Reported about 12 hours ago
Bryan Alsobrooks, president of Phoenix Capital, discussed the challenges facing factoring companies at the FreightWaves Festival of Freight. As shippers extend payment terms from 30 to up to 120 days to manage cash flow, factoring companies are consequently forced to increase their fees, further squeezing carriers and brokers. Despite a weak market, there is ongoing industry consolidation, with smaller factoring firms seeking acquisition by larger entities like Phoenix, which benefits from lower costs of funds due to its bank affiliation.
Source: YAHOO