I worked with these guys for almost two years and had a very good relationship with them for the majority of that time. They helped in every way at every turn and in general gave good service and did what they were supposed to do. Excluding our time with a new account manager, we were very happy with their service.
HOWEVER, When our company was going under we saw it coming from a long way off. We started with one truck and grew into a four truck operation and were able to see the end on the horizon after a string of unfortunate circumstances. After working so hard for so long, I was losing everything and their was nothing I could do about it.
John Echols over at Steelhead Finance was a friend at this point, after all we had worked well together for so long and even went out for drinks a time or two when our paths crossed. I called him up, told him our company was going under and explained our circumstances and he said not to worry about it. We needed to make sure that we didn't have any cancellation fines, fees or penalties of any kind because we had bills to pay and were bleeding money in a bad way.
An hour long conversation later he specifically told me that he would talk to the powers at be and that because we were closing and NOT attempting to jump ship to another factoring company, we would be ok. As soon as our last invoice paid we would get our reserve account back in full.
THIS WAS A LIE!
Reserve accounts are sold to carriers in the following way. They are kept in order to cover non-paying invoices so that it doesn't hit your business to hard should a customer decide not to pay. This is also a lie. If a customer doesn't pay, all you have to do is file on their bond. It may take longer but you will almost always get your money. The credit department at factoring companies are really good at seeing a failing brokerage from a mile away so as long as you only haul for approved brokerages, reserve accounts are complete BS!
My entire reserve account balance was stolen from me as a cancellation fee. My business went under and as a result I lost an additional $3,253.63 as a final "F*ck You!" from a long term business partner. These are the people you would be working with should you choose to signup with Steelhead Finance. A company that would blatantly rob a failed business without apologies, care or concern.
Can you guarentee your new companies success? Because that is what you would need to do in order to prevent yourself from being ripped off like I was...
DO NOT trust John Echols. DO NOT work with Steelhead Finance. & DO NOT make the same mistake I did.
Steelhead Factoring Reviews
I worked with these guys for almost two years and had a very good relationship with them for the majority of that time. They helped in every way at every turn and in general gave good service and did what they were supposed to do. Excluding our time with a new account manager, we were very happy with their service.
HOWEVER, When our company was going under we saw it coming from a long way off. We started with one truck and grew into a four truck operation and were able to see the end on the horizon after a string of unfortunate circumstances. After working so hard for so long, I was losing everything and their was nothing I could do about it.
John Echols over at Steelhead Finance was a friend at this point, after all we had worked well together for so long and even went out for drinks a time or two when our paths crossed. I called him up, told him our company was going under and explained our circumstances and he said not to worry about it. We needed to make sure that we didn't have any cancellation fines, fees or penalties of any kind because we had bills to pay and were bleeding money in a bad way.
An hour long conversation later he specifically told me that he would talk to the powers at be and that because we were closing and NOT attempting to jump ship to another factoring company, we would be ok. As soon as our last invoice paid we would get our reserve account back in full.
THIS WAS A LIE!
Reserve accounts are sold to carriers in the following way. They are kept in order to cover non-paying invoices so that it doesn't hit your business to hard should a customer decide not to pay. This is also a lie. If a customer doesn't pay, all you have to do is file on their bond. It may take longer but you will almost always get your money. The credit department at factoring companies are really good at seeing a failing brokerage from a mile away so as long as you only haul for approved brokerages, reserve accounts are complete BS!
My entire reserve account balance was stolen from me as a cancellation fee. My business went under and as a result I lost an additional $3,253.63 as a final "F*ck You!" from a long term business partner. These are the people you would be working with should you choose to signup with Steelhead Finance. A company that would blatantly rob a failed business without apologies, care or concern.
Can you guarentee your new companies success? Because that is what you would need to do in order to prevent yourself from being ripped off like I was...
DO NOT trust John Echols. DO NOT work with Steelhead Finance. & DO NOT make the same mistake I did.
You have been warned.