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what's up guys it's the trucking guy coming at you want to make a quick video man about how do i get paid faster from hot shot trucking or trucking in general right so you started your own authority or you're interested in getting in and starting your own company starting your own business and you're thinking man how can i cash flow this thing i don't have a lot of money i can't wait 30 60 90 days to get paid right you've seen the stuff on youtube it's taking you a while to get paid from the uh the shippers right so some of these jobs they might not pay for a long time okay so how you gonna wait 30 days to get paid the answer is a factoring company okay a factoring company is a company that will buy your invoices as you do the loads provided that they have good credit with the company that you're working with um that they pay on time okay which means they're usually that 30 45 days and they're a good company or and they're not a new company they've been around for a while right and they basically take a percentage usually a good percentage for a company starting out would be three to five percent um if you can get three great a company that's doing x amount per month but it's usually around um fifty to sixty thousand dollars a month uh revenue that you're doing which would probably be a you know three truck company um they can see a discount as much as uh one and a half percent okay if you can get with some of these companies like otr capital triumph business capital is just you know a few to name a few um trans am financial um there's there's a million of them guys so just basically google factoring company try not to get you know suckered into a loop really do your due diligence and find the best company that works for you that you feel comfortable with okay um but if you can get three percent basically on a thousand bucks you're paying thirty dollars for them to advance you the money usually same day of the delivery or next day okay so as long as you turn in your paperwork saying that you had somebody sign off on that delivery that you delivered that load in good condition with no damage and no problems um and you and you vetted them up front they usually give you a portal when you sign up with that factoring company they give you a portal that allows you to do credit checks on companies okay so you'll you'll put the brokerage mc number in or you'll put their the the company's uh information in and they'll they'll come up in their system say okay they're they're set up with us they have good credit or they're not set up with us but we can get them set up um based on a few factors right so they give you the portal the portal is important because you want to credit check every load that you do unless you've obviously you know some of these big conglomerate companies landstar you know some of those that you may not have to because obviously they're they're a big conglomerate multi-billion dollar company and they're obviously going to pay their bills right but a lot of these small mom-and-pop brokerages or smaller companies that you're gonna you know haul for um and you know inspect in vehicles for instance they usually pay cash at venmo cash on delivery credit card so you want to be set up with your business you know through square or quickbooks or into it um you know some type of of credit card processing um or debit card processing that you can actually accept those type of payments um so that's another thing is you want to make sure you set up with a factory company that allows you to factor some of your invoices and not all of them they give you ability to do both because if you set up with a company in the contract it says you have to factor everything through them that means that every load that might be cash or whatever they have to know about it and that it has to go through them and they get their percentage on it and it's just creates a little bit more of a hassle when that person may have cash to give you or a debit card or credit card right there on the spot you can get your money quicker and you know with with processing uh through credit cards you're still gonna have you know two percent three percent one and a half whatever it is swipe um so i mean those those you know charges still incur but if you want to have your money quick and now you can get paid in some of these companies like transit financial i know and some of them they'll actually do a same-day wire so if you deliver that load at noon and you have clean paperwork saying that you delivered it um you can literally submit that paperwork to them and they'll wire the money to your account minus their fee okay their fee may be three percent uh four or five um don't go any higher than than five try to get three if you can starting out a new trucking company should get three percent um if you're just a one truck operation i think you can get with companies like um otr capital uh or even negotiate sometimes their their their introduction fee may not necessarily be set in stone that you may say you know hey i'll sign up but i don't want to pay five i want to pay three um you know and see what you can get you know obviously you're not going to come on at one and a half there might be companies out there that sign over you know new introductions at uh at one and a half i i haven't heard of any but there may be some um i know some of my uh friends that are partnering with different ones uh you know i think there's like thunder funding or something there's several different ones um but just basically do your due diligence find out and once you submit your information to them and you call them they're going to be calling you guys constantly especially if you're a new authority or new in business and once you sign up some of those contracts are set in stone especially like trans and financial they're known for being set in stone and you can't really transfer okay so once you've factored if you want to transfer factoring companies usually there's a six month or a year contract they do what's called a buyout because you may have factored say 