JD Factors?

[jeff p]

I am new to the forum and the trucking business. Can you reccommend a good factoring company? What is your experience with JD Factors?
Thanks

hello
we used jd factor before, Montreal division. never have problem ,good people there.

 

[wesward]

They seem like nice people
but always right now with everyone caution to the wind

 

[KeyFactor]

How is everyone liking JD factors? We use them for about 10-15% of our business when we don't want to take on risk but find that they turn down a lot of brokers and seems like as of recently they only want to take the 30-day payers which we don't care for as we don't factor anyone that pays under 45 days,

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.

 

[mytruck25]

I am not a fan , seems very hard for approval takes more time than it is worth

 

[SCAM CHASER]

I am not a fan , seems very hard for approval takes more time than it is worth

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"

 

[KeyFactor]

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.