Episode #14 Factoring 101 with OTR Solutions' Gary Walker and Cam Ferguson

Factoring is an integral part of the transportation industry. the Transportation & Logistics Clubhouse welcomes OTR Capital to have an in depth discussion on the power of purchasing invoices. 12.1.2021 https://otrcapital.com/clubhouse/ Powered by ⁠Atlanta Dispatch LLC For Dispatching Services: www.atlantadispatch.org Podcast Website: transportationandlogistics.club Join our newsletter: transportationandlogistics.club/newsletter Learn how to dispatch: Physical Book Copy: transportationandlogistics.club/amazon eBook: https://books2read.com/u/4jqlzX Stay updated with our happenings: https://linktr.ee/transportationandlogistics?utm_source=linktree_profile_share&ltsid=601f8834-e86c-4ff1-a555-2d9ff17f1735Listen on Youtube:https://youtu.be/OovbXKi_9N4 Intro/Outro Music Shoutout: Positive Hip-Hop by MaxKoMusic | https://maxkomusic.com/ Music promoted by https://www.chosic.com/free-music/all/ Creative Commons Attribution-ShareAlike 3.0 Unported (CC BY-SA 3.0) https://creativecommons.org/licenses/by-sa/3.0/0:00 Intro and background of guests 10:30 Common misconceptions about factoring services 16:20 What is factoring 17:12 How factoring companies come up with rates 19:24 How personal credit for truckers plays in factoring and how to avoid scammers 28:00 How brokerage can put themselves in positions to be more factorable / attractive to factoring companies 32:38 Differences between a recourse program and a non-recourse program 37:24 Additional things a carrier should have in place to qualify for the non-recourse program 38:31 Factoring direct shippers vs going through a brokerage 40:28 Carrier contact payment schedules and electronic payments 43;57 Charge Banks defined and what it signifies 46:31 Benefits for a dispatcher working with OTR Capital 52:55 Paperwork necessary for a carrier or broker to get set up with factoring services from OTR Capital 53:58 Is there a minimum amount a carrier must factor with OTR Capital monthly? 55:29 Can a carrier work with two companies, one with a monthly minimum and one with not? 56:18 Can a carrier transition to OTR Capital from another factoring company? If so. is there a fee involved? 59:06 OTR Capital and buyouts 1:02:30 Does OTR Capital work with carriers at a personal level? 1;05:32 Goals for OTR Capital 1:12:12 Does OTR Capital accept credit checks? 1:14:44 Contact information and closing remarks 1:17:21 Parting shots 1:19:38 Outro