Matt Moore, the host of the Trucking Finance Podcast and Video Series, is an expert at helping transportation companies of all sizes grow by giving them access to the working capital they need. He has over 25 years in the financial services industry, with 12 years in the transportation industry.
In this episode, Factoring Marketing Disruptions, Tetra Capital’s Matt Moore addresses a couple of important disruptions in the marketplace today.
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Hi, this is Matt with Tetra Capital. I wanted to address a couple of disruptions going on in the marketplace today. First is with interest rates on the rise, some factors have in their contract that their fee structure is tied to the prime lending rate. With that, the factoring fees are beginning to increase in the coming months, so please pay attention to any of those increases you may see. You might want to go back and review your contract to see if that’s going to be an issue.
Second is that some non-IFA factors are starting to create fees in order to keep people from leaving them. And even though they have fulfilled their contract and no longer face a termination penalty, we’re starting to see a handling fee coming up when we go to do a buyout.
So again, please pay attention to your contract, be prepared, and if possible, please choose an IFA member to factor with when you begin.
Good luck out there and stay safe, and we’re here to answer any questions you may have in regards to factoring. Thank you.