Anyone familar with TBS Factoring?

I heard apex is a good factoring co. If you factor with them you get to use their fuel card, anywhere from .15 to .20 off cash price. Also, they charge 3% to factor. You don't have to factor all bills, and there is no minimum amount with them.

 

When i make a move in a couple of months, i will go with apex. There is no hidden fees. Just alone the fuel card pays for the service.

 

I'd take a good hard look at each factoring company's contract before you decide on one, some of them are pretty long and complex, not to mention full of loopholes for them and nooses for you.

A lot of the larger brokerages (Landstar, CHR, etc) have quickpay options around 1.5%. In addition, Landstar (and some others) will give the option of getting paid on a fuel card to get their wholesale plus pumping fee price on fuel(you can also get cash, of course).

I also looked into using a factoring company that provided a fuel card with a big fuel discount, but the contract was ridiculously long and had some pretty intimidating language in it. All these factoring companies claim they are more fair than the next one, that they have no hidden fees, et cetera, et cetera, ad infinitum. When you actually get into the fine print, they all (and I mean THEY ALL) do a UCC Filing on you, which basically means they have a claim on all of your receivables until you PAY THEM to remove the filing. Yes, you have to pay them to close your account. Borrower beware.

 

I use freight Capital, there contract was only 1 page long and right to the point no extra garbage to confuse you with and they take 4.5%. They also have a fuel card that gives .05 to .15 cents off a gallon. I went with them after checking Apex and TBS because with the 2 others you needed to be a lawyer to understand the contract plus they had extra fees that freight Captal did not. I only use them for companys that pay in 15 days or longer and like stated allready if you use brokers most offer quick pay for the same or less fee than the factoring company.

 

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.

 

Your probably not going to like my opinion,....

Why not just keep working where you are for a while longer??,........I would think it would be a good idea to save up a pile of cash and put yourself in a position to not need a factoring company,..........

Why let someone else put there hand in your pocket???,.......

If you are going to use brokers many have the "quick pay" option if you need the cash fast,...However I would try not to do that,...That extra percentage is all profit leaving your pocket,....

Just my opinion,........