Grand Financial

Cher

Cher

Member
Jul 20, 2009
189
7
18
Southern Ontario
2
Cash for receivables, sounds too good to be true.
If you would be kind enough to share past experiences would be appreciated.
As an asset based long time trucking company, we seem to be beholden to brokers and factoring, I miss the good old days of making lots of money.
Thanks !
 
There are a number of companies under the same umbrella. Grand Financial and RBA Financial are two of them. I WOULD AVOID THEM AT ALL COST. They start calling your customer 30 days from THE DATE OF PICK UP, regardless of when the deliver was made or invoice produced. We tell carriers up front that if they deal with these (NOT APPROPRIATE)they don't get our loads.

Have a great weekend!
 
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If interested in factoring receivables I would try someone, anyone else.
Experience dictates that their are better choices available.
 
Invoice Factoring

Over the years I have dealt with carriers who used the services of Grand Financial and RBA. I have never had any feedback from my customers complaining of calls received from either factoring company. If they had, I certainly would have heard about it.

On another note, I do not respond to factoring companies requests for confirmation or acknowledgment of invoices or any other form of correspondence. When asked by the factoring company rep. why not - my answer is: "How would you like to pay for this service? Would you like an invoice for consulting services, or just use a set off against payments due? If you don't like either option, you can always direct your client (carrier), to cease doing business with me."

This has never happened and I'm not bothered by Grand or RBA anymore since they've found my position on this matter intractable.
 
RBA took over recievable for a company that owed us money a while ago and immediately offered us 50 cents on the dollar.........the problem they ran into is we owed a company that they where finanacing more money so they didn't like us offering only half of what we owed. We may be on their do not use list which does not bother me at all.
You have to be careful who you sign up with some are seamless and others affect your business on how they go after their money.
 
I have paid Grand Financial and RBA along with many others like them, JD Factors, Permicom, Riveria Finance, etc... I have paid these companies on behalf of several carriers who have done work for me.

They do call after 30 days to check on payment status but I've had no problems with them in general. As mentioned by others here they like to try to get the Payor to sign a contract stating that the factoring company will be paid. I do not sign these documents ever. No interest in doing so. That is what I tell them when they call to ask as well. I have no problem paying out to these companies on behalf of the carrier, but I do not need to get involved by signing a contract. I tell them this and they take it no problem.

I have had a problem with Riveria Finance though. They tend to take a long time to get the carrier's invoice to you. One month or more after the load has been done even. Then, they like to report you to credit reporting agencies because you have paid them late but that is because it took them nearly two months just to put their little stamp on the invoice and mail it to you. Avoid Riveria Finance.
 
Problems getting inivoices

I use the services of carriers who are signed on with Riviera as well. I'm with you johnny-chicken, in that they're slow to send invoices, but I don't care if I ever get a carrier's invoice. I instruct carriers who factor their invoices, to fax, email, or snail mail me the POD. I just want the POD., so I can invoice my customer. If I don't get the carrier's invoice by the time payment is ready for them, I send the factoring company a cheque without an invoice # to refer to, just a reference to our confirmation number. They can sort it out themselves later if they wish.
Some of my customers don't require a POD in order to pay us and this can result in the factor & carrier getting paid even before they send anything out.
 
jonny-chicken said:
......As mentioned by others here they like to try to get the Payor to sign a contract stating that the factoring company will be paid. I do not sign these documents ever. No interest in doing so. That is what I tell them when they call to ask as well. I have no problem paying out to these companies on behalf of the carrier, but I do not need to get involved by signing a contract. I tell them this and they take it no problem...............
Click to expand...

There are sections of various statutes that govern your liability to factors.
(1) You can pay the carrier directly up until your receive express notice of assignment. That is usually achieved by the "rubber stamp on the invoice" routine

(2) The assignment is binding on you once the NOA has been received. Some factors will ask you to sign an additional insert to confirm your have received the NOA, but it is not legally required.

(3) Some factors will also include a form letter signed by the principal of the carrier confirming the sale of accounts receivables. Agaain, this is not legally required unless you specifically ask for it.

You should always note when a factor is or has been involved with a carrier, so you don't inadvertently issue the cheque to the carrier after receiving the NOA. And don't ever take the word of the carrier to pay him directly unless you want to pay the invoice twice. Get the OK in writing from the factor first.
 
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Mark, there are people on that site that are up to no good in my opinion. There is truth to much of the stuff and the undertones are scary.
 
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Grand Financial, RBA Financial and YMR Capital Management

I have used their services in the past as a carrier; they don’t really bother anyone (on a big scale). Their approach is simpler - take the profits from the carrier, once the carrier starts going downhill due to lack of a stable cash flow they would not pay the last (so to speak) invoices but will collect from the broker. And if you object, their answer is simple - take us to court.

STAY AWAY!!!

Liars and scammers
 
They start calling your customer 30 days from THE DATE OF PICK UP, regardless of when the deliver was made or invoice produced.

Calling your customers is good for the business and your receivables, this way you may find out on time that freight broker is out of the business and at that point your start collecting from shipper and receiver. Factoring companies are good in helping collecting money.
 
We are in the process of filing a claim again Grand Financial as they are refusing to pay us and other carriers even after the have been paid. As indicated below their response is take us to court.....We are!! We even reported their business practices to the International Factoring Association who responded by stating we the carrier and Grand Financial have a "different" idea of what has occurred and suggest we deal with this via the court system and to let them know the outcome. I would suggest any one else out there that is having an issue with Grand Financial to contact the International Factoring Association. The person is Bert and his email is bert@factoring.org
Maybe if more of us file complaints something will be done with out the cost and time of suing them.
 
Knock on wood never needed any factoring companies but what kind of percentage do they get and how fast do you get your money out of them?
 
We decided some time ago to stop paying factoring companies altogether, and we have since been paying directly to the carriers without any problems...

Of course, we did have one really weird situation with Grand Financial last year. We received an invoice from a carrier with the Grand Financial stamp on it, and several faxes from Grand Financial asking for payment info. We faxed them back to notify that we only pay directly to carriers now and if they want any information they can seek it from the carrier.

Then I got a copy of my fax back but someone handwrote on it "Why you don't deal with factoring comp? Thanks to my factoring comp I got cash so I could move more loads. Please pay them"

Seems like this fax came from the carrier when you read it... But no, this fax came across with the date/time stamp on the top and included the sender's fax number, which of course belonged to Grand Financial. Just weird they went to such lengths to be kept in the payment cycle that they impersonated their own customer. I attempted to address the situation with senior company management, but was ignored. There is something very shady about this operation.
 
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