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

Factoring Costs - Comparing Factoring Rates [p] Freight factoring can be advantageous to your trucking company but there are some factoring costs that are misleading and comparing factoring rates as well as their offer details can help you maximize earnings. [/p] [h2] Factoring Costs [/h2] [p]There is more to the factoring cost than the factoring rate offered in<a href="https://truckerpath.com/blog/freight-factoring/"> freight factoring</a>. Freight factoring provides owner-operators an opportunity to better manage their cash flow and eliminate waiting to get paid. Factoring companies offer rates based on a variety of factors but there are several things you must understand when talking about the factoring cost.[/p] [p]Some require specific qualifications a client must meet to earn the best possible factoring rate. Others might require a specific volume of loads or long-term commitments (not quite 'til death do us part but nonetheless). Sometimes the lowest factoring rate won't provide you with the lowest cost to factor. [/p] [video id=IBCMtru_QMQ] [h2] Comparing Factoring Rates [/h2] [p]When comparing factoring rates a 1.5 percent factoring rate can cost more than 3.5 percent rate. Yes, you read that correctly. It's entirely possible that a lower factoring rate can actually cost you more. Let's say Factoring Company A who is offering a 1.5% rate and Factoring Company B is offering 3.5%. You're more inclined to factor invoices with Factoring Company A because the rate is better right?[/p] [p]While Factoring Company A's rate is lower, the overall cost to factor is not. This is due to fine print in Factoring Company A's contract where it included a variety of fees and commitments from you.[/p] [p]By breaking down the additional factoring fees and including them with the factoring rate we can compare the true factoring cost and decide which option is best for you. In this case, Company B would be the best freight factoring company for your trucking business. [/p] [img src="/uploads/2017/06/factoringrates.png" alt="My image"] [h2] Understanding the Differences When Comparing Factoring Rates [/h2] [p]Not all factoring rates are created equal. If you are interested in using a freight factoring company to help your cash flow, comparing factoring rates and determining the actual factoring cost can save you thousands. Some factoring companies aren't transparent and hope you won't see through some of their additional fees that lead to a higher factoring cost to you. [/p] [p]Remember to always read the <a href="https://truckerpath.com/blog/hidden-costs-to-factor/">fine print to avoid those hidden fees</a> in your factoring contract and understand the details that could lead to additional fees before committing to factor with a company. [/p] [p]Factoring companies like Trucker Path InstaPay offers non-recourse factoring with no commitment or fees. IntsaPay is completely transparent and you can easily get paid in a day by factoring right from your phone. It's perfect for owner-operators with a simple flat rate and no additional costs. [/p] [button text="MORE ABOUT INSTAPAY" href="https://truckerpath.com/sign-up-instapay/?utm_source=blog&utm_medium=ctacomparingratesJuly24" width="250px"]

