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

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 - Hope Zvara <em>The Trucker Spotlight series explores the lives of truckers and their journey to make a difference in their industry. We interview different people in the trucking industry 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/Lark20200727-210833.jpeg" alt=""] <h2></h2> Today we are putting the spotlight on <strong>Hope</strong>, who is a Yoga instructor and founder of Mother Trucker Yoga, whose advocacy is to teach yoga and wellness to truckers. She has been featured in a lot of trucking websites, magazines, and also maintains a podcast on Chrome and Steel Radio. Let's get to know more about Hope and how she mixed yoga with trucking. <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/Lark20200727-210801.jpeg" alt=""] <h2></h2> <h3><strong>Tell us a short story about you. Any trivia?</strong></h3> I had no idea what I wanted to be when I was in high school. I knew I wanted to help people but was lost among many other things. At age 20 I decided I wanted to do mission work and began to look into being in the Peace Corps. But as a college drop out, that wasn’t an option. So I found a program and a few short months later I found myself on a plane to Nigeria to live for nearly a year. That trip changed my life in a way that helped me to see that I could do anything. As someone who had struggled with addiction and a slew of other issues, a trip like that gave me a deep dose of perspective. That perspective still drives me today to help others gain perspective on their health, happiness, and life’s direction. Trivia? I am a middle child. I Have been to 7 different countries before the age of 30. I love alternative rock. I love dark chocolate and mojitos. And love love love to travel! <h2></h2> <h3><strong>What made you decide to delve into the trucking industry?</strong></h3> Well trucking just fell into my lap. For about 5 years prior I knew I was a transition in my career and was ready to do something different, something more. I had owned a yoga studio for more than a decade and knew owning a studio wasn’t my end game. Then at a local business mixer in my hometown of Hartford, Wisconsin, I started chatting it up with someone I had never met before, who is now my former business partner. I was trying to pitch him corporate yoga for his trucking company office employees and he looked at me and said, “do you have anything for drivers, like in the cab of their truck?” Without skipping a beat I looked at him, threw my arms up, and said “Mother Trucker Yoga”. He loved the idea and the next day I and a perfect stranger were building a company from scratch merging yoga and trucking. <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/Lark20200727-210808.jpeg" alt=""] <h2></h2> <h3><strong>What are the significant changes that you've noticed in the trucking industry?</strong></h3> I’ve seen a lot of changes in the last three years. Many drivers I’m sure will comment on the increased regulations. But I want to talk about increasing awareness and action around trucker health. More and more drivers and companies are taking notice of the necessity of taking care of our drivers’ health and well-being. I ask companies all the time are your drivers an asset or a liability? This pertains directly to the health of the driver. Every month I am seeing more and more drivers take an interest in cooking on the truck, drinking more water, trying to exercise or at least for the first time admitting it is something to pay attention to and work to improve. Secondly are mandatory 30-minute breaks and 34-hour resets. Now I am not a truck driver and never claim to be. And as much as these breaks can be a pain in the butt when a load has a deadline. I want to encourage you to see these times outside the driver’s seat as opportunities to take better care of you. Get out and walk, exercise, get to the grocery store or order groceries to be delivered to your truck, or meal prep. See that time as a blessing to help improve your health. You have to take it so you might as well do something positive with it. <h2></h2> <h3><strong>What came first, trucks or yoga?</strong></h3> Great question. Yoga came first. As a teen, I struggled with depression, anxiety, and addiction and yoga saved my life. Now I know that might seem heavy, but the reality is that many struggle with mental health and yoga is as much physical fitness as it is about mental and emotional fitness. I went from a young teen practicing yoga as a lifeline to teaching yoga to others, teaching teachers, and then teaching yoga to truck drivers just like you. And I have to say, working with truck drivers has been one of my favorite parts of the road I've been traveling (hehe- get it). <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/Lark20200727-210823.jpeg" alt=""] <h2></h2> <h3><strong>Ever tried driving a truck?