Factoring

Dec 16, 2016 at 07:43 AM CST + 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. I am hoping that someone might be able to give me some solid advice. I have researched many of factoring companies but still not sure of any of them. Unfortunately I have reached a point where I am in need ,for a short time hopefully, of cash flow. Was wondering if anyone else is using a factoring company and what their experience has been. Thank you.

Replied on Fri, Dec 16, 2016 at 08:08 AM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. I have several of my guys that factor thru Smart Freight out of Omaha. They seem to be fairly straightforward in the way they do business and as far working with them from a broker standpoint (oh gasp, the absolute horror of it all) the paperwork they sent me for settlement is on time and their billing is concise. My guys that use them so far are happy with the settlement time frame and with the way Smart's people treat them.

Replied on Fri, Dec 16, 2016 at 08:08 AM CST

Posted by a private BulkLoads.com member.

I have several of my guys that factor thru Smart Freight out of Omaha. They seem to be fairly straightforward in the way they do business and as far working with them from a broker standpoint (oh gasp, the absolute horror of it all) the paperwork they sent me for settlement is on time and their billing is concise. My guys that use them so far are happy with the settlement time frame and with the way Smart's people treat them.

Replied on Fri, Dec 16, 2016 at 09:03 AM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. We use Great Plains and have an amazing rep and great follow through. They have been excellent to work with. Communication is great. They are good with keeping a list of do not use brokers due to pay issues and keep us in the loop with a readily available list of those.

Replied on Sat, Dec 17, 2016 at 09:33 AM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Quote: "We use Great Plains and have an amazing rep and great follow through. They have been excellent to work with. Communication is great. They are good with keeping a list of do not use brokers due to pay issues and keep us in the loop with a readily available list of those. " We use OTR Capital.We are a young company and they help us tremendously. Call 770-882-0124 and ask for John Carr.

Replied on Sat, Dec 17, 2016 at 09:33 AM CST

Posted by a private BulkLoads.com member.

Quote: "We use Great Plains and have an amazing rep and great follow through. They have been excellent to work with. Communication is great. They are good with keeping a list of do not use brokers due to pay issues and keep us in the loop with a readily available list of those. "

We use OTR Capital.We are a young company and they help us tremendously. Call 770-882-0124 and ask for John Carr.

Replied on Sat, Dec 17, 2016 at 05:04 PM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. We use Fleetone Factoring flat rate nothing else held back , nice thing is they require any of the originals we simply scan and email everything over on the weekend and the funds hit our account by tuesday using the ACH..

Replied on Sun, Dec 18, 2016 at 12:46 PM CST + 1 - 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Century Financial in Jonesboro Ar great people

Replied on Sun, Dec 18, 2016 at 07:53 PM CST + 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Way better off getting a operating loan from a bank. You assume all the risk with those places and they get a big chunk of your money. That's my 2 cents . good luck

Replied on Mon, Dec 19, 2016 at 12:40 PM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Quote: "Way better off getting a operating loan from a bank. You assume all the risk with those places and they get a big chunk of your money. That's my 2 cents . good luck" I understand what you are saying about an operating load over a factoring company. I still assume all the risk tho and the bank still gets a big chunk of my money every month in interest payments. From what I have found in talking to some factoring companies, they get a bigger chunk than the bank does. I have used a factoring company a few times tho to help tide me over when we run into a big month and I can't cash flow it thru my operating loan. Factoring companies can be a useful tool if used efficiently.

Replied on Mon, Dec 19, 2016 at 12:40 PM CST

Posted by a private BulkLoads.com member.

Quote: "Way better off getting a operating loan from a bank. You assume all the risk with those places and they get a big chunk of your money. That's my 2 cents . good luck"

I understand what you are saying about an operating load over a factoring company. I still assume all the risk tho and the bank still gets a big chunk of my money every month in interest payments. From what I have found in talking to some factoring companies, they get a bigger chunk than the bank does. I have used a factoring company a few times tho to help tide me over when we run into a big month and I can't cash flow it thru my operating loan. Factoring companies can be a useful tool if used efficiently.