Jul 25, 2017 • Carriers

Trucker Spotlight - Jamar Holland <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/2020/08/jh2.jpeg" alt=""] <h2></h2> Today we are putting the spotlight on Jamar, who's been driving for 4 1/2 years. He's a husband and a father who loves every minute of his trucking life. Let's get to know more about his life on the road. <h2></h2> <h3></h3> <h3><strong>What made you decide to be a trucker?</strong></h3> I decided to become a trucker honestly because everything else in my life had failed up until that point. I was tired of working dead end warehouse jobs and was really ready for a new career. <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> The most significant change for my short career has definitely been ELDs. I had a short experience with paper logs but it became a challenge when we shifted to their electronic counterparts. <h2></h2> [img src="https://truckerpath.com/uploads/2020/08/jh3.jpeg" alt=""] <h2></h2> <h3><strong>What made you decide to put up your Youtube channel?</strong></h3> Honestly, I never imagined my Youtube channel growing into what it is today, it actually just started as a way to vent-out and express myself. Somehow it became therapeutic to me and surprisingly to others as well. As it grew, I continued to take pride in being a voice for others like myself and giving motivation that truly anyone can be successful in life. <h2></h2> <h3><strong>Any times when you get lonely while driving? How do you deal with it?</strong></h3> Absolutely, but thank God for technology. I recently started referring to myself as "FaceTime Daddy" and even though it's done jokingly, FaceTime and other similar forms of communication are pivotal for me and my family to remain sane and whole while I'm out here working to secure our future. <h2></h2> [img src="https://truckerpath.com/uploads/2020/08/jh4.jpeg" alt=""] <h2></h2> <h3><strong>As a trucker, what are the current struggles in this COVID19 pandemic?</strong></h3> I think just the uncertainty of what will happen next, hoping that it doesn't effect my income so drastically like so many of my friends and family. <h2></h2> <h3><strong>What are your usual routes? Favorite scenic truck route?</strong></h3> I usually stay on I40 and I5 in California, however my favorite scenery would definitely be Oregon just perfectly created in my opinion. <h2></h2> <h3><strong>What was your weirdest or most unusual haul?</strong></h3> I picked up a load of hay in the middle of a Nevada desert that was literally 30 miles off the map. <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> I use both very often, first thing I look at is always the parking lot size and parking availability. Lucky for me, the Trucker Paths app is normally very accurate. As far as inside, I always look at reviews of the showers. There's nothing more disturbing than a poorly kept bathroom. Favorite truck stop meal is always a mom and pop diner with great breakfast! <h2></h2> <h3><strong>What are the common troubles or problems you encounter while trucking?</strong></h3> Common troubles for me are rude and unsafe drivers. My biggest fear is that even if I can control and safely operate my truck, you never know when someone around you will do something that will not only jeopardize their life but yours as well. <h2></h2> <h3><strong>What are your pet peeves while driving/trucking?</strong></h3> Biggest pet peeves are vehicles who enter the highway too slow, its literally called the acceleration lane. <h2></h2> [img src="https://truckerpath.com/uploads/2020/08/jh5.jpeg" alt=""] <h2></h2> <h3><strong>How did Trucker Path help you in your day to day trucking?</strong></h3> The fact that <a href="http://www.truckerpath.com">Trucker Path</a> can tell me how far each truck stop is from my exact location, that allows me to be very productive and productivity equals more money. <h2></h2> <h3><strong>What are some tips that you would like to share for aspiring truckers?</strong></h3> Be confident when you're out here on the road and most importantly don't rush. The money will come and so will all your goals just keep pushing one day at a time. Like I always say on my channel, Stay safe, Stay positive and Stay productive. <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/user/Tre7DJHouse/featured">Youtube Channel, ATruckerNamedJay.</a> <h2></h2> <iframe width="560" height="315" src="https://www.youtube.com/embed/Y95yUN8oyfg" frameborder="0" allow="accelerometer; autoplay; 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>

