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

Fine Print and Hidden Costs in Freight Factoring [p]Be certain to review the fine print of freight contracts as sneaky freight factoring companies sometimes have hidden costs that are added to the advertised factoring rate. [/p] [h2] Freight Factoring - What some companies don't tell you [/h2] [p]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 [/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 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]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=hiddenfeesAug1" width="250px"]

Aug 01, 2017 • Carriers

New Year, New Trucks 2021 [p]The trucking industry has had to deal with several challenges in the past few years, with more yet to come. The ever-changing world has ushered in a new era urging the industry to change with it. We have arrived at a point in time, where the environment is better cared for, and driver safety is held supreme. As a result, traditional semi-truck manufacturers have had to adapt and conform to modern safety and emission standards. The new threat from all-electric trucks is another drive for old truck manufacturers to change their ways or risk losing to the competition. We are nearing the era of sustainable, greener trucks that are environmentally friendly and easy to drive. [/p] [p]So what do we have in store for 2021? Let's take a look at the much-awaited upcoming trucks from the industry-leading marques. [/p] <h2></h2> [p][b]Kenworth [/b][/p] [p]Kenworth is one of the oldest truck manufacturers in America with a rich history. They have plenty to offer when it comes to heavy-duty class 7 and class 8 trucks. The Kenworth T680, the Kenworth W990, and the Kenworth T880 are three notable mentions that deserve a place on our list. The three trucks are due to come out in 2021 with a fresh approach towards safety, efficiency, and performance. [/p] [img src="https://truckerpath.com/uploads/2021/01/202101-BLOG-New-Year-New-Trucks-2021-Kenworth.jpg" alt=""] [p]The giant machines are safer than ever, with a host of driver-assist features to make driving hassle-free. The W990 and the T880 can sport the Wabco OnGuardACTIVE safety system that enhances your abilities as a driver. [/p] [p]What’s more, the new T680 gets Level 2 autonomy with Bendix Wingman Fusion, which is a step into the future for the traditional marque. Kenworth has also partnered with the Meritor for the T680e, an electric version of the sturdy T680 that would work wonderfully on short routes. [/p] <h2></h2> [p][b]Peterbilt [/b][/p] [p]The Peterbilt 579 comes new and improved for 2021 with even better comfort and safety options. The 579 truck has been a popular choice in the past years, and more customers are likely to turn towards the new UltraLoft Sleeper model. The fresh model 579 comes with the Bendix Wingman Fusion system as standard.[/p] [img src="https://truckerpath.com/uploads/2021/01/202101-BLOG-New-Year-New-Trucks-2021-Peterbilt.jpg" alt=""] [p]The 579 truck has top of the line aerodynamics that reduce drag, improve efficiency, and result in overall better performance on the highway. Not to mention the mighty engine that roars under the hood producing inhumane levels of torque. [/p] [p]The Peterbilt 389 is another popular model that makes its way into 2021 with extra features to go with its traditional styling. It comes equipped with Peterbilt’s SmartNav technology and the SmartLINQ diagnostics system that allows over the air updates and lets you diagnose engine issues while sitting in the cabin. The 389 is a step in the future with the same traditional looks. [/p] <h2></h2> [p][b]Mack [/b][/p] [p]Mack trucks have been around for more than a century and they have proven to be the best of the rest. The Mack Anthem is a testament to Mack's unwavering commitment to making up-class trucks. The Anthem comes with a dominant design, a potent engine, and a comfortable interior making it the perfect all-around truck for highway driving. [/p] [img src="https://truckerpath.com/uploads/2021/01/202101-BLOG-New-Year-New-Trucks-2021-Mack.jpg" alt=""] [p]The 2021 machine gets Command Steer that reduces the driver's effort by over 30% allowing you to maneuver with masterful precision anytime every time. However, if you are a bit of an old-timer then the Mack Pinnacle is the truck for you. This traditionally designed big-rig carries on with the design philosophy of an old truck, but it has the safety and technology of a modern one. The Pinnacle has a low center of gravity for better road grip, a forward axle position for heavier payloads, and a sturdy chassis to handle extremely heavy freight. All in all, a great truck for both off-road and on-road applications. [/p] <h2></h2> [p][b]Freightliner [/b][/p] [p]The Freightliner Cascadia takes the limelight in the Freightliner line-up as this new truck comes with a host of modern technological upgrades that old truckers would only dream of in their time. The Daimler Detroit Assurance Suite 5.0 comes equipped in the Cascadia providing Level 2 autonomy and safety. On the other hand, the Detroit powertrain ensures no payload is heavy enough for Cascadia. [/p] [img src="https://truckerpath.com/uploads/2021/01/202101-BLOG-New-Year-New-Trucks-2021-Freightliner.jpg" alt=""] [p]If you are looking to shift to a greener option within the Freightliner line-up, you can consider the eCascadia, an electric version of the brilliant Cascadia. The e-version gets all the tech and safety features and the comfort options found in the Cascadia. The largest difference comes in terms of performance as the eCascadia gets a 475 kWh battery to power the truck for 250 miles. The 0 to 80% charge takes 90 minutes, which is remarkable considering the size of the battery. [/p] <h2></h2> [p][b]Conclusion[/b][/p] [p]When it comes to buying a semi-truck in America there are many options to consider. You can go for the more traditional looking variants or step into modern territory with the futuristic-looking big-rigs. If you go even further, there is the all-electric truck market that hasn't been tapped to its full potential. The Tesla Semi is one truck you can consider as it is planned for a 2021 release. No matter the case, with <a href="https://www.epa.gov/transportation-air-pollution-and-climate-change/carbon-pollution-transportation">emissions reaching alarming levels</a>, it is time for the semi-truck manufacturing industry to move into new territories. [/p] <h2></h2> <h2></h2> [p][b]By Aldous Aldwin[/b][/p]

Jan 15, 2021 • 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