get early paid

Hi there Anybody heard about bbbfinance.com They claim that they can pay early invoices Special design for courier business They advert on courierexchange.co.uk Is it true?

They are a factoring company like anyother... You will get paid early, but for a fee.

A lot of people won't deal with factoring companies so i'd avoid if i were you

When Rico was in its early days they used to use factoring companies and were charged about 8% for it

Get paid early, don't be courier.

You'll find many courier companies that use you may well NOT use you if you factor through someone like bibby

I myself will not use anybody that factors

I pay whoever it is that does the job, and as I've never asked a factoring company to do a job, then i won't pay one for doing a job

Same here Mr Speed we pay on the 15th of every month to the person that does the job

I avoid couriers who use factoring companies like the plague, if anyone wants paying early, then just send me your invoice directly!

Factoring=SKINT in my view

Absolutely... Cashflow is the biggest killer in any industry but if you have no reserve then maybe you haven't got a business in the 1st place.

Factoring Companies are like these loan companies you keep hearing about, they prey on the vulnerable and charge you a hefty fee for something you can do yourself.

If you need a factoring company cos your customers keep paying late, then don't do anymore work for them, they're not worth having

Ricochet weren't skint they were going through rapid growth at the time and to have 500 companies on 60 day terms and having to pay 100 drivers weekly made sense for them at the time. Correct it is just about cashflow and the drivers needed to be paid.

Factoring companies are not than much help with customers who are very late in paying. For example, they may well advance you the money, but if they then do not collect the money in 45-60 days from your customer, they then take the money back from you that they advanced and charge you a penalty for their failure to collect the money!

I am not sure if they all operate like this, but there is so much small print, it's very hard to know what you are dealing with.

My advice would be to get an overdraft instead, it's cheaper and won't annoy your customers like a factoring company probably will.

OMG I agree... Wooohoooo

Don't hold your breath, read the other topic, lol

Hang on did you 2 just agree on something?

Oh don't worry, it won't last long

Lol didn't think so

I'm surprised to see some remarks here about factors. Factors have been around for a long time, I personally have used them in various companies I have been involved with whilst looking for growth. Most people realise that banks will not lend to anybody certainly not to start up businesses. Whilst we have a number of companies That pays on very good terms, the majority don't. I believe factoring can be advantages to build business, but factoring companies need to be controlled. They don't do a good job collecting money, do credit control in house. I fail to see remarks like I won't use a company that factors, I believe service is the main criterion.

If you do factor invoice please say so when quoting, don't bring it up later

These companies (and one in particular) are a real bug bear of mine.

The reason why I avoid dealing with couriers who factor, is because the factorer's contstantly waste my staff time making useless phone calls about nothing important, plus chasing invoices we have already paid or which are not even due and even worse, chasing invoices we have not received a pod for. Most of them do not communicate with the business or person they are acting on behalf of.

If all the above isn't enough to p*** me off, then on top of all that, there is the ridiculous reams of waste paper they send to you, the vast majority of which ends up in the paper shredder.

I'm just not prepared to deal with it, unless I have to. Business decision.

I have a very hungry silver thing in the corner if anyone wants to send me a "factored" invoice, particularly when its after i've paid the courier concerned directly.

It doesn't bother me in the slightest, just wasting their time not mine

The 2 jobs you've done for us so far, both have been paid on receipt of invoice. We steer away from anyone who factors our invoices, as there isn't really a need to. By the time you submit to factoring company, they send out statement, you send invoice and pod... You would have been paid. Although this probably does not apply for many of the other people you do work for. Weigh up your options and think long and hard beforemfactoring your invoices.

Believe it or not, I agree with mr courier experts post further up this thread :-0

Courier Expert said:

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These companies (and one in particular) are a real bug bear of mine.

The reason why I avoid dealing with couriers who factor, is because the factorer's contstantly waste my staff time making useless phone calls about nothing important, plus chasing invoices we have already paid or which are not even due and even worse, chasing invoices we have not received a pod for. Most of them do not communicate with the business or person they are acting on behalf of.

If all the above isn't enough to p*** me off, then on top of all that, there is the ridiculous reams of waste paper they send to you, the vast majority of which ends up in the paper shredder.

