

X-being the amount that you receive after they fund the load...

Replied on Wed, Feb 06, 2019 at 07:25 AM CST + 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Quote: "(1) Not sure what statement your making... but the rate that the factoring company offers you is stated up front.. (2) There are so many factoring companies because the need is there... just like there's over 3000 McDonald's across the United States. (3) I have a better idea, why get a loan against your vehicle? Just save YOUR money, and then use YOUR money to fund yourself UNTIL some of these 30 day brokers pay you and that way you get to keep your title to the vehicle just incase you have to sell it because the plan you thought you had didn't work. Personally, I thought it was simple math. Load pays $1,000, factoring company charges 5%, you get $950.00 and they get $50.00. so the mathematical equation looks like this in long form.. $1,000 - 5% = X X-being the amount that you receive after they fund the load..." What the other gentleman was saying, is keep it all! 100% of the $1000. He is stateing keeping the $50 in the drivers pocket. easy math again. If you do 6 loads a week and you keep that $50 dollars per $1000 load that is $300 a week more in your pocket. 52 weeks in a year and the grand total ladies and gentlemen is $15,600 a year. you can either keep that in your pocket for everyday expenses of trucing... truck payment, fuel, repairs ....or give it to some company, as easy as it gets.

Replied on Wed, Feb 06, 2019 at 07:25 AM CST

+ 1

Posted by a private BulkLoads.com member.

Quote: "(1) Not sure what statement your making... but the rate that the factoring company offers you is stated up front.. (2) There are so many factoring companies because the need is there... just like there's over 3000 McDonald's across the United States. (3) I have a better idea, why get a loan against your vehicle? Just save YOUR money, and then use YOUR money to fund yourself UNTIL some of these 30 day brokers pay you and that way you get to keep your title to the vehicle just incase you have to sell it because the plan you thought you had didn't work. Personally, I thought it was simple math. Load pays $1,000, factoring company charges 5%, you get $950.00 and they get $50.00. so the mathematical equation looks like this in long form.. $1,000 - 5% = X X-being the amount that you receive after they fund the load..."

What the other gentleman was saying, is keep it all! 100% of the $1000. He is stateing keeping the $50 in the drivers pocket. easy math again. If you do 6 loads a week and you keep that $50 dollars per $1000 load that is $300 a week more in your pocket. 52 weeks in a year and the grand total ladies and gentlemen is $15,600 a year. you can either keep that in your pocket for everyday expenses of trucing... truck payment, fuel, repairs ....or give it to some company, as easy as it gets.

Replied on Thu, Feb 07, 2019 at 07:19 AM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Well it’s not so simple math I may not be doing right but looks to me Factoring company takes $50.00 5% for paying you quickly Factoring company collects from shipper , broker etc in thirty days so factoring company charges you 5% percent for loan to you for thirty days, how much intrest does that figure up for one year??!? You can go to your bank and borrow $1000.00 at 5% for a whole year. But you give the factoring company 5 % to borrow $1000.00 for thirty days. Because it is so easy!!!!!! There are so many factoring company’s because they are a milking machine and some truckers are a milk cow!!!!!

Replied on Thu, Feb 07, 2019 at 07:19 AM CST

Posted by a private BulkLoads.com member.

Well it’s not so simple math I may not be doing right but looks
to me Factoring company takes $50.00 5% for paying you quickly

Factoring company collects from shipper , broker etc
in thirty days so factoring company charges you
5% percent for loan to you for thirty days, how much
intrest does that figure up for one year??!?

You can go to your bank and borrow $1000.00 at 5%
for a whole year. But you give the factoring company
5 % to borrow $1000.00 for thirty days. Because it is
so easy!!!!!!

There are so many factoring company’s because
they are a milking machine and some truckers are
a milk cow!!!!!

Replied on Sun, Feb 10, 2019 at 07:36 AM CST + 4
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. I don't want ANYONE to take offense to what I'm abou to say... BUT, the guy asked a question about a reputable factoring company... PERIOD... solid question... with him desiring to get a SOLID straight forward answer... and then the post goes left with the responses of the factoring companies milking people and them taking your money, etc. etc. etc.... So my point is this, I guess the naysayers here have bought a house and paid for the house in cash, because I'd hate for the mortgage company to make any money off of you from interest. I guess some of you have never financed a vehicle but instead paid in cash because I'd hate for the finance company to make any profit from interest from you. I guess you don't have any credit cards in your wallet because I'd hate to see the CC companies making any profit from interest from you. My point????? This is simple, the guy needs a recommendation for a good factoring company because it's obvious that his financial situation requires it. Forget about the simple math equations and all of the other hooplah because it's irrevelant to what this guys needs are or someone here could assist him and loan him the money out of your own pocket INTEREST free until his cashflow is positive. I know MOST of you reading this are giving someone money that you could be keeping in your own pocket in some form or another but that's not the point here. Fellas, what I'm trying to say is we've got to quit bashing people for asking questions based on their needs. A factoring company may NOT make sense to you but it does to him. The simplest way to KEEP all of your money in to save until you have enough money to support yourself UNTIL the 30 day net payers checks start rolling in. You getting a title loan isn't free, you borrowing money from a company isn't free.... but I guess the point most are trying to make is that you are keeping more of your hard earned money in your pocket... Again, this isn't a post to stir up a debate but I'm just trying to make a suggestion that sometimes we just need to answer a persons question and let the opinions float. Now, having said all of that.... SMART FREIGHT FUNDING is my recommendation. Smart Freight Funding 1-800-838-2907

Replied on Sun, Feb 10, 2019 at 07:36 AM CST

+ 4

Posted by a private BulkLoads.com member.