</strong></h3> I've driven a lot of things, a skid steer, a forklift, a truck and trailer backward up a winding driveway- yes; but an eighteen-wheeler, not yet. <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/h1.jpeg" alt=""] <h2></h2> <h3><strong>What are your trucking industry pet peeves?</strong></h3> Complaining. Now people in every area, every walk of life, every industry complain. And sharing our concerns, or dislikes, and frustrations when done correctly can be an effective way to make a change. But when people leave comments complaining about what they don't like in a negative tone without any suggestions on how to make it better and when people attack and never for a second consider all that the other has done or has to go through to make X happen, is so frustrating. I believe the key is perspective. And when we gain perspective our tone often changes. We see life differently. The second is people saying it is impossible to be healthy or exercise when you are a truck driver. I promise you with 100% confidence that there are things that you can do as a truck driver to improve your health, fitness, and wellness that you can implement today. <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/Lark20200727-210828.jpeg" alt=""] <h2></h2> <h3><strong>What are the common habits that a truck driver should change?</strong></h3> #1 thing a truck driver should change today is drinking more water. Our bodies are made up primarily of water and many of our health concerns can often be tied back to dehydration: grogginess, muscle pain, cramps, fatigue, mental fog, and digestive issues. Drinking more water, ideally, 1/2 your body weight in ounces can dramatically change your health. Secondly is to move more. I'm not telling you to exercise, what I'm saying is with all that sitting you need to move more so you don't end up as stiff as a board. Simple things like small movements or stretches while driving. Walking laps around your rig while filling up with fuel. Or a yoga stretch here and there in those moments where you are waiting to load, unload, on your break, on your reset. It all adds up. <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/Lark20200727-210818.jpeg" alt=""] <h2></h2> <h3><strong>What are the benefits of yoga for truck drivers?</strong></h3> There are endless benefits to practicing yoga. And being a truck driver you aren't exempt to those benefits. Here are13 of my top benefits to truck drivers practicing yoga: <ul> <li>Improves flexibility and mobility.</li> <li>Strengthens muscles, which can help with arthritis and back pain.</li> <li>Aids in realigning the spine to help distribute weight evenly.</li> <li>Helps keep spinal disks supple.</li> <li>Offers a natural weight-bearing exercise, increasing bone density.</li> <li>Gets your blood flowing, providing more oxygen to your cells and helps boost hemoglobin and red blood cells.l</li> <li>Assists in increasing the drainage of the lymph, helping to destroy and fight cancerous cells.</li> <li>Gets your heart rate up, lowering the risk of heart disease.</li> <li>Gets you breathing.</li> <li>Lowers blood pressure.</li> <li>Lowers cortisol levels, helping with long term memory, and fighting depression.</li> <li>Improves coordination, reaction time, memory.</li> <li>Helps you to relax</li> </ul> <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/Lark20200727-210813.jpeg" alt=""] <h2></h2> <h3><strong>What is the best truck stop food for truckers?</strong></h3> There are dozens of diets and eating guidelines that people follow-truckers included. And I think the better question to ask is what should drivers look for each day at the truck stop to eat? And the answer to that is simple. Look for foods that are fresh, look for foods that are preservative, additive-free. Look for foods that have some sort of nutritional value. So many drivers (and Americans) are eating empty calories: chips, fast food, candy, soda. And sometimes it is hard and there are minimal options so ask yourself what is “good, better, best” for me to eat today. Dried nuts are good, a container of raw carrots, pretzels and hummus is better, or a burger without the bun and a salad with a hard-boiled egg and tons of veggies on top is probably the best. Sometimes the best option is not available. So what is good or better? When we bucket the foods in front of us this way we take some of the stress out of it and stop thinking in the form of “good diet” or “bad diet” and start thinking along the lines of good, better, best. And remember you don't’ always need to be the best! <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/Lark20200727-210838.jpeg" alt=""] <h2></h2> <h3><strong>What are some wellness tips that you would like to share for truckers?