Aug 15, 2017 • Carriers

5 Best Things About Our Freight Factoring Company

5 Best Things About Our Freight Factoring Company

Why InstaPay is the Best Freight Factoring Company

Using a reliable freight factoring company like Trucker Path InstPay is a great option for owner-operators to better manage their cash flow. However, not all factoring companies are created equal. Here are five things that make InstaPay the best freight factoring company for you.

1. Non-Recourse Factoring – We Collect For You

Our non-recourse factoring means we assume liability to collect from your clients. We pay you for your invoices and we assume the risk to collect, not you. Choosing to factor with our factoring company allows you to operate risk-free and focus on running your business of hauling loads. Send us your bill of lading and rate confirmation right after you haul and we’ll get you paid!

2. Get Paid in a Day

It’s all in our factoring company name. With InstaPay, you no longer have to wait 30 or more days before getting paid by your clients. Our factoring company pays you within a day after hauling a load. it’s instant!

3. Flat Rate – No Fees

Our factoring company charges a one-time, flat rate which means there’s only a one-time charge of a small percentage of the invoice total. There are no hidden costs and you won’t be charged for ridiculous factoring fees that other factoring companies will.

We even offer a special rate on your first load and discounts for referring friends who want to use a freight factoring company like InstaPay as well!

4. The Most Transparent Factoring Company

There are no contracts or commitments with InstaPay, just a short list or terms to agree to. We don’t require you to factor with us for a specific amount of time or require a minimum volume. There is no fine print to worry about. We pride ourselves on being completely transparent.

You’ll never be forced to factor a specific volume or length of terms. Factor on your terms and use InstaPay anytime you want.

5. Easy to Use Right From You Phone

We know how busy you can be, especially when you’re always on the road. Factoring with InstaPay is easy to set up and even easier to use. Our user-friendly Truckloads app allows you to take pictures of your documents and send them right from your phone.

Don’t let your cash flow become an issue. Signing up with our factoring company is a breeze and you can get paid in a day! So what are you waiting for?

[button text=”Sign Up For InstaPay” href=”https://www.getinstapay.com” width=”250px”]

TagsFreight Factoring

Freight Factoring Fees [p]Some companies will charge freight factoring fees compounding the actual factoring cost for your trucking company to factor a load. [/p] [h2] Freight Factoring Fees [/h2] [p] Review the fine print of freight contracts and understand the factoring fees that sneaky freight factoring companies sometimes have hidden from the advertised factoring rate. [/p] [p]Freight factoring can be a great tool to streamline your cash flow and grow your business as it eliminates the wait to get paid for owner-operators. However, some factoring companies have contracts with complicated jargon and disclaimers hidden in the fine print. [/p] [h2] Hidden Costs and Factoring Fees [/h2] [p]Sometimes a factoring company will advertise a great rate, far lower than any competitor. It's a perfect scenario for you, right? Well, not exactly. [/p] [p]Those rates that seem too good to be true are typically just that. Although a low rate is optimal, the associated factoring fees that you will incur in addition to the rate can balloon the overall cost for you to factor. [/p] [video id="IBCMtru_QMQ"] [h2] ACH Transfer Fee [/h2] [p]ACH Transfer fees can be issued each time you factor and range from $10 to upwards of $25 depending on the type of transfer or deposit. This cost can surely add up over time and frankly, it's ridiculous for to you to pay a fee just to receive your money. [/p] [h2] Minimum Volume Fee [/h2] [p]Often times a factoring company will require you to commit to factoring a minimum volume of invoices. Failure to meet the agreed minimum amount can result in extra fees or a percentage surcharge. Take into account your typical invoice amounts and calculate if you will have an issue trying to meet the minimum requirements. Keep in mind not all factoring companies have this policy or fee. [/p] [h2] Client's Credit Check Fee [/h2] [p]Although your credit is not taken into account, your client's credit is. The creditworthiness of your client must meet a certain standard for certain factoring companies before they agree to factor your invoices. That's right, some companies will charge you a fee for that credit check. [/p] [h2] Length of Terms [/h2] [p]You might decide to factor for a variety of reasons. Unavoidable circumstances might arise making it difficult to cover your operational costs. Truck repairs are extremely costly and unpredictable at times, especially for owner-operators and having a reliable truck that is fully functional is essential to your business. If you run a small fleet, wages, insurance, and taxes further compound your expenses. [/p] [p]This brings the length of terms to factor into play. Most factoring companies offer three to six-month term agreements to factor with some even require one-year contracts. It's important that you review and consider your options when considering the length of terms.[/p] [p]Be sure to choose the best fit for you. If you're confident that you won't be factoring for an entire year or that you want to explore other options after a few months, you should consider factoring with a company that doesn't have a minimum length of terms agreement. [/p] [h2] Termination Fee [/h2] [p]Let's say you have been factoring with a company for six months now. You have received payment days after hauling a load and it's been beneficial in helping you generate cash quicker to cover your expenses. Now you have ample funds and decide that you don't need to factor for the next few months.[/p] [p]The factoring company won't let you out of the contract because you agreed to factor for a certain length of time. In order for you to stop factoring, you have to pay a fee up to $1,000. [/p] [p]That's ridiculous, right? [/p] [giphy] <iframe src="https://giphy.com/embed/KE58LJF3k8jug" width="480" height="426" frameBorder="0" class="giphy-embed" allowFullScreen></iframe><p><a href="https://giphy.com/gifs/roger-KE58LJF3k8jug"> [/giphy] [h2] Choosing a Freight Factoring Company [/h2] [p]The list of factoring fees can be costly and limit your trucking company's ability to sustain a stable cash flow. [/p] [p]Before choosing to do business with a factoring company, you should take into account these potential hidden costs and fees in the fine print of a contract. Freight Factoring helps manage your trucking company's cash flow and takes the hassle away from client collections, allowing you to focus on growing your business and hauling more freight. [/p] [p]You shouldn't feel that you are being fleeced by an unusual amount of fees that you weren't aware of or deal with. <strong>Trucker Path InstaPay</strong> is freight factoring that pays you in a day with no hidden costs, fees, minimum commitments or contracts with pages and pages of fine print to sift through. [/p] [button text="LEARN ABOUT INSTAPAY" href="https://truckerpath.com/sign-up-instapay/?utm_source=blog&utm_medium=factoringfeesAug29" width="250px"]

