Trans Am Financial Services Trams Am Trucking Factoring, transportation, financial services, carrier, broker, Internet, Nationwide

Gladly, I can say that I unfortunately was a victim of this company. Worst decision ever made. I would just like to say that my experience with this company was not good at all. The details were not said when we signed the contract. We had been doing business without a factoring company for over 3 years. When we received several insisting calls from one of their sales employees, she did not give all the details. According to her our business would run smoother and our loads would be paid same day or next day. Well none of that happen.

Not only do they require you to send all the original invoices, but if a broker is not approved by their system, it will not be paid by them, but you still have to send them all the paperwork to their address. I can also say that their employees send crappy paperwork to the brokers. They lose e-mails and invoices and their paper work is very messy, I actually had to tell them how and where to submit my invoices to brokers properly and efficiently. Another thing is some of our brokers are local and we were used to take the invoices directly to them for faster pay, but with TRANSAM you need to send it to them, then they send it to the broker.

Also their fee is or was 4% and some of the brokers are 2% or sometimes they don't charge. I just found out that having a factoring company was a total incovenience for my business. Before their existence in my company everything was running smoothly. The only reason why we decided to try them out was because our business was expanding and we were planning to use new brokers, which we did not know about. Once you sign with TRANSAM it does not matter if you change your mind the same day you signed you are under contract and they will not for no reason get you out of it. I SAY DO NOT SIGN A VERY LONG 1 YEAR CONTRACT WITH TRANSAM FACTORING COMPANY OR ANY OTHER FACTORING COMPANY.

They are not helpful, and if it's because you don't trust a broker, well guess what they will not take the risk of paying your load to you either. If a broker does not want to pay a load, they will also not insist. You will litteraly have to their work of collecting a load if that happens. I would suggest to any new company to sign up with truckers edge where they rate the brokers. That way you know if they are high risk or not. I am just so relieved to have TRANSAM FINANCIAL SERVICES out of our business for good. Their release letter after 1 year contract was the best thing I received from them. I also got some feedback on another one of their customers and they said that they were having trouble getting paid by them. Just like us they would lose invoices and would never collect from brokers.

They send paperwork late to brokers that way they charge more if it goes over 30 days. For example, you send the invoices to TRANSAM, then employee does not check e-mails on time and will send their paperwork until a week after. The 30 day grace period for 4% started when you submitted the invoices to TRANSAM not when they submit their paperwork to the broker. Some brokers pay exactly at 30 days. So with TRANSAM you will for sure go over those days and the 4% they charge for collecting will no longer be 4%. I say it is a ripoff. They did that to me several times too. They also have several other fees in between. For example sending your money through EFS. There is a fee for that too. In conclusion, I do not recommend at all TRANSAM FINANCIAL SERVICES. They will give you a nightmare!