Oct 10, 2017 • Carriers

Freight Factoring Process

Freight Factoring Process

Here’s a step-by-step guide to better understand the freight factoring process and how it can be beneficial for your trucking company.

Freight Factoring Process

The freight factoring process might sound complicated and even overwhelming but it doesn’t have to be. It can be better understood by following our easy to follow guide, along with choosing a freight factoring company like InstaPay. that makes the process of getting paid easier than ever!

What is Freight Factoring?

Freight factoring is the process of selling accounts receivable (freight invoices) for a discounted price so owner operators don’t have to wait over a month to get paid. It’s a finance solution that allows your trucking company access to immediate funds without having to deal with banks, collateral or interest charges. It’s the best way to streamline your cash flow.

When you choose to factor your freight invoices, your credit score does not matter, nor does the size of your business. Freight factoring is based on your client and non-recourse freight factoring with InstaPay means you don’t have to worry about collecting from your clients either. To put it simply – send your docs and get paid immediately!

Overhead costs can pile up and put your trucking company at risk. Diesel fuel prices aren’t going down significantly anytime soon and if you have used trucks in your fleet, repairs can cut into any potential profit as well with costs upwards of $.15 cents per mile according to the American Transportation Research Institution.

If you want to know more about freight factoring in greater detail, check out our breakdown of the advantages of freight factoring.

Freight Factoring Step-by-Step Guide with InstaPay

1. Finish hauling your load

2. Take a picture of your Bill of Lading and Rate Confirmation and email them to InstaPay, right from your phone

3. Wait for a response with the factoring agreement from InstaPay

4. Agree to the terms (no minimum commitments or hidden fees)

5. Sign-up (if you haven’t already) and provide information for bank deposit

6. Get paid within a day and let InstaPay handle collections

It’s that easy! You (and your fleet of drivers) work hard and make tremendous sacrifices to ensure freight is delivered in a timely manner. Without your dedication, America couldn’t function the way it does now. It’s why you shouldn’t have to wait to get paid.

Try freight factoring with Trucker Path InstaPay and expand your business, hauling more freight.

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TagsFreight Factoring

Industry Update - January 8, 2020 <h4>By Paul DeCoste</h4> <h3><strong>Transitioning to New Trucker Path ELD?</strong></h3> Take a look at these resources for self on-boarding to your new Trucker Path Pro ELD: <h3></h3> <h4><strong>Blog Post:</strong> <a href="https://truckerpath.com/blog/self-onboard-your-new-eld/">https://truckerpath.com/blog/self-onboard-your-new-eld/</a></h4> <h3></h3> <h4><b>Web Application On-boarding:</b> <a href="https://www.youtube.com/watch?v=bCAhI4Byb5E&feature=youtu.be">https://www.youtube.com/watch?v=bCAhI4Byb5E&feature=youtu.be</a></h4> <h3></h3> <h4><b>Mobile Application On-boarding:</b> <a href="https://www.youtube.com/watch?v=IBAr9Lo9cpg">https://www.youtube.com/watch?v=IBAr9Lo9cpg</a></h4> <h3></h3> <h4><strong>Cab Card Link:</strong> <a href="https://documentcloud.adobe.com/link/track?uri=urn%3Aaaid%3Ascds%3AUS%3Ab7f1d6a5-0ebd-4dc3-b9e4-f55dcbe9071c">https://documentcloud.adobe.com/link/track?uri=urn%3Aaaid%3Ascds%3AUS%3Ab7f1d6a5-0ebd-4dc3-b9e4-f55dcbe9071c</a></h4> <h3></h3> <h3><strong>Did you Know?</strong></h3> <a href="https://www.ttnews.com/articles/fmcsa-increases-random-drug-test-rate-50-2020">The FMCSA is increasing random drug screenings from 25% to 50% in 2020?</a> <h3></h3> The rate of drug screenings was initially reduced from 50% to 25% in 2016 but is being raised again. With 3.2 million CDL holders participating in interstate commerce and 1 million CDL holders participating in intrastate commerce, there will be more than 2 million random tests organized in 2020. <h3></h3> <h3><strong>Trucking Tip of the Week</strong></h3> This week, Love’s announced that 10 of their existing locations will now have Truck Care Centers and Speedco facilities. <a href="https://www.truckersnews.com/loves-adds-truck-care-speedco-locations/">Take a look</a> at which locations have been upgraded and are now accessible if you need tire, lube or mechanical services. <h3></h3> <h3><strong>Diesel</strong></h3> <a href="https://www.freightwaves.com/news/how-are-diesel-prices-determined">How are diesel prices determined?</a> <h3></h3> The price for diesel is established like most retail goods, by the shift of supply and demand in the market. But, interestingly enough, the wholesale price for diesel does not always translate to the retail price for the same good. Retail prices are determined solely by each individual enterprise that sells diesel to consumers via gas stations and fuel stations. The "rack price" is a term used to refer to the daily wholesale price of diesel and there are many different resources available to keep tabs on the diesel rack price across different wholesalers. <h3></h3> <h3><strong>Celadon Employee Payout</strong></h3> This week, Celadon was <a href="https://www.ttnews.com/articles/judge-approves-payout-plan-former-celadon-employees">granted approval to pay $4.6 million to drivers and employees that did not receive paychecks when the company shutdown.</a> A federal bankruptcy judge granted this approval. This order allows $3.4 million to be spent on unpaid compensation and termination benefits for former employees, $900,000 to owner operators, and $300,000 owed for employee benefits. Although the company is approved to pay out the drivers and employees that deserve their finals paychecks, Celadon is not bound to do so.

