Factoring companies

[htcollections]

Does anyone know if factoring companies pay carriers when their clients didn't do the delivery? I have 3 loads unpaid by New Century and learned today that E - Conomy Finance may have received the funds?

I have read about many factoring companies this morning but can't find much on E-Conomy.

On that note, which are the better factoring companies to deal with? It appears that there are many negative comments about them?

 

[MikeJr]

The only factor that I've dealt with personally that is forthcoming about the details of their business as well as that of their clients is IPS.
I find the vast majority of the others to be unprofessional, random in their terms (one day it's 30 days, one day it's 45, the next it's they won't take an invoice). Too much inconsistency in their 'practices' has to be hard on their clients who are trying to plan their business.

Still full of turkey and lamb,
Mike

 

[KeyFactor]

Does anyone know if factoring companies pay carriers when their clients didn't do the delivery? I have 3 loads unpaid by New Century and learned today that E - Conomy Finance may have received the funds?

I have read about many factoring companies this morning but can't find much on E-Conomy.

On that note, which are the better factoring companies to deal with? It appears that there are many negative comments about them?

Yep, lots of nightmare stories out there about dealing with bad factors, but to be fair, not all carriers are as honest as they should be. Choose your factor wisely.

Generally speaking, your factor should be verifying the paperwork before funding their client. If the load was not delivered, they should not buy the invoice or fund the carrier. If they accidentally do so, the carrier will be responsible for having submitted an invalid invoice that was not free of disputes. The disputed invoice is then sold back to the client and any advances made would be charged against reserves on other invoices. Nobody wants to get into this situation if it can be avoided, so we should all keep our eyes open and properly check all paperwork.