Switching Factors/Payments Vendors > Root Canals
Hot take, I know. This post is obviously biased and if you want any non-biased advice on buy out best practices, I am happy to provide additional insight to anyone in this group that is interested. When I reach out and show a Transport company or Brokerage a significantly better rate with a non-recourse option, lower cost of AR/AP labor, API integration, and their interest is peaked...rest assured that HaulPay teams have been laser-focused on how to improve and expedite this process. We complete hundreds of buyouts a year and have a transparent. well-thought-out process to help make this transition as smooth as possible. Step 1: Contract Review We’ll review your existing contract terms with you. Then you will give notice to your factor to terminate. Step 2: Aging Review You provide us with the aging for your current open invoices. We’ll use the aging report to verify what we can buyout. Step 3: Sign the Agreement In the meantime we’ll get your new flexible contract going to review. Easy peasy, lemon squeezy. Step 4: Onboarding Once the other factor accepts the buyout terms we’ll wire the money. You’ll start onboarding and factoring as soon as this is done. Any questions? dan@haulpay.io 562.261.2981