60 000 worth of invoices that month but you want to switch to a new company okay um well what happens is this factory company paid you in advance for stuff that they haven't gotten paid for yet right so that's still on their book of business so they can't close your account up to zero until all of those invoices pay well if you did them here and their net 35 40 90 days or whatever and those those invoices might not pay for that long time well you're stuck with them for 90 days unless they get their money right so you're not gonna get your money um or be able to transfer into another contract unless they're settled right their company they have a zero on their on their balance sheet right so what happens is another factoring company comes in you decide to sign on with they do a deal between the other factor company they pay them for those other invoices and bring them over to their company now that those are on their books um and they have those on their receivables and um you know you don't have to worry about um owing the other one money okay so that's a buyout is what they call that and that's how you would transfer from one company to another but coming in that's how you you know you got to have cash flow cash flow is important to your business you know i always uh heard this and i think my father told me this a lot is it's not um considered a profit until it's in the bank okay so money that you might be waiting on is not money that you've made okay money that you've made is money that's actually collected in the bank in cash and liquid assets so if you know you get into a situation and i know some people in the industry hate factoring companies they hate the thought of giving somebody a percentage and they say that if you need that that you shouldn't be in this industry right that's what they say a lot of these people they say you see them on facebook youtube um instagram oh man if you need to use a factory company then you can't afford to be in this business you're just you know a ticking time bomb ready to go out the door and go bankrupt and that's not true guys because this is not only the only industry that that gets advances like that there's tons of other you know in the construction industry um and many other industries they they sell off their their their invoices right or even in uh um car sales right me people don't know this but in car sales um a lot of people if they have in-house financed accounts or buy here pay here there's companies that'll buy their whole book of business so they can free up capital to go buy more cars and then they also have what's called a floor plan okay so which means that the cars you see on a car dealership those car dealers don't own all of those cars or all that inventory a a floor plan company which would be like a factoring company basically allow owns the cars puts them on their lot to display them and then once the car is sold they pay back the floor plan company or what would be the bank um in some instances and then they take their profit okay and put it in the bank and then it's received you know it's actually considered a profit okay so they don't own all that inventory you know i don't i'm not going to sit here and wait on you know we're a pretty decent sized company so i would have to be waiting on you know i'd have to have probably five to six hundred thousand rolling all the time within 30 days and that would be you know who would want to do that anyway he would want that liability and at the size that we're at it just doesn't make sense why would i want to put 500 000 of my money out there and just constantly have it in uh in limbo to make a small percentage so it just makes sense to let these big companies these are these are probably you know billionaire hedge funds um you know some of them are trucking companies that just their billion dollar trans am financial i think jb some of these other companies that just have you know billions in in revenue assets sitting in the bank so what they do it's another way for them to generate revenue by putting it out on the street and making a percentage on it um you know so it's not a bad thing to factor guys and it's it's something that you necessarily have to do you know i've seen a guy the other day talking about it which made me kind of want to make this video and he said you know maybe i won't use factoring in the future you know this and that whatever um you know i'm using it right now so far it works for my business model i like it um but why would you not want to use it in the future even if i was a multi-million dollar company why would i not want to use factoring you know i had a guy on a show that i did he was just basically like i would never use a factoring company you're half an idiot you know you shouldn't use a factoring company i don't need to pay anybody one and even one percent to hold my money and this and that and i said well you know in my opinion i don't want to put if i was running 50 trucks why would i want to put a million dollars or 2 million dollars in limbo between payroll expenses um and whatever just to make that extra one and a half percent or one percent i'm gladly going to give up my opinion is i'm gladly going to give up one percent or one and a half percent in order to get my money in the bank today now okay um that's just how i think and that's how i think you guys should do business especially coming into it being new not knowing the industry how do you get paid quickly use a factoring company um because the minute you deliver that load you've got your money minus their fee okay and you can go on to the next slope and basically forget about that one right um when looking for a factory company one very important key piece is that you want to sign on with somebody i believe otr capital does it um there's some other ones that they call it um chargebacks okay so there's recourse of non-recourse what recourse means they're going to come after you if they've advanced you the money and they paid it to you on that invoice and then that company never pays they're going to take that money back out of either future invoices that