Having Your Paperwork Together Will Save You Money in the End.
Season 1 Episode 36.
Kiedrain: Yeah, I lost a lot of money. Well, in the beginning I did, because I wasn't aware I had to take care of the paperwork. I didn't know what a BOL is. That's a reel of land. And I didn't understand the importance of making sure that that, that is signed because without that, you're not going to get, you're not going to get paid exactly.
Aaron: Right. Exactly. Go ahead. Wow.
Kiedrain: We're going to say something as simple as let's say, for instance, you have a factoring company. Okay. Well, a factoring company going to go ahead and pay you your money. It may be four or five months down the line. They trying to get paid from the company land store.
Kiedrain: And now they contacting you telling you, Hey, sir, we need the paperwork from four months ago and we don't have that. If you don't have the paperwork, they going to do a charge back to your account. So you're going to be waiting. You're going to wake up tomorrow morning, about 2000 going to be busy.
Aaron: So let's, let's talk about what a factory company is.
Kiedrain: A factory company is a company that's going to go ahead and pay you your money up front people. That's in the trucking industry. You're going to do business with a lot of companies that don't pay out for 30 days, 60 days. That's the, that's the payout process. But if you go through a factory company, they're going to charge you three, 4% of whatever it is you're getting paid.
Kiedrain: And they're going to go ahead and give you your money that niche today, or you can wait 30 to 60 days to get your payment, but in the trucking industry, you need that payment. That payment could be your fuel money.
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