Jan 08, 2020 • Carriers

Trucker Spotlight - Maggie Jessop <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/2020/07/maggie3.jpeg" alt=""] <h2></h2> Today we are putting the spotlight on <strong>Maggie</strong>, who's a trucker and a blogger. She's a mother of eight kids (six sons, two daughters). She taught high school language arts over 20 years time while simultaneously managing a sewing manufacturing company. When her children grew up, she felt the need to learn something new so she wouldn’t get too old too fast. Let's get to know more about Maggie and her colorful story. <h2></h2> <h3><strong>How long have you been trucking?</strong></h3> I got my CDL when I was 52 years old and have been driving for 3.5 years. <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/maggie5.jpeg" alt=""] <h2></h2> <h3><strong>What made you decide to be a trucker?</strong></h3> I went into trucking mainly to improve my circumstances financially. My previous work experience had been in school, office, and warehouse and I excelled in domestic skills like cooking, sewing, and child care. I got really tired of lady wages. It’s a struggle to make a living unless you’re a rock star, movie actor, or have a string of abbreviations following your name. Trucking was a whole new ballgame with strange new terminology and monster trucks and a terrifying and dangerous environment but it tripled my income. <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/maggie2.jpeg" alt=""] <h2></h2> <h3><strong>Are there times of loneliness while driving? How do you deal with it?</strong></h3> Trucking can be boring and lonely if I let it be. I use my solitaire hours to think up ideas and write books in my head. During mandatory rest breaks, I write. So far, I have published two full size memoirs, two children’s books, and fifteen low content books like coloring books, notebooks, sketchbooks, and journals. Trucking and writing make a great team! Rest breaks are too long. I only need seven hours of sleep. <h2></h2> <h3><strong>What made you start a blog? Any chance you'll start your Youtube channel soon? Any plans of being a CDL Instructor?</strong></h3> I keep busy driving 60+ hours per week driving over 3,000 miles. I keep a blog called <a href="https://teachertailortrucker.com/">Teacher Tailor Trucker</a>. I am getting ready to publish my third memoir called Stranger in a Strange Land. My fourth memoir comes next and is called Search for the Highroad. It tells the story of my trucking life. I also put out new children’s books every few months. I am also planning to create a YouTube channel. I invested in a home recording studio and plan to record songs, contract voiceover work, and record audiobooks. <h2></h2> I plan to keep trucking until I can match my income as an author and voiceover artist. Since I have teaching experience, I’m sure I could be a CDL instructor, but my other plans will likely take precedence. <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/maggie4.jpeg" alt=""] <h2></h2> <h3><strong>What are your trucking pet peeves?</strong></h3> My pet peeve in trucking is when little car drivers get too close and then want to cuss out the big rig drivers. Car drivers don’t seem to understand that a semi truck and trailer is over 70’ long and weighs 80,000 pounds when loaded. They take much longer to slow down safely. Cars beware! I try to be patient because I was once a little car myself, but sometimes I have to slam breaks and lay on the train horn to get their attention. <h2></h2> <h3><strong>Could you identify the current pain points in the trucking industry? And maybe some suggestions on how to fix them?