you have or you know they're gonna get it some way or another okay they're gonna make you have reserves which is when you come on with them the first three loads they keep in a in basically like an account or in your portal and you know that three grand or whatever they they make you keep um just there in limbo you know kind of as a a cushion you know something happens say you do a load that load never pays they can take it out of that three grand so they can get their money back okay um for that load now if you credit check and you vet the companies that something like that should never happen but it does happen in certain circumstances um where a company maybe goes bankrupt or they're slow pay not necessarily um that they're not going to pay but they don't pay maybe it's a military or government load and they pay you know like we had a couple that paid at six months um so with the factory company that we're with they actually had not they have a 60-day uh chargeback which means they take a certain percentage of the money that they advance you back at 60 days if that company doesn't pay okay so i know that sounds confusing guys but at 60 days okay they've let it go 60 days and they still haven't received their money the factoring company that they advanced you right they're going to take a percentage of what they advanced you back and they may take it out of a next load so the load that you're going to do right now you turn that load into the factory company they're going to keep a percentage of it because this load didn't pay them okay at 60 days all right and they're going to give you the rest of the money for the load that you delivered now um what is also going to happen is that 90 days they're going to take the rest of the money if they still haven't been paid they're going to take the rest of the money back out of another loan so say this is you know on on monday of week one in the month they took back um 50 just hypothetically i know it's different percentages i don't know the exact percentages but uh they take 50 of the invoice that didn't pay out of one that you turned in to get paid on it maybe you need that money maybe you know you is a tough month you didn't book a lot or or you know you have family illness and you were home a lot and you didn't run a lot and you need that money to keep going to pay for fuel or to pay for for a breakdown or tires or insurance or truck payments so having a company that's going to have a chargeback or a recourse take that money back from you is it sucks because now you're really responsible for that load that never paid that you hauled um so that's why you always do your credit checks guys you don't want to you know get quick and get excited about a load and they don't credit check and you get over there to deliver it and then you come to find out you credit check them later or after you've already picked it up or or you know maybe the cod load um you know check on delivery or cash on delivery and then you get there and it's not cash and it's all here's a check and the check's no good it bounces at the bank and you factor you know you can't factor it or whatever so uh usually the factoring companies won't factor the load if they have bad credit and you didn't credit check and do your due diligence up front in the portal you pick up the load go down the road and then you're like oh i want to factor this load and they'll say no so now you have a load on your trailer that they won't factor maybe you don't have the money to to to keep going after you've delivered that load maybe you've got a fuel you're out or whatever so that puts you in a problem that you don't want to be in guys um so getting a non-recourse company which means they won't take the money back from you okay they won't they don't have chargebacks at 60 days they don't have charge back at 90 days ask those questions you know in the contract see when they come on there's oh yeah what do you you know three percent okay but there's other fees also like you know two dollars at atm fees that they charge yo on top of what an atm's going to charge you okay to get the money off your card or off your portal because they don't necessarily always fund to a bank account sometimes they fund to a fleet card which you can use you know at the truck stops or you can use it atms to take it off or you can then wire from that fleet card to your account and sometimes they do wire straight to your account just it's based on many different options that they have and and every factory company is different okay but the important questions to ask when asking or or inquiring about a factory company is do what is it non-recourse or is it recourse most of them are going to be recourse okay why would any company guys um advance you money and not have a way to get it back if they don't get paid okay they're giving you an advance on something and taking a small fee but they never get paid for it they would go out of business if they did that so they're always going to get their money back some way somehow but if you if you set up with the right company and you have a credit check portal and you do your credit checks and those companies that you haul your freight for and those loads for are set up with your factoring company that should never come up that issue should never come up because most of your companies have been around a long time that have good credit um they pay their bills you know net 45 days most of the time and you don't have to worry about it okay but the main thing is um getting with a company that you don't have the chargebacks because the company that i'm with you know it's tough but we have chargebacks and you know we may be moving somewhere in the future or whatever but our contract's so tight it's very difficult so you know knowing what i know now i may have went with a different company but what happens with the chargebacks it's a major inconvenience because when you have and if you're thinking about growing a fleet of trucks okay um or even if you're just a one truck operation and you're hauling freight and you're factoring these invoices all the time and