</strong></h3> What we do each day is often dictated by what is sitting between our two ears. Mental health is critical as a truck driver. When you add up being away from family and loved ones for weeks on end coupled with isolation, erratic schedules, and deadlines, you need to take time for you. This does not include mindlessly scrolling Facebook or Instagram. This is you listening to a positive audiobook, or upbeat music, calling a friend, and not complaining but sharing your wins for the day. But don’t be fooled, simple things like drinking more water, and getting your butt moving (sorry to be so blunt) WILL and does positively impact your overall wellness every single day. <h2></h2> [img src="https://truckerpath.com/uploads/2020/07/h2.jpeg" alt=""] <h2></h2> <h3><strong>How can truckers subscribe to your yoga classes?</strong></h3> Drivers can easily subscribe and join our Mother Trucker Yoga family as easy as a click of a button. By going to <a href="http://www.MotherTruckerYoga.com">MotherTruckerYoga.com</a> and go to our “Subscribe” page. Don’t worry it’s not $100 a month to join our family and receive our amazing content. Subscribe for just $7.99 a month and get new content dripped to you each month. <h2></h2> <h2></h2> <h2></h2> <h4>By Aldous Aldwin</h4> <h3></h3> <h3></h3>

Jul 27, 2020 • Carriers

Find Truck Loads <meta name="description" content="Learn how you can search for freight and find truck loads using free load boards like Truckloads." /> [p] Learn how you can search for freight and find truck loads using free load boards like Truckloads, limiting your empty miles and expanding your earnings. [/p] [h2] Find Truck Loads [/h2] [p] If you're an owner operator or have <a href="https://truckerpath.com/blog/trucking-authority/">your own trucking authority </a> your success hinges on your ability to find truck loads. Some truck drivers have dispatchers or work for companies that help them find truck loads but if you run your own trucking company you need to find truck loads and you need to find them quickly. So what's the solution to find truck loads? Load boards.[/p] [h2] Load Boards [/h2] [p] To find truck loads your best resource is a load board. Load boards are marketplaces where freight brokers post available truck loads for carriers to haul. New loads are posted daily so the potential to find one for you is always within reach. Load boards allow you to find truck loads anywhere, anytime. [/p] [h2] The Best Load Board - Truckloads [/h2] [button text="Try Truckloads for Free" href="https://truckerpath.com/truckloads/free-load-board?utm_source=blog&utm_medium=findtruckloads" width="250px"] [p] The best things in life are free and so is the best load board. <a href="https://truckerpath.com/truckloads/free-load-board?utm_source=blog&utm_medium=findtruckloads"><em>Trucker Path <strong>Truckloads</strong></em> is a free load board </a>available on the web or mobile devices which connects you with over three million monthly loads and access to unlimited premium loads with just a few clicks. [/p] [p] On the go? No problem! Truckloads is the highest rated mobile load board app both Google Play and the App Store. The interface is easy to follow and you decide your search criteria to find loads that are the best match for you. [/p] [p]<strong>Check out the Truckloads app demo below.</strong>[/p] [video id=ff-MBgdLpS0] [p] On your way to drop off a load and need to find a truck load near your drop off location? [/p] [p]Done! Now you can find loads anywhere and minimize your empty driving to earn even more. [/p] [p] Prefer using Truckloads to find freight online? No problem! We offer a great web version of Truckloads that works just like our mobile app for you to find truck loads. [/p] <strong>[p]Check out the demo of Truckloads web version below. [/p]</strong> [video id=Jmgq8DlNWcw] <strong>[p] Choose from over 11 different <a href="https://truckerpath.com/blog/truck-freight/">trailer equipment types</a> including:[/p]</strong> [ul] [li] Reefer Truck Loads [/li] [li] Step Deck and Flatbed Loads [/li] [li] Dry Van Loads [/li] [li] Dump Trailer Loads and More! [/li] [/ul] [p] Determine your pick up/drop off location, dates, truck load weight and even choose your <a href="https://truckerpath.com/blog/what-is-deadhead/">maximum deadhead</a>. Then search through your matches and when you find a truck load you like, call the broker right from the app to book it. You can even view the broker's credit score and days to pay. [/p] [h2] Truckloads is a FREE Load Board [/h2] [p]We figured we would save the best for last. <strong>Truckloads is a free load board</strong> for carriers to find truck loads. Search over three million monthly loads posted by over 700 freight brokers with new loads added every minute. [/p] [p] Now you can find truck loads to match your needs. It's the way finding truck loads should be. <strong>Accommodating, affordable and accessible</strong>. [/p]

Sep 08, 2017 • Carriers