</strong></h3> When I went to CDL school, trucking seemed to be a male dominated industry. I got yelled at, cussed out, made fun of, and told I was waaay too ladylike and persnickety. “You don’t belong in this industry!” they said. <h2></h2> They said I would get run over because I’m too nice. They said I’d get taken advantage of by the rough characters in the industry. They said I’d never make it and would give up when I finally realized I was out of my element. <h2></h2> I replied that just because I work like a man doesn’t mean I have to look like a man or act like a man. I said there’s no law in the universe that says truck drivers have to be fat and filthy and foul mouthed and illiterate. I told the naysayers, “I’m not leaving the trucking industry until I make it better.” <h2></h2> I’m still here. I am a professional driver. I have never had serious trouble on the road. Other drivers treat me with respect. If I ever break down, it’s not hard to find a decent truck driver to help me out. I’ve been treated better by truck drivers than I have by professional office people. <h2></h2> As a solo driver, I can control my own environment. I can choose my hours, dress how I please, eat how I please, listen to what I please. I keep my truck clean and I exercise every morning. I work hard and wear a dress because I’m a lady. <h2></h2> I mentioned one pet peeve, but the most unsavory thing about trucking that I’ve ever known is the rudeness and indifference that truckers deal with at shippers and receivers. Office and warehouse workers often treat truckers like they’re on the bottom of the totem pole. I don’t think there should be a totem pole. I believe that all of us should treat the rest of us with respect. <h2></h2> Those who have never been a truck driver have no clue what truck drivers deal with. I sure wasn’t aware before I became a driver. My respect has grown by leaps and bounds. Think about it. Every single thing you eat, drink, wear, or use in your home or business came from a truck. The Good Lord provided and a Trucker delivered. <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/maggie6.jpeg" alt=""] <h2></h2> <h3><strong>Where can we read some of your stories on the road?</strong></h3> Here are some of my blog posts where I share thoughts and experiences about life on the road. My writing is more on the light side with a humorous approach to life while informing my audience of real life experience. Mine are not the norm but hey, if I can get one smile, it’s worth it. <h2></h2> <a href="https://teachertailortrucker.com/blonde-moments/">https://teachertailortrucker.com/blonde-moments/</a> <h2></h2> <a href="https://teachertailortrucker.com/mama-truckers/">https://teachertailortrucker.com/mama-truckers/</a> <h2></h2> <a href="https://teachertailortrucker.com/triple-trucker-trouble/">https://teachertailortrucker.com/triple-trucker-trouble/</a> <h2></h2> <a href="https://teachertailortrucker.com/hug-a-trucker-day/">https://teachertailortrucker.com/hug-a-trucker-day/</a> <h2></h2> <h2></h2> <h2></h2> <h4>By Aldous Aldwin</h4> <h3></h3> <h3></h3>

