hello
we used jd factor before, Montreal division. never have problem ,good people there.
JD Factors?
- Thread starter trucker8
- Start date
we used jd factor before, Montreal division. never have problem ,good people there.
I'm sure there are plenty of factors that will be open to payments taking more than 30 days. This forum has lots of good references.
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The big difference between JD Factors and pretty well all other factoring companies is recourse. If JD buys an invoice from you, its subject to non-recourse which means they are stuck with the bill if the broker doesn't pay. The rest bill you back after 90 days.That is probably why "approval takes more time than it is worth"
I disagree. Any factor can offer to credit insure the invoices they purchase so that if the customer files for bankruptcy or otherwise fails to pay an undisputed invoice in 90 days, the insurance pays. If there is a dispute, the carrier must work with its customer to resolve the dispute.
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We have them on DNU for being a PITA.. to deal with. Will not pay carriers using JD either pay carrier direct or use a different carrier as we will not dela with them at all.
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I do not recommend them. We paid them on time on most but had some delays on the few, they never update their systems correctly. Everyday a new rep from their company reaches out for the same payment requests, you update that rep and they still dont update the system. I know many O/O who got burnt thinking they never got paid from us until I directly sent them the proof of payment.
We had to stop accepting payments from them because they were just hurting our credit and only 1 rep from their team was actually sensible to talk to about the issues. So use them at your own risk.
We had to stop accepting payments from them because they were just hurting our credit and only 1 rep from their team was actually sensible to talk to about the issues. So use them at your own risk.
JD Factors is the worst, we run into the same issue with them. We pay them on time, send them a remittance, and then a month later we get an email from someone else either asking for payment or asking for a copy of the remittance. Sometimes, we send it to the same person who asks a few weeks later, I dont know what kind of people they hire LOL
We have a person dedicated to handling carriers with JD factors... They are extremely tiresome, need hand holding constantly and if you don't follow their rules, they cut you off.
Unfortunately that a major player and not playing ball with them drastically hurts our business.
Unfortunately that a major player and not playing ball with them drastically hurts our business.
I so agree. We dont use carriers or payables to JD Factors. not fair on carriers or brokers
I know the system there is very bad, and they always blame the people paying them rather than their accounting system.