JD Factors?

trucker8

New Member
1
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
 

MikeJr

Moderator
Staff member
30
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

I can only speak from the payee side of this relationship.

This company factors for quite a few wonderful carriers that we work with. As such, I would suggest they provide great services. Several of these carriers that factor through them have been with them for some time. This leads me to believe they are satisfied with their business together.

Another good factor worth mentioning is IPS - 888-503-4528. They also have a large number of happy carriers they work with.

Good luck in your search, pick the best fit for your company.

Keep well,

Mike
 

sandwood

New Member
1
JD Factors

We don't deal with a factoring company for our receivables but for our payables JD is hit or miss. Sometimes they say we for an example are a customer and sometimes they say that we aren't and aren't set up with them, yet I have them in the receivable list for several carriers with recent payments. Seem very very disorganized

Good experiences and more organized are IPS (Invoice Payment Systems) and Grand Financial and Rivieria.
 

MikeJr

Moderator
Staff member
30
We don't deal with a factoring company for our receivables but for our payables JD is hit or miss. Sometimes they say we for an example are a customer and sometimes they say that we aren't and aren't set up with them, yet I have them in the receivable list for several carriers with recent payments. Seem very very disorganized

Good experiences and more organized are IPS (Invoice Payment Systems) and Grand Financial and Rivieria.

We've the same experience with JD - not sure if there is an impact on the number of customers allocated to our account or perhaps a credit limit assigned? I never really get a clear answer. Just deal with the carrier direct, we do.

IPS - also agreed, good people, good communication (so I hear from the accounting department). :)

Keep well,

Mike
 

jonny-chicken

Site Supporter
20
Factoring companies are a pain the a$$ for those doing the paying...

We have never had to factor invoices ourselves, but over the years have made payments to many factoring companies for loads that we have brokered.

The usual problem is that the carrier does a load and then sends their invoice and paperwork to the factoring company who then sits on it for a week or so, puts their stamp on it and then finally sends it to the company who is supposed to pay. By the time the bill comes in it is already late, so payment of course will be late by the factoring company's standards, so they report your company to Equifax as slow paying...

Have been through this with JD Factors, and Riveria.

We have finally starting telling carriers who factor that we do not deal with factoring companies and we will gladly pay the carrier directly, and ever offer quick pay with a discount that is comparable to what they pay the factoring company...

Too bad these companies choose to bite the hands that feed them...
 

KeyFactor

Active Member
10
Factoring companies are a pain the a$$ for those doing the paying...

Our objective is not to be so difficult to deal with, though it is clear from these posts that there's plenty of room for improvement.

Forgive me for indulging in a little shameless self promotion, but Liquid Capital has more offices in North America than any other factor. Through our collaboration with Accord Financial (TSX: ACD), we can provide facilities ranging from $15K - $10M. We can provide either recourse or non-recourse factoring, but my strong preference for recourse factoring due to its lower cost. We offer competitive rates and have no commitment fees, no term fees, no minimum volume requirements, no fees for next-day funding, etc. Factoring is a great alternative to QuickPay and is often cheaper.
 

lowmiler88

Site Supporter
30
"We have finally starting telling carriers who factor that we do not deal with factoring companies and we will gladly pay the carrier directly, and ever offer quick pay with a discount that is comparable to what they pay the factoring company"

Johnny I had the same opinion until some wise person said that we are not responsible for how other people run their busines and if their plan includes using a factoring company then so be it... we would even do quick pay for less than what a factoring company would hit them up for but if they want to use a facotring company more power to them.

Trucker8 my advice to you is try everything over the next year or so to get away from factoring companies, you may think it is a small price to pay but in actual fact it is very high percentage and in this business you need all of the dollars from the loads......good luck.
 

jonny-chicken

Site Supporter
20
"We have finally starting telling carriers who factor that we do not deal with factoring companies and we will gladly pay the carrier directly, and ever offer quick pay with a discount that is comparable to what they pay the factoring company"

Johnny I had the same opinion until some wise person said that we are not responsible for how other people run their busines and if their plan includes using a factoring company then so be it... we would even do quick pay for less than what a factoring company would hit them up for but if they want to use a facotring company more power to them.

Trucker8 my advice to you is try everything over the next year or so to get away from factoring companies, you may think it is a small price to pay but in actual fact it is very high percentage and in this business you need all of the dollars from the loads......good luck.


I agree, to each their own, and for years I just paid the factoring companies and went about my day... But when they started having an effect on my business by way of poor invoice management and reporting incorrect data on my credit report, I was done with them...
 
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lkpltd

Cooling off
Factor Companies

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

If you're still looking for a good factor give me a call...

Sincerely,
Tom Lebarron
1-888-634-5251
 

Freight Broker

Well-Known Member
30
Some of the best ones in the US are Apex Capital and Marquette Transportation finance. In both cases they forward invoices promptly and record payment data accurately. I've had problems with Rivereria finance...they recorded incorrect information to Ansonia about my company, and until I had discovered the error I had lost alot of business.

I would recommend that you keep close tabs on when bills come in and when payments go out...and when someone reports erroneous data give them 24 hours to fix it. And if they don't sue them...they hurt your business so do what you can to return the favor.
 
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alx

Site Supporter
10
Payment

I'm in a good mood today!!

May I suggest, the thought of actually paying your bills on time.
If this would be the trend , many factoring agents would be out of business.

With the speed of electronic information, there is no reason for payment not to be in hand in 30 days. All parties generally know when the freight has been delivered, enough people follow up on deliveries at the brokers offices, and a day late is already a drama as it should be.

Payment is then 30 days from the delivery.

Most businesses can hold out for 30 days, it is the 45 to 60 days that hurts.

I have noticed, that lately quite a few brokers and carriers have jumped onto the quick pay bandwagon.
Again, quick pay has been around with Landstar, CH and other large US concerns for a long time. Quick pay is usually 1.5% and available in 48hrs.

What irritates us is the predominantly Ontario based brokers that offer said quick pay , although for 5%.

These same brokers will then pay your bill stated @ 30 days in 45 days plus snail mail.

What is interesting is why , these pariah's stop @ 5%. Could it be that the civil code does not allow an interest rate over 60% per annum, and is thus referred to as loan sharking.
 

loaders

Site Supporter
30
Like most other reputable, established freight brokers, we pay our carrier invoices 30 days from the day we get them. Oops, let me clarify that. We do a cheque run once a week on Thursday, so if we received an invoice on a Monday 30 days prior, it would be paid in 33 days....sorry. I too am surprised that more carriers do not use e-mail to submit their invoices and required back-up. It helps me and would definitely help them. Like most companies in any type of business, I can't pay an invoice untill I have it in my hand. Put any date you want on the invoice, but please try to keep it as close to the date you mail or e-mail it to me because my 30 day clock doesn't start untill I have it. As far as quick pay is concerned, our payment terms are 30 days from receipt of invoice, if someone wants their money before that, then I become a factoring service and for that there is a cost. While I am not familiar with what factoring companies charge, I do not feel at all uncomfortable about a 5% deduction for immediate payment.
 

loaders

Site Supporter
30
If someone wants their money right away, that's their problem, not mine. There is always a cost associated with any loan, and that's what a quick pay is....a loan. Cash flow is what keeps all companies afloat, so if I decide to stretch mine by paying someone well in advance of what the mutually agreed terms are, there will be a cost. As I said, 5% seems reasonable to me. Sorry to sound so abrupt, but, "take it or leave it" when it comes to quick pay, we're not running a Money Mart here.
 
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