I started Pay4Freight out of a desire to get carriers paid faster than anyone else in the industry. Pay4freight was one of the first factors to do just that, paying a carrier from a fax copy of the Bill of Lading.
My other goal was wanting to simplify the carriers’ pricing so they knew what the exact percentage being paid was regardless of the time it took for the factor to receive payment.
Many companies were trying to hide their terms in impossible-to-read contracts. I wanted to be as transparent as possible.
Right from the start, I wanted to offer a non-recourse factoring so that owner-operators and trucking companies had the security that if the customer they had hauled the load for didn’t pay because of a financial issue, the invoice wouldn’t reappear for the carrier to repay.
For me, the most rewarding thing about running a freight factoring business is knowing that the funds we advance on a single truck operator’s invoices or a fleet of trucks are going to help take care of families. We want to keep the wheels rolling for owner-operators and trucking companies of all sizes.
I also find great satisfaction in hiring and training a staff of dedicated people who sincerely care about the carriers we have by providing them with an excellent service. A large banner displayed in our main work area reads, “Our Mission is to assist each carrier’s success through a team committed to achieving excellence.” I believe in that.
Without a doubt, it was survival times the first 2 years in business. The company was started in the middle of the credit crunch in 2008. The tragic loss of a business partner within 6 months of existence, and just before Christmas losing a favorable lending relationship resulting from bank credit tightening upstream was very challenging.
These experiences shaped me and motivated me to start NR Business Credit, a company that provides financing to small and medium-sized businesses in all industries.
I look forward to embracing all available technology for faster payment and greater efficiencies to all. I want to make your life easier and ours as well.
First of all, you need to have a vision for yourself, then sit down with pen and paper and run the numbers. Get your family and friends on board for their support since anyone starting a new venture needs as much help as they can get. Do your research thoroughly. Not all companies are equally ethical.
Take the time to read the reviews of potential partners. Do your homework before you enter into any factoring contract with anyone. Get help when you need it. It will save you time, aggravation and money. Have fun along the way. There is money to be made in this business. I have some additional tips that you can read here.
Never ever quit! And be prepared to experience some blood, sweat, and tears as your business may experience peaks and valleys along the way. I sure did. And I wouldn’t trade any of my experiences for anything.
And feel free to contact me to talk about how factoring fits in with your trucking operation. And if you want to know more about the kind of company we are, feel free to read our google reviews here.
My door is always open to you, not just for factoring but for any other questions related to your business.