Brandi

Jun 21, 2024

Stuck

At first glance, company seemed professional. Told “next day” for factoring, even told that some loads would be “same day” if filed before 10 am my time. First few loads went through without a hitch, which looking back makes sense because I also run the fuel card through this company. We’ve used the same broker throughout, TQL. Over time, loads took longer and longer to be processed. I was told on one occasion that they were “swapping from teams back to the account managers” processing the loads. Once those loads are submitted you can’t change them to “express” for the $35 fee, you just have to wait it out. It became harder to pay dues on time because of their delay. Called and complained, was told that because of my company’s status, I would need “100% verification”. However, if/when I pay the $35 express fee, verification is same-day. Go figure. You will pay your percentage, plus your reserves, plus $35/per load if you want to see your money in a timely manner. You will also pay $9 - $15 *every time* you want to pull the money you’ve already submitted, unless you use their credit card… Hm. And they really, really want you to keep your money on their card and use it instead of your own business account. I can’t tell you what the fees are for their card, because I haven’t used it, but I’d bank on them making even more if you use their card. I’m now trying to get out of the factoring contract with this company, but it’ll cost me $2500 to do so. Can’t use the fuel card because I’ve gotten behind, even though they are going to get their money and any NSF fees due. They are going to get paid, you can guarantee. **Update** The company is now saying that they will charge $750 buyout fee and $2500 early termination fee. They are continuing to tack on extra fees. Will keep this review updated as the process moves along, so others know! Overall, I’d give this company *no stars*, if I were able. I’m putting this out there so that newer carriers, like me, who don’t have the funds to make many mistakes don’t do the same thing I did. I would not factor or fuel with this company again, nor would I have originally if I’d been aware. I don’t feel like this company wants you for the long-haul; I feel like they want to get as much from you as they can on a short basis, and then force you to come up with the money to get out, or suffer. Just my opinion. Beware. If I could do it over, I’d have gone with a factoring company that paid direct deposit on each load (in a timely manner, of course), but to my account, without holding my money hostage for yet another fee. And if fuel with same company, I’d’ve gone with one that pulled from the loads as delivered, not from the account. Not sure if this helps anyone, but good luck! Another update! Something else that needs to be put “out there”… I signed with eCapital on 3/25/2024. By 05/15/2024 I was on the phone, trying my best to get out of this horrible business relationship. Didn’t take long to realize exactly what the gig was here. When the alternate company contacted ECapital, they requested “any applicable termination, release, NOAs, buyout, and calculation report”. ECapital only responded back with, “…we would not be providing permission to Terminate the UCC filing at this time”. They offered no other information! Basically, told me and the other company that I belonged to them until they see fit to let me go—like a slave or property! I’m not even sure if this is legal, but I’m new to the game. In the process of finding out to help others. **I had the same company contact ECapital again (before I go out of business) on 06/21/2024. This is when ECapital finally responded with the buyout costs. Next day or same day my fuel card was cut off…** New update. 0722/2024, had to call them because my account was -7.50. Couldn’t understand why, as we have completely left the fuel card behind. Their explanation was that when accounts receivable are filled, if the 3.89% is not at or above $35, they take the difference. So, for a $550 load I had to pay $35 to get it same day/on time, AND THEN they charged me another $35 for my %rate, not 3.89%… That’s $70 for a $550 load, equals $480, also minus reserves held.