Looking for Factoring company

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Oct 16, 2018
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Looking to start factoring my loads. Anyone have recommendations for a company easy to deal with and will fund fast and easy to keep me moving
 
Grand Finance is decent with me. I ve ran across them a few times now. Ive seen Economy also. They are a little hard to understand.
 
You need to determine if you want a deal that is "recourse" or "non-recourse", and the % rate that you can live with.
 
Are there any true Non Recourse Factoring companies? They might say this , but there's normally a loop hole for them to back charge, from what i was recently told.
 
Non recourse works only for approved clients (brokers) with established track record. Anybody says otherwise will be a liar or charges accordingly to cover their risks. Again, Accutrac guys are you best bet to offer both options.
 
Henry said:
Are there any true Non Recourse Factoring companies? They might say this , but there's normally a loop hole for them to back charge, from what i was recently told.
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Non-recourse is a bit mis-leading because it only protects you against credit risk (ie. the payor of the invoice makes an insolvency filing. If they don't pay because of a dispute, you are not covered. BTW, Accutrac does not offer non-recourse factoring.
 
Had issues with Revolution. Stay clear from signing their contract. Very one sided and get locked in.
 
If you're open to American companies.. try Apex Capital, Interstate Capital.. RTS Financial Services, D&S Factors. From my viewpoint as a broker... 80% of carriers that I've worked with who factor their invoices use one of those four... there must be a reason..
 
Freight Broker said:
If you're open to American companies.. try Apex Capital, Interstate Capital.. RTS Financial Services, D&S Factors. From my viewpoint as a broker... 80% of carriers that I've worked with who factor their invoices use one of those four... there must be a reason..
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@Freight Broker, are these carriers Canadian-based? Just curious.
 
Freight Broker said:
20% Canadian and 80% US..
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I haven't seen any US factors working with Canadian companies. Not saying it can't be done...just isn't done very often. We have partnered with a few US lenders on some of our non-factoring products (eg. PO financing) but most will not do business here mainly for legal reasons.
 
They seem to work with me ok.. I haven't yet encountered a factoring co that won't work with me on account of my being in Canada.. And to them I'm a foreign based entity that is required to pay them. As far as I'm concerned the US Canada border doesn't exist..
 
Freight Broker said:
They seem to work with me ok.. I haven't yet encountered a factoring co that won't work with me on account of my being in Canada.. And to them I'm a foreign based entity that is required to pay them. As far as I'm concerned the US Canada border doesn't exist..
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Again...not saying it can't be done...I just don't see it often here is Quebec although our other Canadian offices might see it more.

To be clear, if you are the debtor (the one owing payment)...it wouldn't matter where you're based as long as youre credit is good. If you are the company selling it's invoices, it might matter.
 
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