Skip ahead to the list of freight factoring offers or quote comparison form
TBS, which stands for Truckers Bookkeeping Services, is a family-owned and was founded in 1968 as a permitting and fuel tax reporting company. In 2004, TBS formed a factoring company, TBS Factoring Service LLC.
WHAT IS OFFERED:
- Decent website – lots of good information, not the best navigation
- Up to 100% Cash Advance (non-recourse accounts only) *smart – why keep deposit on non-recourse account?
- No Reserve Account – 100% of money up front (non-recourse accounts only)
- Free On-Line Credit Checks
- No Sign-Up Fees
- No long term contracts and no termination fee
- Two discount fuel cards – Comdata and FTS Plus (powered by EFS)
- No Credit Score Minimum (non-recourse accounts only)
- Ability to change between recourse and non-recourse programs
- Flexible low rates on recourse programs based on the volume and Debtor quiality
- Up to 50% advance on brokers who do not offer advances.
- Saturday advances available
- Document transfer via TransFLO Express, TripPak TRUCK STOP SCANNING or FedEx ($17.00 shipping fee per FedEx envelope is deducted from factoring payment
- Referral Program – $100 when referred company factor its first load
- ALSO OFFERED:
- Truckers Bookkeeping Service – provides MC, permitting, and DOT compliance services.
- Insurance – TBS Insurance Agency will customize a policy according to the business needs.
- Logistics services via “Elite Dispatch Service”
Overall impression of TBS Factoring Service – Positive
MAIN CONCERNS / HIGHLIGHTS
1) Family owned – great customer service (1,5)
2) 5% No-Recourse program (2, 10, 11, 12, 16, 17)
3) Discounted FedEx rate to overnight paperwork (2)
4) Good savings on Fuel card (2, 13)
5) Credit checks (4,5, 10,11)
6) Document scanning (5, 10, 12)
7) No need to factor all clients (12, 16)
8) No long term contracts and no termination fee. (15)
9) A BBB Accredited Business since 12/17/2007
1 – Positive Report
Positive comment was posted on TheTruckersReport.com on 4-12-2010
Current client stated:
“I use TBS. I am very happy with them. They are close to my home and I like supporting local people too. They have an EFS fuel card and the offer 40% advances and $ 13.00 overnight fedex fees. I highly recommend them. They just announced a cost plus offer for Petros and T/As. Many times the fuel card does pay for the factoring service.”
2 – Positive Report
Positive comment was posted on TheTruckersReport.com on 6-25-10
Current client stated:
“I use TBS in Oklahoma City,Ok. From what I have read here, I think my deal is even better now. They offer 40% advance with a faxed BOL and confirmation. I have a 5% NO- recourse deal. They offer a $13.00 Fedex and my money is on my EFS fuel card by the end of the day that they recieve the original BOL. I think they charge $3 to put it on your card, They do charge $20.00 of you have to use the advance. I have had to use it once or twice and it was great knowing that I could get that good load and have money to get it done with. I don’t always take the advance. TBS and EFS have been great to work with they both treat me great. Also having an EFS fuel card saves me money too. I always get cash price or up to 2 cents per gallon discount at the right place.I have also saved 10-12 cpg by checking current fuel prices with EFS. Money in the bank as far as I’m cocerned.”
3 – Negative Report (possibly invalid)
Negative comment was filed with RipOffReport.com on 5-28-11
Former client stated that TBS lost a lumper receipt and fined him for $500.
Another client commented on the RipOffReport stating TBS is a great company to work with.
TBS responded in a few days with very detailed explanation of what happened. Looks like this client did not furnish all documents needed to get paid.
4 – Positive Report
Positive comment was posted on TheTruckersReport.com on 7-18-2012
Current client complimented TBS’s automatic credit checks.
5 – Positive Report
Positive comment w/recommendation was posted on TheTruckersReport.com 1-29-13
Current client stated:
“Try talking to TBS out of OKY city heres there link http://www.tbsfactoring.com/ this is who we use for all our factoring and for the 2290 filings. They have online credit checks or you can call, really nice and helpful folks there.”
Additional positive comment from the same author:
“oh forgot to add that TBS has trippak scanning, transflo scanning or can fax, get bills in by 2pm central time, money be in our account tomorrow morning.”
6 – Positive Report
Positive comment was posted on TheTruckersReport.com on 1-29-13
Prospective client stated that he will go with TBS because he “heard from 2 other people about them.” (looks like he heard good things)
7 – Positive Report
Positive comment was posted on TheTruckersReport.com on 4-10-13
Current client stated:
“we use TBS out of Ok we really like them.”