Replied on Mon, Dec 19, 2016 at 01:29 PM CST
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Fleetone offers a non recourse program for 4% flat fee a broker doesn't pay it doesn't come back on you because they do all the credit checks up front as a matter of fact I won't even run for a broker if they don't get approved through them because that means that somewhere down the road they didn't pay or had slow pay with someone.

Replied on Thu, Dec 22, 2016 at 01:58 PM CST + 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. I'll say this.. and this is from *EXPERIENCE.. I can't fathom anybody being better than SMART FREIGHT FUNDING*.. I personally use them, and have used them for months... I've not had one single HICCUP with them.. They process really quick.. and your money is in your account the next day.. I deliver my load.. scan all of my paperwork in to them using an app on my smartphone (called DRVE AXLE) by 11 am.. and they send me a confirmation email stating what my direct deposit amount will be and boom!! that's it... I pay them a 5% fee and mail in the originals (within 7 days) and that's it. My money is deposited into my account shortly after midnight.. EVERY SINGLE TIME... I also have a fuel card with them (thru AMBEST NETWORK).. I fuel up and they take the amount from my settlement. Example, I load a load today that's paying me $1500.00.. I purchase $300.00 in fuel... My settlement will be $1500.00 - 300.00 - 5%... I'll have $1125.00 deposited into my account... I think you have to be with them for awhile to get the fuel card though.. but I couldn't ask for a better relationship.. The fuel card has some huge discounts using certain retailers (ie, TA, PILOT) but you can go to ANY retailer that takes AMBEST. give them a shout... you'll be glad that you did..

Replied on Thu, Dec 22, 2016 at 01:58 PM CST

+ 1

Posted by a private BulkLoads.com member.

I'll say this.. and this is from EXPERIENCE.. I can't fathom anybody being better than SMART FREIGHT FUNDING.. I personally use them, and have used them for months... I've not had one single HICCUP with them.. They process really quick.. and your money is in your account the next day.. I deliver my load.. scan all of my paperwork in to them using an app on my smartphone (called DRVE AXLE) by 11 am.. and they send me a confirmation email stating what my direct deposit amount will be and boom!! that's it... I pay them a 5% fee and mail in the originals (within 7 days) and that's it. My money is deposited into my account shortly after midnight.. EVERY SINGLE TIME... I also have a fuel card with them (thru AMBEST NETWORK).. I fuel up and they take the amount from my settlement. Example, I load a load today that's paying me $1500.00.. I purchase $300.00 in fuel... My settlement will be $1500.00 - 300.00 - 5%... I'll have $1125.00 deposited into my account... I think you have to be with them for awhile to get the fuel card though.. but I couldn't ask for a better relationship.. The fuel card has some huge discounts using certain retailers (ie, TA, PILOT) but you can go to ANY retailer that takes AMBEST. give them a shout... you'll be glad that you did..

Replied on Thu, Dec 22, 2016 at 02:05 PM CST + 1
Posted by a private BulkLoads.com member.	Posted by a private BulkLoads.com member. Also, and maybe this isn't much of a factor these days... But I've actually talked to quite a few people in the main office at SMART FREIGHT FUNDING and just their attitude is what makes me happy to deal with them, I tell everybody I know about them..... I'm sick of rude people.. and after you deal with the ladies over at SMART FREIGHT, you'll realize that there still are some good people in this world... I fell they care.. I'm making money... they're making money... we're both happy!!!

Replied on Thu, Dec 22, 2016 at 02:05 PM CST

+ 1

Posted by a private BulkLoads.com member.

Also, and maybe this isn't much of a factor these days... But I've actually talked to quite a few people in the main office at SMART FREIGHT FUNDING and just their attitude is what makes me happy to deal with them, I tell everybody I know about them..... I'm sick of rude people.. and after you deal with the ladies over at SMART FREIGHT, you'll realize that there still are some good people in this world... I fell they care.. I'm making money... they're making money... we're both happy!!!