Trucking: Why You Need a Factoring Company | Factoring Explained in 5 Minutes
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The fact that this is required at all is silly. So many stupid little things to do as a carrier, but at least there are good companies to help
Good info. I know most people like RTS unfortunately i didnt have a good experince. Now I do most of my services with ROADEX cuz theyre a 1 stop shop.
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A 3% fee for convenience of not waiting 30 days is a 36% APY return for the factoring company a 5% fee is 60% APY they really serve us truckers well. If you have a real deadbeat shipper that you have already taken other actions against then by all means hire the factoring company to deal with them otherwise AVOID!
What is a Tracking Hold mean – $100.00
You have been such a blessing to me. Thank you for all the helpful insight into the trucking business. Please continue to be a light for all. God Bless You.
Thanks for sharing! I am in need of a factoring company to get our road tractor pay returned faster.
Do you have to sign a contract with RTS?
What if the broker never pays
Thank you, it was very useful
Hi, I’ve just started a bookkeeping business in which I specialize in owner operator industry. Invoicing is something I want to offer, but I’m not sure how to prepare the books for it.
Can you do a tutorial on invoice factoring in QBO?
Do you, as a dispatcher, choos which factoring company you will use or company owner choose it?
So when receiving from factoring the standard is 24 to 48 hours what is the longest it should take ?
could i operate under your company as a startup independent operator?
Great info
One of the best tutorial video maker hands down🔥💪🏽💪🏽
So do I send the bol and rate confirmation to the factoring company?
Thank you in advance
Great video!!
I’ve looked at a few factoring contracts and they seemed to be very complex. It seems like they want complete management of your company and financed. Any recommendation about their contract?
When you factor , where do you get your 1099s from?
Thank you sir, great information!!
Nice
So do factoring companies provide fuel cards if so is it a good price an price
Thank u sir
What was the name of factory company you used
Hey guys how do you fill out the schedules BOLs to get pay from the factoring company
How do I record in quickbooks if The factoring company does not take a reserve fee and they only take the commission fee
RTS is a ripoff
Can you please tell me, We completed the load for $2000. However it turned out that this company "Clutch Transportation Services" is not approved by Apex.
6 days passed since we delivered their load but, they still didn’t pay our money.
Pls advice and help me 🙏🙏. Is this company reliable company and will it pay our money?
Thank you for this video! I’ve been researching trucking and kept hearing about ppl offering factoring but nobody ever explained what it was. This video broke it down in laymens terms for somebody not working in the industry.
Thank you brother, God Bless You
good video thanks. I work for a retail co. some of our suppliers use factors for us to pay them. from my point of view its frustrating since I have the factor and the supplier both contacting me for payments. but I like the idea of it.
Great video
Do not sign the contract with RTS or you will get screwd , i am tellkng you as friendly warning , listen or not js up to you.
Thank you so much for this short and very informative video. So does the factoring company take their fee that you, the dispatcher owe them from the Broker’s payout as well?
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Yoooo
Do you still have to send the broker an invoice if you decide to go with factoring instead?
I love how you broke this down. Understood
What a good factoring company
Good looking out
i love the way how he explains
Great information. Thanks for making this video
Very well explained. I personally like Widestream Capital they take a low flat % and don’t keep any of my money in reserve I get paid the same day with no gimmicks.
I’m starting my own trucking company soon and this helped a lot explaining the factoring companies.
Who is a good company for dispatch
Are you still working with RTS???
So what happens if a broker is bogus and doesn’t pay their invoice? I’m sure the factoring company takes care of it but what if?
Widestream Capital only charges 3% no extra fees
Thanks man for the info
Great