you have to say 60 000 and invoices and you have a load that didn't pay at 60 days but they they like some companies pay at 70 days they have an average they usually pay 70 72 days um so they didn't pay at 60 days now the factory company takes 50 of that load back even though they're going to pay right it's inconvenience that you have to pay the money back and wait 15 20 days to get paid back so it's kind of an inconvenience to do that um so try to get with the company that doesn't have chargebacks at 60 days or even 90 days or no chargebacks at all because that would be the most uh you know positive outcome for your business so you don't have to deal with these chargebacks going back and forth because even though you credit check them and they pay they pay it 90 days 70 days whatever um or maybe there was a situation with that load that they thought it was damaged and it wasn't damaged or it wasn't anything you did wrong or they thought there was going to be a deduction rate because you were late on the delivery because somebody said that you have to work out that problem but you weren't late on the delivery and they wrote it on the bol so you submitted it got factored for it and now they went back and look at it um and they haven't paid you know because it at 60 days so they take that 50 back out of another load that you submit well now you're short 50 on that load that month even though that company pays 15 days later 20 days later this kind of thing happens to us a lot and it's an inconvenience in business so when looking for a factoring company to get paid quickly look for one that does not um have a chargeback at 60 days or 90 days because most even if it was at 90 days that would be okay because 99 of your companies pay within 90 days okay i've had a few over my career that paid at 120 um or you know more than 90 days okay or right at 90 92 days so they i got charged back but it was for like two days and then i was able to get the money back um you know so but what happens with a large amount of trucks and i have all this payroll to make with uh you know the factoring company and i have two or three of those hit at 70 days at one time you can see how it can be six thousand ten thousand dollars like that that they're charging me back for 10 15 days and i have to have the money in the bank um to cover that in order to pay my drivers because if they submit a load they want paid on it they're not going to want to hear oh well you know my other driver had a charge back i got to wait to pay you two more weeks or out of this next load or whatever no driver is going to want to hear that right so it's very important that you get with a company that doesn't have chargebacks at 60 or 90 days or at all if you can try to get with a company that doesn't have chargebacks maybe until you know one obviously they're gonna they're gonna come after you at some point or charge back at some point but if it's six months down the road they didn't pay and they come back after you you know that's not that's not a bad deal because you're not gonna try to set up and work for companies that would do something like that and if they did it would be a one percent time out of 99 you're going to be fine you can be able to run your business smoothly um you know and no have no issues so that's my two cents guys factoring companies are a necessity for small businesses just like a floor plan for a car lot is a necessity for small companies unless you know that person is a millionaire goes into business and wants to put a million dollars of their inventory out on the lot um you know there's many other construction industries you know sometimes you don't think about this but construction jobs get finished they have factory companies for that as well they'll actually factor say even small businesses you know roofing companies are things they'll factor that person doesn't pay for 60 90 days or as a corporate job and say that's a million dollars that's owed and they're not going to pay it like walmart for instance they paid i think when we did walmart work back in the day they paid like every 90 days or 120 days every four months is when they cut checks for the whole corporation so it doesn't matter what you do that's when they pay their vendors that's when they pay so what do you do to wait that long well you would just go get an advance from a company that would take two percent so if you just factor that into the deal when you sell the job you or whatever you would just say oh you know i had another two percent so that we can get paid quickly and then they can get way to get paid from walmart because they're major money companies and it doesn't hurt them to wait 90 days our major conglomerate banks there's many industries that do this guys and it doesn't mean that you're you know small or your mom and pop or you have to feel inferior that you need to get the money quickly because you just bought a truck you just bought a trailer you got your credit cards maybe racked out you bought tarps chains equipment um binders and hot shot for instance or or you just bought a new freightliner you're leasing a trailer and and whatever you got to have that cash flow right you just can't sit around and wait 30 days and even if you could why would you want to in my opinion the people that say that are probably not even one percent but half of one percent of the market the rest of everybody's using factoring companies in the trucking industry that half of that one percent in my opinion are not very smart because they're not big enough they're not big enough to absorb a loss or a major claim or a major incident because they've got all their money tied up in in waiting to get paid right whereas the situation that something happens to us we've got all our money in the bank you know so if we get rmc number get shut off tomorrow and all of our trucks stop moving i don't have to you know wait 30 60 days for a bunch of checks to come in or a bunch of money to come in i've already got the money in the bank so you know in my opinion that is the best way and you're giving up you know say for instance if it's