Fast Cash

Todd Dills | December 01, 2010
“I’m like anybody else – if they send it to me, I’ll spend it.” — Owner-operator Bill Showers, who has extra revenue diverted to his reserve account.

Outsource, like other recourse factors, keeps a certain amount of the invoice in reserve until the broker pays. In a typical arrangement, 90 percent of the invoice goes immediately to the carrier, a 3 percent fee is charged by the factor, and the remaining 7 percent goes into reserve. Today, says Showers, “I make them take 10 percent plus their fee out of every load I factor – that’s like a reserve account for me.”

If he needs tires for his 2001 Peterbilt 379, “I call them and take the money out of the reserve,” he says.

Showers, 72, is close to retirement. Factoring, he says, helped him get through the economic trials of the last few years. “It’s hard, especially when you’re digging up your own freight,” he says. “If it wasn’t for Outsource, I don’t know what I would do. Factoring has been a profit in my life – it’s made the difference between day and night. I’m not waiting on money, and I’m not sitting around worrying about it either.”


RESOURCES

D&S Factors, www.dsfactors.com, (888) 777-5543

FactorLoads, www.factorloads.com, (866) 218-0030

Neal Freeman Investments, www.nealfreeman.com, (253) 875-7200

Outsource Financial Services,

www.outsourcefinancialservices.com, (800) 997-7330

Riviera Finance, www.rivierafinance.com, (800) 872-7484

RMP Capital, www.rmpcapital.com, (631) 738-0047

SevenOaks Capital Associates, www.sevenoaks.com, (225) 757-1916 n

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