Question:
Does anyone out there have experience with factoring companies, i.e. selling the bills minus a percentage rate. Waiting on these bills to come in is getting pretty tough. However, I don't want to be stupid and get locked into something or find out that their percentage rate is not really as it seems. Any input would be appreciated.

Answer:

Factoring Companies have sprung up all over the country in recent years. As with any business, there are good ones, and there are bad ones.
Off hand I would say that I have about ten or so clients using such a service. For the most part, they are all happy with the arrangement. Unfortunately I do not remember what companies they are dealing with, but I do know that there are several different companies used by these carriers. I can't even put a finger on who my clients are that are using these services so I can't even ask for the names, sorry.
I would recommend that you hop on over to the Owner Operators, Tax Office or the Driver's Round Table for additional input. There should be several guys and gals out there using this type of service that could help you.
Mel