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.

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

TagsFreight Factoring

Truck Sanitation Tips <h2></h2> During the last few months, the COVID-19 pandemic has begun to have an effect on everyone in the world. While truckers continue to deliver the vital needs of the country, there is continued risk in accumulating and spreading the virus in doing so. There is a lot that we can do to help prevent the spread of COVID-19. Since truck drivers spend more time inside their trucks, it is important to make sure that it is a clean environment for you and for anyone who rides in it. In this article, we have put together a list of tips on how to clean and disinfect your truck. <h2></h2> <a href="https://truckerpath.com/uploads/2020/07/tst2.jpeg"><img src="https://truckerpath.com/uploads/2020/07/tst2-300x156.jpeg" alt="" width="300" height="156" class="alignleft size-medium wp-image-5233" /></a> <h2></h2> <h3><strong>1. Choosing Your Cleaning Materials</strong></h3> The first step to cleaning and disinfecting your truck is to choose the right cleaning agents and materials you will use. Isopropyl alcohol is a proven disinfectant, and is also safe to use on most truck interior surfaces. In fact, it is used in many production plants to put a final touch on interior components before they are shipped out. Isopropyl alcohol will remove many stains, smudges and residues, as well as kill bacteria and viruses. However, that stain removing quality can also cause problems with leather. <h2></h2> For leather components such as steering wheels, seating, and trim, a combination of soap and water is a safe and sufficient way to clean them. Avoid hard scrubbing when cleaning your leather interior, and avoid excess suds and water. Hand washing has been recommended as a primary way to protect oneself against infection by COVID-19, this holds true for washing your leather interior as well. <h2></h2> Another cleaning agent is chlorine dioxide (ClO2). It is a common disinfectant and odor eliminator, already prevalent in many shops. It is available in the form of tablets, and depending on the amount of water added, can be used in a vapor or liquid form. <h2></h2> It is recommended to use microfiber towels as cleaning material as it lessens the damage on any surface. Wash the towels thoroughly after each cleaning session. <h2></h2> <a href="https://truckerpath.com/uploads/2020/07/tst3.jpeg"><img src="https://truckerpath.com/uploads/2020/07/tst3-300x156.jpeg" alt="" width="300" height="156" class="alignleft size-medium wp-image-5234" /></a> <h2></h2> <h3><strong>2. Cleaning & Disinfecting Truck Interiors</strong></h3> While truck interiors are built to be tough, hard scrubbing or using a rough cloth can cause scratches or even discoloration. A wipe with alcohol on hard surfaces and gentle circular cleaning on upholstery are the best bets for both cleaning and maintaining your truck interior. <h2></h2> It is also very important not to use too much water on your seats. If cloth upholstery soaks through with water, it can get into the cushion beneath. This can cause the growth of mold and that musty smell you will recognize if you've left your windows open in the rain. <h2></h2> If washing the seats of your truck, it is best to wet a cloth or sponge with soap and water and wipe the seats. You do not want to leave excess soap or water, as it can take a long time to dry. Isopropyl alcohol can safely be used on non-leather seats. <h2></h2> <a href="https://truckerpath.com/uploads/2020/07/tst4.jpeg"><img src="https://truckerpath.com/uploads/2020/07/tst4-300x156.jpeg" alt="" width="300" height="156" class="alignleft size-medium wp-image-5235" /></a> <h2></h2> <h3><strong>3. Cleaning & Disinfecting Truck Exteriors</strong></h3> Truck exteriors should not be left behind. Wash you trucks regularly at truckstops. Pay attention to the parts which have frequent contact with your hands and shoes such as step boards and exterior door handles. You may clean these areas with soap. <h2></h2> <a href="https://truckerpath.com/uploads/2020/07/tst5.jpeg"><img src="https://truckerpath.com/uploads/2020/07/tst5-300x156.jpeg" alt="" width="300" height="156" class="alignleft size-medium wp-image-5236" /></a> <h2></h2> <h3><strong>4. Keeping Clean While on the Road</strong></h3> While you're out, you're exposed to germs and viruses that can follow you back into your truck. If you don't have enough time to do a thorough truck clean, keep in mind of the common contact points such as door handles and controls, keys or start button, steering wheel, gear shift, seats, CB radio, all buttons and knobs on your dash, sun visor, anything touchscreen, the console and cup holders. <h2></h2> You can use disinfectant wipes on most surfaces. Wipe your mobile phones while you're at it too. <h2></h2> <h2></h2> <h2></h2> <h2></h2> <h4>By Aldous Aldwin</h4> <h3></h3> <h3></h3>