I'm just not prepared to deal with it, unless I have to. Business decision.

HSP Couriers said:

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The 2 jobs you've done for us so far, both have been paid on receipt of invoice. We steer away from anyone who factors our invoices, as there isn't really a need to. By the time you submit to factoring company, they send out statement, you send invoice and pod... You would have been paid. Although this probably does not apply for many of the other people you do work for. Weigh up your options and think long and hard beforemfactoring your invoices.

Believe it or not, I agree with mr courier experts post further up this thread :-0

Get back to bed.

AJM sameday Couriers said:

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HSP Couriers said:

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The 2 jobs you've done for us so far, both have been paid on receipt of invoice. We steer away from anyone who factors our invoices, as there isn't really a need to. By the time you submit to factoring company, they send out statement, you send invoice and pod... You would have been paid. Although this probably does not apply for many of the other people you do work for. Weigh up your options and think long and hard beforemfactoring your invoices.

Believe it or not, I agree with mr courier experts post further up this thread :-0

Get back to bed.

Pmsl :)

I agree, some serious know it alls on here.

For what its worth, people run their business as they see fit, and it matters naff all what bank account one pays into from an invoice. I do not like factoring and it is NOT how I choose to operate, although I can see it may well suit some to do so. It has no impact on the service offered and it possibly means some are paid on time as funds are available for them to do so.

I don't want to go with that kind of companies like bbfinance.com but I would like to know how does it work

We will not use them if customers does like those kind of companies like bbfinance.com Thanks

RLT - have never assumed I know it all, and never will.

The OP asked for an opinion on factoring, on which I gave an opinion, not everyone is going to like the responses but theres no point in beating around the bush, just say it as you see.

AJM - you mean get back to bed because I agree with courier expert? Or get back to bed because you disagree with the statement?

Everyone is entitled to their opinion, thought that is what these forums were for?

Devank Transport said:

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We will not use them if customers does like those kind of companies like bbfinance.com Thanks

You should do what ever you feel is right for our business.

YOUR

HSP Couriers said:

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RLT - have never assumed I know it all, and never will.

The OP asked for an opinion on factoring, on which I gave an opinion, not everyone is going to like the responses but theres no point in beating around the bush, just say it as you see.

AJM - you mean get back to bed because I agree with courier expert? Or get back to bed because you disagree with the statement?

Everyone is entitled to their opinion, thought that is what these forums were for?

HSP Couriers said:

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RLT - have never assumed I know it all, and never will.

The OP asked for an opinion on factoring, on which I gave an opinion, not everyone is going to like the responses but theres no point in beating around the bush, just say it as you see.

AJM - you mean get back to bed because I agree with courier expert? Or get back to bed because you disagree with the statement?

Everyone is entitled to their opinion, thought that is what these forums were for?

Get back to bed because it was 5.15 am most people on a Saturday don't get up at this time, unless they are waiting for a biggy coming in.

AJM sameday Couriers said:

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HSP Couriers said:

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RLT - have never assumed I know it all, and never will.

The OP asked for an opinion on factoring, on which I gave an opinion, not everyone is going to like the responses but theres no point in beating around the bush, just say it as you see.

AJM - you mean get back to bed because I agree with courier expert? Or get back to bed because you disagree with the statement?

Everyone is entitled to their opinion, thought that is what these forums were for?

HSP Couriers said:

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RLT - have never assumed I know it all, and never will.

The OP asked for an opinion on factoring, on which I gave an opinion, not everyone is going to like the responses but theres no point in beating around the bush, just say it as you see.

AJM - you mean get back to bed because I agree with courier expert? Or get back to bed because you disagree with the statement?

Everyone is entitled to their opinion, thought that is what these forums were for?

Get back to bed because it was 5.15 am most people on a Saturday don't get up at this time, unless they are waiting for a biggy coming in.

Unfortunately, it was work related, and 2 drivers were already out and customer decided to call for a third! Couldn't get back to sleep at 4am so did a bit of light reading instead!

HSP Couriers said:

Believe it or not, I agree with mr courier experts post further up this thread :-0

That sounds a bit like Gordon Brown's famous line 'I agree with Nick' lol