Jul 17, 2020 • Carriers

Freight Broker Software [h2] Freight Broker Software [/h2] [p] Like any industry, the use of technology in freight has rapidly advanced and new freight broker software promotes efficiencies and allows brokers the ability to connect its customers to move more freight and increase potential earnings. [/p] [h2] Carrier Essentials [/h2] [p]When you are searching for the right freight broker software for your business there are a few key features you need when it comes to managing the trucks you work with. The essentials on the carrier side should include:[/p] [p]<strong>Carrier Lists:</strong> to keep a record of all of the carriers you have a contracted relationship with. Keeping a list of carriers to go to for certain lanes or projects makes your job of covering freight much easier.[/p] [p]<strong>Carrier Information:</strong> it's beneficial to have all the carriers you work with documented. This means having the motor carrier number (MC#) or Department of Transportation number (DOT#) linked to updated insurance, a record of loads ran as well as any additional terms and conditions. [/p] [h2]Client Essentials[/h2] [p]<strong>Client Addresses:</strong> the most important thing to consider for choosing software in regards to your clients is to track the pickup and delivery locations (sheds). Having all the sheds tracked in your system will allow you to easily create loads for the lanes you are working on. Knowing if those facilities are appointment based on first come first serve (FCFS) is also beneficial. [/p] [p]<strong>Load History:</strong> having a record of the loads you ran will help tremendously not only when it comes time to send invoices but also when you are comparing rates or running a lane frequently. With a record of the common lanes, you have run for a customer you have a blueprint for future loads and can easily compare rates. [/p] [giphy]<iframe src="https://giphy.com/embed/3oriO7A7bt1wsEP4cw" width="480" height="336" frameBorder="0" class="giphy-embed" allowFullScreen></iframe>[/giphy] [h2] Load Management Essentials [/h2] [p] <strong>Load Building:</strong> this is the most important aspect of your potential software choices. To build a load you need to have sheds for pickup and delivery, carrier on the load, and location tracking. [/p] [p]<strong>Location Tracking:</strong> Thus software helps keep your customers happy. Knowing when a load has been booked, dispatched, picked up, and delivered are four things you will want to relay to your client. In addition having a function allowing you to track the location of the load either with automatic GPS or manually logged updates will help you stay ahead of potential issues and set you apart from a Fed Ex or UPS where you have no idea where things are while on the road.[/p] [p]<strong>Carrier on Load:</strong> having a list of qualified carriers is great and all, but what good is it if you cannot add them to loads. This makes tracking loads much more efficient and avoids confusion when you have several loads over the road. [/p] [p]<strong>Pay and Bill Rate:</strong> tracking the amount you will be billing your client and paying the carrier makes for easy calculation of margins and load budgets. This will make accounting much easier to manage.[/p] [p]<strong>Rate Confirmations:</strong> knowing what you are charging your client and paying your carrier is great, but being able to generate the confirmation binding them both is even better. If your freight broker software can generate these documents for you, it will save you loads of time. You can get the truck on the road right away instead of having to write out an email with pickup and delivery cities, load specifics, FCFS or Appointment times, and rate.[/p] [h2]Additional Software Tools[/h2] [p]<strong>Accounts Payable/Receivable:</strong> while having a feature like this included in your freight broker software is helpful, it is not essential. When it comes down to it billing your customer and paying carriers comes down to keeping an accurate spreadsheet which will already be installed on your computer. [/p] [p]<strong>Bill of Lading Generation:</strong> this is another feature you may or may not need. Most of the time the shipper will have the bill of ladings created for the driver but in the off chance, they ask you to make one a word processor is all you need. Blank BOLs can be downloaded off of a simple google search or made using tables in a word processor: it needs a pickup number (if applicable),pickup address, delivery address, and special instructions. If a freight broker software suite is going to charge you extra to do that, pass on it.[/p] [p]<strong>Carrier Search/Load Post:</strong> you may see different broker software programs with a feature to help you find a carrier for your loads. However, all they are doing is pulling data from load boards. Why pay extra when you can use load boards like <em>Truckloads</em> to post your load and find carriers yourself?[/p] [p]Selecting your broker software comes down to what you feel you really need for your freight business. When it comes down to it you might not need much to get started, but choosing the right freight broker software can help can you maximize efficiency and increase potential profits.[/p] [video id=snyBYpnuhWw] [button-green href="https://ship.truckerpath.com/signup?utm_source=blog&utm_medium=software&utm_campaign=Aug8"]Try Truckloads for Free[/button-green]

Aug 09, 2017 • Brokers