Aug 19, 2020 • Carriers

How to Become a Freight Broker? [h2] How to Become a Freight Broker? [/h2] [p]To become a freight broker you need to understand the <a href="https://truckerpath.com/blog/trucking-industry-trends/">trucking industry trends</a> first. Thousands of products need to be moved across America and companies use every venue possible to ship their freight, but none more than through truck freight. The trucking industry produced $726.4 billion in revenue for 2015 and freight tonnage has increased since. Freight is hauled by truck drivers but moved by freight brokers. Here's how you can become a freight broker and enjoy a piece of the lucrative pie. [/p] [h2]1. Register your Freight Broker Company [/h2] [p] There are a couple routes you can choose to become a freight broker. The easiest way to start is to get hired by an established freight broker company. There you will fall under their insurance and use their capital as well as being provided training about the trucking industry. If you've already done this and have the necessary capital, this is where you would be registering your business with the local licensing department. Once you register your LLC you will receive your Tax ID Number [a href="https://irs-tax-id.com/?utm_source=bing&utm_medihttps://irs-tax-id.com/?utm_source=bing&utm_medium=cpc&utm_campaign=irs%20tax%20id%2Fein&utm_term=irs.gov%20tax%20id%20number&utm_content=irsum=cpc&utm_campaign=irs%20tax%20id%2Fein&utm_term=irs.gov%20tax%20id%20number&utm_content=irs"]from the IRS[/a]. [/p] [h2]2. Have a Plan For Your Freight Broker Company [/h2] [p] The most important part of becoming a freight broker is to have a clear vision and plan, especially if you need to generate funding from lenders. Know your target, stick to your strengths, and don’t be afraid to grow. [/p] [p] Understand your region and what types of loads move through, who's your ideal customer base? What type of services will you offer? How will you market your freight brokerage? [/p] [giphy]<iframe src="https://giphy.com/embed/Sg21YDdh3Onqo" width="480" height="288" frameBorder="0" class="giphy-embed" allowFullScreen></iframe>[/giphy] [h2]3. Build a Carrier Base [/h2] [p]Life as a freight broker is all about who you know. Networking and connecting with motor carriers is the only way you will succeed in moving freight. You need to start building a list of trucking companies with capacity and willingness to work with you. [/p] [p]This is when networking meets relationship building. Establishing trust and showing that your work efficiently and provide good service can be the difference when finding carriers. The best way to find carriers is by using load boards from trusted companies like Trucker Path Truckloads. Load boards allow you to post your freight for carriers to view and then contact you if they're interested in hauling them. This way you can move more loads quickly and from anywhere. [/p] [p] Don't forget, freight brokers also need to connect with shippers who need freight moved. Here's a closer look at <a href="https://truckerpath.com/blog/how-do-freight-brokers-find-shippers/">how freight brokers find shippers</a>. [/p] [h2]4. Freight Broker Authority [/h2] [p]You’re well on your way to becoming a freight broker now that you have a registered business and a carrier group to connect with, but there are still a few more requirements. You must apply for a US DOT number with your local Department of Transportation branch. Once you are approved, take your DOT Number to the Federal Motor Carrier Safety Administration (FMCSA) to get a Motor Carrier (MC) number and broker authority. This is approved through the completion of the [a href="https://www.fmcsa.dot.gov/registration/form-op-1-application-motor-property-carrier-and-broker-authority"]OP-1 Form which includes a $300 application fee[/a].[/p] [p] Here are a few more details as to how you can get your <a href="https://truckerpath.com/blog/freight-broker-license/">freight broker license</a>. [/p] [h2]5. Freight Broker Bond [/h2] [p] To show carriers and companies alike you have the financial backing to broker your business you will need at least a $75,000 <a href="https://truckerpath.com/blog/freight-broker-bond/">Freight Broker Bond </a>(BMC-84 or BMC-85). Think of this as insurance for your business. This will cover you in the instance something goes wrong leading to monetary losses of a company. [/p] [p] Let's say the carrier you contracted to haul a load shows up to the receiver with a truckload of spoiled milk because you instructed them to cool the reefer to 74 degrees instead of 47. You were deemed responsible and your client seeks repayment of damages for a load of milk valued at $65,000. Your bond covers that cost similar to the way car insurance companies handle a car accident. [/p] [giphy]<iframe src="https://giphy.com/embed/3o6Zt2iHqqrjNlbPS8" width="480" height="270" frameBorder="0" class="giphy-embed" allowFullScreen></iframe>[/giphy] [h2]6. BOC-3 Blanket of Coverage [/h2] [p] One of the last filings you will have to complete in order to become a freight broker is your [a href="https://www.fmcsa.dot.gov/registration/form-boc-3-designation-agents-service-process"]BOC-3[/a]. This is the Blanket of Coverage for your company. Basically, you must file your BOC-3 in each state you will be operating. You will need to select a process agent to file. The process agent is the company who will be handling your legal processes in each state you have operating authority. [button-white href="https://www.fmcsa.dot.gov/registration/process-agents"]List of FMCSA Agents[/button-white] [/p] [h2]7. Freight Broker Essentials [/h2] [p]The tools of the trade for a freight broker are office equipment and supplies to make work easier and more organized. You'll need the basics like a computer with internet, printer, scanner, and fax machine. But you'll also need a phone with several lines and a quality headset to communicate with drivers and clients. [giphy]<iframe src="https://giphy.com/embed/VmNVXIMH3bCsE" width="480" height="353" frameBorder="0" class="giphy-embed" allowFullScreen></iframe>[/giphy] [/p] [p] Don't forget<a href="https://truckerpath.com/blog/freight-broker-software/"> broker software</a> as you'll want software that allows you to keep track of your loads, customers, carrier locations, and truck status (some load boards will do all of this for you). DR Dispatch and ITS Dispatch are a few of the programs that can be beneficial. [/p] [p] Look for broker software offering GPS tracking based on logged location updates, bill of lading/invoice generators, pickup and delivery location (shed) logs, note taking/documentation, and most importantly rate confirmation generation. These are the essential functions needed to manage your loads from pick up to delivery. [/p] [h2]8. Freight Brokerage Financials [/h2] [p]In order to continue your carrier relations, you need to get backing from a bank. As a freight broker, you will be paying the carrier after they deliver the load. Pay terms for carriers range from 1-28 days (sometimes more). Whereas you will be extending the customer a line of credit or they will pay up front for the services. [/p] [p] You make your money off of the margin known as the "spread". For example: [ul] [li]Company X pays you $3,000 to find a motor carrier[/li] [li]You pay Carrier Y $2,500 to haul the load[/li] [li]You earn $500 for brokering the arrangement. Of course, this isn't all profit as overhead costs will apply, but you get a general idea.[/li] [/ul] [h2]9. Marketing Your Freight Company [/h2] Lastly, in order to succeed as a freight broker, you have to make a name for yourself by building awareness surrounding your freight company. Reliable service that is transparent and convenient is key to building a reputation with carriers. Word of mouth is critical for growing your freight business locally but you have to put yourself out there and raise awareness just like any other startup if you want to be a successful freight broker. [/p] [button-green href="https://truckerpath.com/truckloads/broker-load-board/?utm_source=blog&utm_medium=becomeafreightbroker&utm_campaign=july12"]Get Started With Truckloads[/button-green]

Jul 12, 2017 • Brokers