three percent on a thousand dollars you know do the math guys it's not even it's 30 bucks you know if it's three percent on a hundred dollars it's three dollars you're paying three dollars to get 97 who wouldn't do that okay who wouldn't pay 30 bucks to get a thousand to get 970 advance like that within an hour okay or as fast as you submit it maybe you have the money next day in the morning okay that's how you have cash flow that's how you pay for fuel breakdowns tires maintenance things that come up um you know truck payments that's how you keep the the wheels turning and it is in a business is cash flow and you hear all these you know mentors and coaches say cash flow is king cash flow is king cash flow is king cash flow is king guys in any industry that i've been in any business that i've been in now i'm in the the the the car sales industry we have cardio um the trucking industry i've been in construction industry i've been in many different industries cash flow is important to business we used to love in construction we had a saying you have to do x amount of small jobs to be able to front these big jobs because the big jobs don't pay out you know 30 60 90 days 120 even and maybe you're on that job for six months or even a year okay if you don't set up draws within that if you're a certain size company and can't absorb waiting a year to get paid how do you keep going right it's the companies that have other uh sources of income smaller jobs day jobs that that pay by the day to be able to front that job and front those those crews that payroll the the the materials the whatever so um that's my two cents guys is factoring companies are good get one that uh is non-recourse if you can um look really hard for that they also sometimes bundle discounts in there that you think are going to be really important and sometimes on the road they're not that beneficial like tire discounts most the time sometimes you can get your tires cheaper elsewhere than where they're partnered with fuel discounts if you're going to get on with a fuel card i know some of them used to be limited to certain you know like some how to deal with pilot fly j someone had deal with loves ta petra whatever try to get one if you're going to get a fuel card in your that's something that's important to you get one that'll work everywhere because in some parts of the country guys there's no fly jays or or or pilots you know in some parts of the country there's there's no loves or tas so you want to be able to go to any if that's important to you it's not to us but it may be important to you to get a good discount a fuel discount through them and they may say oh because of our fuel discount they might talk to you and say hey uh you know you're going to save more money with the fuel discounts be more important and the tire discount then than that and we'll give you five percent in my opinion no you want three percent starting out if you can get it if you can get less than that you're really winning guys at the level that you get to three four five six trucks you should be paying no more than one and a half percent um and you can see that going from three or three and a half to one one and a half that's a huge amount of money you know um and it makes a big difference over over the course of of many trucks so when you extrapolate that data out two percent is a lot of money okay so i know sometimes we'll give you know guys that have been with us a while an extra two percent or five percent off of their lease deal that we do and sometimes they're like hey whatever but when you sit down and look at that math guys that's an extra thousand dollars a month fifteen hundred dollars a month that's that's a lot of money guys that's a truck payment you know those those are are our trailer payments you know or an upgraded trailer new equipment um you know or your insurance payment that basically you know us giving up that five basically means that we're paying your insurance um to an extent or something like that you could look at it that way but uh factoring companies are important you need them guys you guys need to get the best deal that you can you need to find when there's no recourse um and like for instance in a situation like the one i was telling you about where you have a load that didn't pay it at 60 days and they're charging it back against the load that you're you're submitting now um sometimes what we'll do is we'll get confirmation from that person that they've mailed out the payment um because they usually do mailed checks it's kind of you're waiting in the mail all the time right so get confirmation that they mailed out the check and if you guys are with trans am confirmation that they've mailed out the check um or some type of of uh guarantee that the check's been mailed out and that it's going to be paid and submit that to them and they won't charge back they'll wait that another 10 days or or or five days or whatever to get that payment receive it put it on the books recognize it as a turned in and they won't charge it back so they still that's just an inconvenience that i have to pay somebody to monitor all the time and and do check calls with these brokers and customers hey did this get sent out hey did this get paid where excuse me if you were with a company that doesn't charge back at 60 days or 90 days you would not have to worry about that so um that's just from my experience guys um you know pretty soon we're gonna probably be partnering with a couple of factoring companies to offer some sort of discount just haven't done it yet um and i think once we get to a certain size we'll do things like that um on on the social content platforms but a factoring company is important get with one if you're if you're worried about how you're gonna pay this that's how you do it you can get into the industry you can haul a load and get paid as fast as tomorrow so um that's the way the rest of us do it 99 of the industry the other one percenters that are going to say oh factoring sucks the trucking guy doesn't know anything this video is not for you guys uh trucking guys signing off see you later