Seeking Info on Eagle....

deamos88

Active Expediter
Thinking about signing on with Eagle. It's a factoring company. Has anyone out ther ever heard of it or know anything about it? Pros and Cons?
 

CharlesD

Expert Expediter
I don't know much about them. We use Coast to Coast Capital out of Berwick, PA. What I like about who we use is that it's a small operation and we're on a first name basis with everyone there. They also don't hold back a reserve like some of the bigger ones do. The downside is that they're a small office working banker's hours so we can't talk to anyone after hours. If you need to reach someone at any hour of the day, Eagle might be a better bet. Here are some questions I would get answers to before deciding.

1. Do they hold back any additional money besides the fee they take for factoring? Some companies say the fee is 5% but you turn in the load and you don't get the full 95% of the invoice right away. They'll pay you maybe 90% of your cut up front and the other 10% when they get paid by the broker. That can be an issue if you have drivers you need to pay and you want to pay them their full amount and still have something left over.

2. Recourse or non recourse. Non recourse means that once they pay you, you have nothing left to worry about, but these companies are usually the ones who hold back more until they get paid. Recourse factoring means that if they get stiffed on the payment, they can come back and get the money back from you. Coast to Coast is recourse, but we always check the credit worthiness of a broker before deciding to do the load and we haven't had them come back to us yet in the four years we've been with them.

3. How are they going to pay you? Do they do comdata or similar? How long do direct deposits take? How do you have to submit your paperwork? Will they take faxes or scanned copies or do you need to mail them?

Hope that helps.
 
Top