Jul 29, 2020 • 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

Freight Broker Bond [p] Want a freight broker license? You'll need a freight broker bond of $75,000 first.[/p] [h2]Freight Broker Bond[/h2] [p]The freight broker bond is one of the lesser known parts of being a freight broker but it’s quite simple, and once you get a better understanding of it, you should feel as comfortable with your freight broker bond as you do with getting car insurance.[/p] [h2]What is a Freight Broker Bond?[/h2] [p]A freight broker bond is a form of a surety bond, which is like an insurance policy for a contract, though it doesn't take the place of liability insurance. It is a legal commitment made by one party to another to pay a certain dollar amount if the terms of a contract are not met. [/p] [p]In this instance, the bond protects a customer from losses if you don’t come through as well as giving carriers the peace of mind knowing they will be paid in a timely manner.[/p] [h2]BMC-84[/h2] [p] The BMC-84 is essential to your freight brokerage as it reassures carriers and companies that you have the backing to broker deals. BMC-84 is the bond for $75,000 and is required by law. It is necessary to cover payouts of possible claims (damages, broker negligence, failure to pay, etc). [/p] [h2]Applying for a Freight Broker Bond[/h2] [p]A freight broker bond can be acquired from any insurance agency such as Liberty Mutual, The Hartford, among hundreds of others. Alternatively, you can search for specific firms in your state who specialize in freight broker bonds. [/p] [p]When you're ready to select your agent of choice they will all require the same information to process your BMC-84: exact business name as it appears on the business license, the exact dollar amount for bond, business address, and all business/personal financial records. [/p] [p]You must pay a percentage of the freight broker bond up front before the agency will process it. Usually, this annual premium will be between $900-$2,000 depending on your credit. It can be paid for with a credit card or check in most instances and takes about 24 hours to process.[/p] [h2]Can I Get a Freight Broker Bond With Bad Credit?[/h2] [p]Yes, you can still get a bond. If you have bad credit it’s not impossible, but it will increase your cost to secure a bond which can run upwards of $2,000. Keep in mind that surety bonds do not affect your credit score so it wouldn't hurt to search around though it's best to start at the bigger agencies first. [/p] [p]The larger the firm the more freight broker bond providers they work with which increases your odds of being approved. Just remember the premium on the freight broker bond is a percentage of the bond itself, so if your credit is bad the premium will be higher. Even though you will have to pay more up front it allows you to open your business and provides an umbrella in case of any freight claims.[/p] [h2]Freight Broker Bonds and Claims[/h2] [p]Trucking is dangerous and things are bound to go wrong on the road from time to time. Customers will understand that. However, when things do go wrong, someone needs to be held responsible and pay the damages. Similar to a car accident, there will be a resolution and one party must pay out to the other.[/p] [p] This is why it is required for companies to maintain a $75,000 bond. If you're found responsible and must pay out on the claim, your bond will act as a line of credit to do so. Before being issued your bond you must sign a legal document to repay in full in the case of such a payout. [/p] [h2]Bonding Agency [/h2] [p]When selecting your bonding agency to try to use one who is also a Managing General Underwriter (MGU) bonding agency. MGU Agencies can and will help you through each stage of a claim. It is recommended to do everything possible to be proactive when issues arise on loads to prevent claims from being filed. Just like car insurance the more accidents, you have on your record the harder it is to get insured. Only here not being able to get a bond can cause you to go out of business as they are required to operate.[/p] [p]Remember DO NOT submit your proof of insurance directly to the FMCSA. The FMCSA requires that your insurance company submit the form and insurance certificate on your behalf.[/p] [h2] I Have a Freight Broker Bond, Now What? [/h2] [p] Now that you've covered your freight brokerage from potential claims with your freight broker bond, you can either continue to start your freight brokerage company or if you're ready, explore load boards to help you post loads that qualified carriers can view.[/p] [button-white href="https://truckerpath.com/blog/how-to-become-a-freight-broker/"]How to Become a Freight Broker[/button-white] [p]Freight brokers who use Truckloads have the ability to connect with over 100,000 qualified carriers ready to haul their freight. You can even track your loads to verify a carrier's location and ensure that your customers delivery is going according to plan. [/p] [button-green href="https://truckerpath.com/truckloads/broker-load-board/?utm_source=blog&utm_medium=brokerbonds&utm_campaign=aug2"]Get Started With Truckloads Now[/button-green]

Jul 26, 2017 • Brokers