8 – Positive Report
Positive comment was posted on TheTruckersReport.com on 5-8-13
Current client complimented TBS’s bookkeeping/payroll:
“I use tbs factoring for the drivers pay so I do not have to deal with any money. I get up at 0600 and do not get off computer till midnight. So you have to be dedicated to it and keep the wheels turning, if the wheels are not turning, you are not making money driver is not making money and he will find a different dispatcher.”
9 – Positive to Neutral Report
Positive to Neutral comment was posted on TheTruckersReport.com on 7-11-13
Current client stated:
“I have experience with a few factoring companies. Thus far my best experience has been with TBS, altho still not perfect. I have finally found a factoring company that seems to top them and I am excited about some changes.”
10 – Positive Report
Positive comment was posted on TheTruckersReport.com on 8-26-13
Current client stated:
“well not all brokers offer quick pay, thats why we use TBS factoring, flat 5% fee, free credit checks via internet, scan today, money in the account tomorrow.
11 – Positive Report
Positive comment was posted on TheTruckersReport.com on 9-12-13
Current client stated:
“We are with TBS Factoring and have not had any trouble at all and have had brokers go over 90 days, we do the flat 5% non-recourse and they pre approve all load amounts through internet credit checks and most of the time you will know right away.”
12 – Positive Report
Positive comment was posted on TheTruckersReport.com on 9-12-13
Current client stated:
“We use TBS and have done so since the beginning. They charge 5% of the invoice and, unless and original BOL is needed, they will pay from faxed and emailed papers and pay withing 24 to 48 hours depending on when they received the paperwork. You do not have to factor all you clients through them, but if you factor Company A, then you will need to keep factoring Company A with them.
Consider this also, since we started with TBS as non-recourse factoring, they have had to chase or eat close to $30,000 in non pay or delinquent pay. Could you afford to take that kind of loss?”
Separate positive comment from the same author:
“If you do non-recourse factoring with a legitimate factoring company, like TBS or Loves, you will not be charged back any money not paid by the broker. Since we started factoring with TBS over three years ago, they have had to eat $30,000 from no-pay brokers. However, they are able to financially weather this and use collection agencies to pursue the broker. We have only lost the 5% for the factoring fee.”
13 – Positive Report
Positive comment was posted on TheTruckersReport.com on 12-17-13
Author complimented Comdata offered by TBS.
14 – Positive to Neutral Report
Positive to Neutral comment was posted on TheTruckersReport.com on 1-25-14
Former client stated:
“When we obtained our authority we used TBS factoring service who supplied us with all forms and instructions on how to organize our office files. Whether you have one driver (yourself) or 100 drivers the system is the same.”
15 – Positive Report
Positive comment was posted on TheTruckersReport.com on 4-19-2014
Author:
“I’ve heard mostly positive things about … TBS…”
Author also hinted that TBS has no long term contracts and no termination fee.
16 – Positive Report
Positive comment was posted on TheTruckersReport.com on 8-31-14
Current client stated:
“I use TBS for factoring no I don’t factor every broker but they charge 5% and to me that is worth it not to have to do all the B/S billing, collecting, and financing some broker, or customer for a certain time period. I use there fuel card from EFS and get charged $1.50 fuel transaction fee and a $2.50 check transaction fee when I write myself a EFS check, I get .15 to .32 discounts at Wilco’s,Speedway’s, and a few others get .4 at Love’s and .2 at T/A,Petro,Pilot and such.”
17 – Neutral Report
Neutral comment was posted on TheTruckersReport.com on 9-1-15
Author complimented TBS matching quick-pay from brokers on non-recourse accounts.
18 – Negative Report
Negative report filed with BBB on 9-24-15
Current client stated:
“TBS received a check from a broker for a load I factored for $650.00 and applied to another load I factored for $800.00. They called me and said The $800.00 load was short paid and they would take $200.00 from my next factored load to cover the short pay. I immediately called that broker and asked why they short paid and was told they did not short pay and she was looking at the check copy that was issued. I then called TBS and told them a check was issued for the full amount. Five days later I received that check and notified TBS as soon as I got it. The next day I got a call from TBS as was told they were going to take the remaining $650.00 from future factored loads because they were told I received the check and did not send it to them. I sent the check to them and still they are taking $200.00 from every factored load. ********DO NOT DO BUSINESS WITH TBS. IF YOU DO YOU GET WHAT YOU DESERVE********** “
TBS did not file a response yet.
I spent years unfortunately with this company could not get them out of the chokehold they had on me. We made deals they broke them they would rewrite them even if they were contracts. They’re absolutely not to be trusted! The customer service is aggressive extremely rude! They don’t know trucking they don’t understand trucking!
****DO NOT DO BUSINESS WITH TBS. IF YOU DO YOU GET WHAT YOU DESERVE****
I am factory with tbs desperate to leave , after 14 years, stay way , NO COMUNICATION ,bad BAD BAD COSTUMER SERVICE