I don't want ANYONE to take offense to what I'm abou to say... BUT, the guy asked a question about a reputable factoring company... PERIOD... solid question... with him desiring to get a SOLID straight forward answer... and then the post goes left with the responses of the factoring companies milking people and them taking your money, etc. etc. etc....

So my point is this, I guess the naysayers here have bought a house and paid for the house in cash, because I'd hate for the mortgage company to make any money off of you from interest. I guess some of you have never financed a vehicle but instead paid in cash because I'd hate for the finance company to make any profit from interest from you. I guess you don't have any credit cards in your wallet because I'd hate to see the CC companies making any profit from interest from you.

My point????? This is simple, the guy needs a recommendation for a good factoring company because it's obvious that his financial situation requires it. Forget about the simple math equations and all of the other hooplah because it's irrevelant to what this guys needs are or someone here could assist him and loan him the money out of your own pocket INTEREST free until his cashflow is positive. I know MOST of you reading this are giving someone money that you could be keeping in your own pocket in some form or another but that's not the point here. Fellas, what I'm trying to say is we've got to quit bashing people for asking questions based on their needs. A factoring company may NOT make sense to you but it does to him. The simplest way to KEEP all of your money in to save until you have enough money to support yourself UNTIL the 30 day net payers checks start rolling in. You getting a title loan isn't free, you borrowing money from a company isn't free.... but I guess the point most are trying to make is that you are keeping more of your hard earned money in your pocket... Again, this isn't a post to stir up a debate but I'm just trying to make a suggestion that sometimes we just need to answer a persons question and let the opinions float.

Now, having said all of that.... SMART FREIGHT FUNDING is my recommendation.

Smart Freight Funding
1-800-838-2907

Replied on Mon, Feb 11, 2019 at 05:35 PM CST + 2
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. The biggest thing that Smart Freight offers as a factoring service company is that we don’t make an o/o sign a term-length contract, or factor 100% of your loads with us. If you’re in a situation where you’re needing funds quickly and without the hassle of trying to go through a bank or feeling like you’re “locked in” with a service provider. We’re your go-to source for quick and easy service. You can use us as you see fit and won’t get charged for not using us or deciding you don’t want to keep factoring anymore. Our flexibility and great customer service is what sets us apart from the others at the end of the day.

Replied on Mon, Feb 11, 2019 at 05:35 PM CST

+ 2

Posted by a private BulkLoads.com member.

The biggest thing that Smart Freight offers as a factoring service company is that we don’t make an o/o sign a term-length contract, or factor 100% of your loads with us. If you’re in a situation where you’re needing funds quickly and without the hassle of trying to go through a bank or feeling like you’re “locked in” with a service provider. We’re your go-to source for quick and easy service. You can use us as you see fit and won’t get charged for not using us or deciding you don’t want to keep factoring anymore. Our flexibility and great customer service is what sets us apart from the others at the end of the day.

Replied on Mon, Feb 11, 2019 at 05:35 PM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. 5 percent is out crazy. You can fine ones that factor for 2.5 percent. Multi service is who we use. No problems. By 10:30 your paid same day. Otherwise next day.

Replied on Thu, Feb 14, 2019 at 11:44 AM CST + 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. If at all possible I would suggest not factoring. Why give someone a percentage of your revenue for basically nothing. Hook up with good, solid companies that pay within 2 weeks and roll with them. We pay weekly so there is no reason for someone pulling for us to factor. If a company is sitting on your money for 30 days + then they are just greedy. I find it appauling when companies broker you a load and then make you wait extended periods of time to get paid or will quick pay for a percentage. If you have a good working relationship with your banker I would suggest a line of credit to get you through the rough patches and just wait out the billing.

Replied on Thu, Feb 14, 2019 at 11:44 AM CST

+ 1

Posted by a private BulkLoads.com member.

If at all possible I would suggest not factoring. Why give someone a percentage of your revenue for basically nothing. Hook up with good, solid companies that pay within 2 weeks and roll with them. We pay weekly so there is no reason for someone pulling for us to factor. If a company is sitting on your money for 30 days + then they are just greedy. I find it appauling when companies broker you a load and then make you wait extended periods of time to get paid or will quick pay for a percentage.

If you have a good working relationship with your banker I would suggest a line of credit to get you through the rough patches and just wait out the billing.