03/14/2020
Beat Factoring Companies at their own game!!!!!!!
I've been seeing a lot of posts about factoring and the problems many of you have been having. While not an expert, I have been around long enough to see some of the dirty tricks factoring companies and shippers use to keep from paying you.
Here's a few:
Scam #1: "We can't read your copy of the proof of delivery BOL. It's too light and we can't make out the details." This happens when they are printing a 4 or 5 copy BOL and they give you the last (and lightest printed) page that you can barely read.
The fix: When they hand you the almost unreadable BOL ask for the original top copy. They will say they can't as they have to keep the top 4 of the 5 pages for internal use. So don't sign the BOL until you get them to xerox clear copy of the top page of the BOL for you. Everyone has a copy machine.......
Scam #2: Your factor doesn't require original doc's to process your invoice and you say "great, I won't have any FedEx charges." But then after 2 weeks they come back to you and say they can't use the pdf of your BOL because (and I've heard all of these)
a, the pdf is missing part of the page and we can't use it
b, the pdf is too dark and we can't read the signature
c, the pdf is too wrinkled and parts of the BOL are out of focus
The fix: Take shots of your BOL knowing that they need to be perfect. Your payday is counting on it. Use good lighting, flatten out the paperwork before shooting the image and ALWAYS have the person signing the BOL print their name under their signature. I provide every driver that works with me a RED stamp with a line for "signature" and "printed name" so you can stamp every BOL.
I'll be adding more information about factoring so keep an eye out.