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

Trucker Spotlight - Lashaune <em>The Trucker Spotlight series explores the lives of truckers and their journey to make a difference in their industry. We interview different truck drivers to understand some life lessons that make them who they are today. We also learn more about their motivations, and the problems that they encounter on the job. We also tackle how Trucker Path's solutions helped them with what they do. The information that they provide helps inform other people who are looking to delve into the trucking world.</em> <h2></h2> [img src="https://truckerpath.com/uploads/2020/10/ts-lashaune-blog-1.jpg" alt=""] <h2></h2> Today we are putting the spotlight on <strong>Lashaune</strong>, the host of LockOutMen Podcast, who's been driving for around 5 years now. He hustled most of his life and did everything from retail to warehouse. Aside from trucking, he was also able to open a few successful businesses. Let's get to more about Lashaune and how he landed a trucking career. <h2></h2> <h3></h3> <h3><strong>What made you decide to be a trucker?</strong></h3> I've always had interest in driving a truck, at 1st it was the lack of funds, and I knew I didn't want to go through a trucking company.And so, I went to community college paid with my last credit card and got my license. I think I was forced in to pursue trucking because of my separation from my wife. <h2></h2> <h3><strong>In the years that you have been driving, what are the significant changes that you've noticed in the trucking industry?</strong></h3> Well I haven't been driving long to tell. I guess the eld mandate. <h2></h2> [img src="https://truckerpath.com/uploads/2020/10/ts-lashaune-blog-2.jpg" alt=""] <h2></h2> <h3><strong>What made you decide to put up your Youtube channel?</strong></h3> I've been on YouTube for years. I just do it as a hobby. But when I got in to trucking, people started watching what I was doing and what I was talking about I just said to myself I'll just do something for the new drivers that are coming out here. <h2></h2> <h3><strong>Any times when you get lonely while driving? How do you deal with it?</strong></h3> Always lol it's just you and the truck. How i deal with it? I try not to think about it.. and try to get out and enjoy life when I get the chance to. <h2></h2> [img src="https://truckerpath.com/uploads/2020/10/ts-lashaune-blog-3.jpg" alt=""] <h2></h2> <h3><strong>As a trucker, what are the current struggles in this COVID19 pandemic?</strong></h3> I'm still trying to get used of the new changes. <h2></h2> <h3><strong>What are your usual routes? Favorite scenic truck route?</strong></h3> I run midwest most of the time. <h2></h2> [img src="https://truckerpath.com/uploads/2020/10/ts-lashaune-blog-4.jpg" alt=""] <h3><strong>What was your weirdest or most unusual haul?</strong></h3> Running my 1st lowboy flatbed. <h2></h2> <h3><strong>How often do you use rest stops / truck stops? What are the things that you look for in a truck stop? Favorite truck stop meal?</strong></h3> Not often, but I deal with Loves the most cause of the free showers. As for food, I guess Flying J for Dennys. <h2></h2> <h3><strong>What are the common troubles or problems you encounter while trucking?</strong></h3> Covid19 season and any problems that come with it! <h2></h2> <h3><strong>What are your pet peeves while driving/trucking?</strong></h3> The main one is truckers hanging out way too long in the fuel island. <h2></h2> <h2></h2> <h3><strong>We're glad that you use the Trucker Path app on your day to day trucking. What features do you enjoy the most?</strong></h3> What I like about <a href="http://www.truckerpath.com">Trucker Path</a> is the fact that you can check to see/truck parking and if there's spots there to park. <h2></h2> <h3><strong>What are some tips that you would like to share for aspiring truckers?</strong></h3> Do your research research research and don't just fall for anything. <h2></h2> <h3><strong>Where can people watch your videos on Youtube?</strong></h3> They can view my videos on my <a href="https://www.youtube.com/channel/UCfJfeN3qoZmaIb9YwbjWDlA">Youtube Channel, LockOutMen Podcast</a>. <h2></h2> <iframe width="560" height="315" src="https://www.youtube.com/embed/mc6Je74Pn4Q" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe> <h2></h2> Hope you guys enjoy! <h2></h2> <h2></h2> <h4>By Aldous Aldwin</h4> <h3></h3> <h3></h3>

Oct 14, 2020 • Carriers

Trucking Industry Statistics [p] Here's a closer look at the trucking industry statistics highlighting the significance of the backbone of America - truckers.[/p] [h2]Trucking Industry Statistics[/h2] [p] The trucking industry statistics are truly remarkable. It's an industry topping $726.4 billion in revenue for 2015 and responsible for six percent of all jobs in America. [/p] [p]If you bought it, they brought it. [a href="https://app.appsflyer.com/com.sixdays.truckerpath?pid=Social Facebook"]Truck drivers[/a] keep America rolling by driving countless and lonely hours delivering the cargo we desire. Without trucks to ship things, those shelves would be mighty bare and those same-day delivering services from your online shopping wouldn't be possible without truckers.[/p] [p]Don't believe us? Check out the trucking industry statistics.[/p] [h2]The Trucking Industry Powers America[/h2] [p]Merge onto any highway and you'll see countless semi trucks heading in either direction of the road. Seems like they're endless amounts of them right? You would be correct, in fact [a href="https://app.appsflyer.com/com.truckerpath.truckloads?pid=Social Facebook"]80 percent of all cargo in the USA[/a]![/p] [img src="/uploads/2016/12/Trucking_InfographicsPT1.jpg" alt=""] [h2]The Trucking Industry Can Be Dangerous[/h2] [p]There are 3.5 million truck drivers in the trucking industry who put their life at risk delivering an array of commodities and goods. Drivers operate heavy-duty trucks with a load weighing as much as 80,000 pounds. In 2015, 852 truck drivers lost their life while working, making truck driver the most dangerous job in the USA. So remember to give truck drivers space and don't tailgate.[/p] [img src="/uploads/2016/12/Trucking_InfographicsPT2.jpg" alt=""] [h2]What Do Truck Drivers Haul?[/h2] [p]Truck drivers haul a variety of goods with machinery, electronic and motorized vehicles making up 27 percent of goods shipped by truck drivers in America. The most common thing trucks haul is machinery, followed by electronics and motorized vehicles. Additionally, mixed freight includes commodities such as food and restaurant supplies.[/p] [img src="/uploads/2016/12/Trucking_InfographicsPT3.jpg" alt=""] [p]Let's face it, without the trucking industry we wouldn't be able to enjoy the things we have. Shelves would be empty and people would undoubtedly be in a state of panic if that happens. The trucking industry statistics don't lie![/p]

Jun 27, 2017 • Community