Aug 29, 2017 • Carriers

Industry Update - April 19, 2019 <h5>By Jeremy Feucht</h5> <h3></h3> <h3><strong><u>Did you Know?</u></strong></h3> By volume, Isuzu is the largest commercial truck manufacturer in the US averaging around 450,000 per year. <h3></h3> <h3><strong><u>Trucking tip of the Week</u></strong></h3> Its that time of year where fuel costs begin their yearly ascent. Fuel economy is always a concern and the biggest factor to your bottom line. 55mph is the efficient speed for your truck. While you probably drive fast in order to keep other drivers happy (and to keep ahead of your logs, get to your next load, or finish your current load),remember that you use 27% more fuel when driving at 75mph instead of 65mph. <h3></h3> <h3><strong><u>Human Trafficking</u></strong></h3> Truckers Against Trafficking <a href="https://www.kjct8.com/content/news/Trucking-industry-tackles-the-topic-of-human-trafficking-with--508771901.html">made a stop in Grand Junction, CO</a> this week. Their mobile exhibit has been made to not only create awareness in local communities about what to look for in a human trafficking scenario, but to engage truckers to fight against trafficking as well. Truckers are seen as a key cog in stopping human trafficking as their travel takes them to many places and brings them in contact with more people and situations than the average American. <h3></h3> <h3><strong><u>Alternative Fuel</u></strong></h3> <a href="http://www.capradio.org/articles/2019/04/18/power-companies-want-to-build-charging-stations-along-california-freeways-to-move-the-trucking-industry-to-electric-vehicles/">Power companies in California</a> are looking into pushing truckers towards electric vehicles. The plan is to conduct a study that would determine how practical adding charging stations from Seattle to San Diego along I-5. The idea is to reduce smog. The hope is that these stations can charge a big-rig battery in about 30 minutes for drivers looking to get on the road quicker and have options for a slower charger for drivers who are parked overnight. As of now, no electric vehicle has boasted the power potential yet to become a viable option for long haul truckers. <h3></h3> <h3><strong><u>Technology</u></strong></h3> One alternative fuel that does claim to have enough power, is hydrogen. Hydrogen produces electricity and water vapor, making it ecofriendly. The bigger issue is how and where to fuel and the overall cost of the truck. <a href="https://www.msn.com/en-us/finance/news/nikola-motor-unveils-truckings-hydrogen-future/ar-BBW2aJr">Nikola held a conference</a> to show off their new inventions this week in Scottsdale, AZ. With over 2000 viewers, Nikola announced they have solved the power issue of electric vehicles and are actively working on the issue with refueling. Refueling is believed to take about 20 minutes and the cost to refuel will be worked into the lease payment for the vehicle. The leases will be set for 1 million miles or 84 months whichever comes first. No details were released about the cost, but claim over <a href="https://www.trucknews.com/equipment/nikola-claims-us12-billion-in-hydrogen-truck-pre-orders/1003088541/">$12 billion</a> in orders have already been placed for their branded trucks.

Apr 19, 2019 • Carriers

HAZMAT Transportation

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