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

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

Start a Trucking Company With One Truck [h2]Start a Trucking Company With One Truck [/h2] [p]Yes, it's possible to start a trucking company with one truck! Learn the steps to success here. [/p] [p]The <a href="https://truckerpath.com/blog/trucking-industry-trends/">Trucking industry trends</a> and experts expect freight revenue to grow by 75 percent over the next nine years. [/p] [p] With the trucking industry eclipsing over $726.4 billion in revenue for 2015, starting a trucking company now can be extremely lucrative. The trucking industry serves as a pillar in keeping things going and as long as people have demand for products, moving freight will be necessary for years to come.[/p] [p]Don't be intimidated by the larger trucking companies with thousands of truck drivers and investors to provide capital. 90 percent of trucking companies are small fleets of six trucks or less so there's space in the industry for you to start a trucking company with one truck.[/p] [h2] 1. Apply for Trucking Authority - Trucking Company Forms[/h2] [p]Paperwork, documentation, and forms. They're tedious and might seem redundant but are necessary for you to get your trucking company started and earn <a href="https://truckerpath.com/blog/trucking-authority/">trucking authority</a>.[/p] [p]If you haven't already been assigned a US DOT number, you will need to register for a DOT number form before you can apply to obtain trucking authority. Keep in mind the old [a href="https://www.fmcsa.dot.gov/registration/form-mcs-150-and-instructions-motor-carrier-identification-report"]MCS-150 form[/a] is now only for updating existing US DOT number and not for obtaining a US DOT number.[/p] [p]To get a US DOT number you will need to use the new [a href="https://portal.fmcsa.dot.gov/UrsRegistrationWizard/"]Unified Registration System[/a]. The processing time can take 20-25 business days according to the FMCSA.[/p] [p]If you already have a US DOT number and wish to apply for operating authority you can do so by [a href="http://li-public.fmcsa.dot.gov/LIVIEW/PKG_REGISTRATION.prc_option"]completing this registration form[/a] and paying the associated $300 fee.[/p] [h2] 2. Choosing a Process Agent[/h2] [p]You will need to choose a process agent who can represent you in regards to court papers. You will need to have a process agent for each state your trucking company operates in. They are used if there ever is an issue where court papers are to be served to your trucking company in a state other than the state your company is registered in.[/p] [p]The FMCSA has a [a href="https://www.fmcsa.dot.gov/registration/process-agents"]list of process agents to choose from here[/a]. The process agent is responsible for completing [a href="https://www.fmcsa.dot.gov/sites/fmcsa.dot.gov/files/docs/registration/1996/boc-3-1-18-2017.pdf"]Form BOC-3[/a] on behalf of your trucking company.[/p] [h2]3. Truck Insurance[/h2] [p]Once you've established your trucking company you will need to make sure that it's properly insured. Liability insurance is required for trucking companies to cover potential damages or injuries caused by operating a commercial vehicle.[/p] [p]Shop around and get several quotes before making a decision on which insurance provider is best for your trucking company. [a href="https://www.fmcsa.dot.gov/registration/insurance-requirements"]Here is a detailed overview of the FMCSA insurance requirements[/a] to help get you started.[/p] [h2]4. Buying or Leasing a Truck[/h2] [p]When starting your trucking company you can buy or lease trucks depending on what suits your needs best. If you have the working capital upfront to cover the cost and want to operate a small fleet with a few trucks, buying several trucks at once from a dealer might result in a discounted price per vehicle.[/p] [p]You can also look into leasing trucks which often times keeps the monthly costs down and can even have a lease-to-own option available. However, there are usually restrictions that apply to leasing that vary by dealer. You will want to take the time to search and compare dealer options and offers before choosing.[/p] [p]Lastly, there is also the option to purchase used trucks which can help save you upfront but can be costly down the line. You may find a used truck that is a few years old with over 400,000 miles on it for $40,000 to $50,000 less than a new one.[/p] [p]It might be a great deal but remember, on average, truck repairs cost an estimated $15,000 annually according to the ATRI and with used trucks, that number can be even more. [/p] [h2]5. Choosing the Right Truck and Trailer Equipment [/h2] [p] Choosing the correct equipment to haul <a href="https://truckerpath.com/blog/types-of-truck-freight/">truck freight</a> can have a tremendous impact on your trucking companies earning potential. Although freight rates fluctuate week-to-week, typically flatbed truck loads pay the highest rate on average. [/p] [p] That is not to say that a reefer, van or step deck load won't ever pay a better rate. Rather it's just an overall average to consider before choosing the equipment type for your truck. Keep in mind that location also plays a major factor in determining freight rates. [/p] [p]<strong>Looking ahead</strong>: when you're trucking company is set up, you can find truck freight to haul on free load boards like <strong>Truckloads</strong>. Customize your truck load searches by <a href="https://truckerpath.com/blog/what-is-deadhead/">deadhead</a> location and the trailer equipment type for you. [/p] [button-green href="https://truckloads.truckerpath.com/?utm_source=blog&utm_medium=startonetruckcompany"]Find Freight Today[/button-green] [video id="snyBYpnuhWw"] [h2] 6. International Registration Plan (IRP)[/h2] [p] By registering your vehicle through the IRP in your home state, you will be allowed to haul interstate loads as well as freight through Canada without having to worry about additional registrations. You will be provided an apportioned license plate and cab-cards now display all jurisdictions that you cover. [/p] [p] The IRP registration fee for your apportioned plate will vary depending on state and vehicle weight, but typically the price ranges from $1,500 - $2,000. [a href="https://www.fhwa.dot.gov/about/webstate.cfm"]Use this list to determine what the cost will be for your state.[/a] [/p]

Dec 14, 2017 • Carriers

How Do Freight Brokers Find Shippers [p] Freight brokers need to find shippers in order to connect them with carriers and move freight. How do freight brokers find shippers is an age-old question and one new freight brokers need answers too. Here are seven ways how freight brokers find shippers.[/p] [h2] How Do Freight Brokers Find Shippers? [/h2] [p]For freight brokers to find shippers, it's important to understand consumer products. Who manufactures them? Where do they come from? How many products do they sell? These are the sort of questions you need to target to know how freight brokers find shippers.[/p] [h2] 1. The Leads Surround You [/h2] [p]Look around you, regardless of where you are the things you see were most likely freight hauled and delivered by trucks, after all, over 70 percent of all freight in America moves by truck. Furniture, office equipment, consumer electronics, clothes, they are all types of freight that shippers need to be hauled from one point to another. As a freight broker, you can find shippers by doing research on the products you see every day to find out where they are manufactured and how they are transported. [/p] [giphy] <iframe src="https://giphy.com/embed/xT39CYwjsPWvIfw6UE" width="480" height="270" frameBorder="0" class="giphy-embed" allowFullScreen></iframe>[/giphy] [h2] 2. Review Your Purchase History and Compare [/h2] [p] Drawing a blank or feeling helpless in finding shippers? Reviewing your own purchases can be a great starting place. Whether it's the receipts from the store or your online Amazon order history, the products you purchase are manufactured and transported from somewhere. [/p] [p]As a freight broker looking to find shippers, you have to get creative at times and go beyond the normal trains of thought. Understand how companies are connected and if one lead doesn't pan out or isn't a viable option, don't give up, there are seemingly endless possibilities. [/p] [h2] 3. Look at the Competition [/h2] [p] Every product that is moved by freight has competitors, it's a natural occurrence and a driving force of the capitalist economy. Take a large company like John Deere. They proudly manufacture varieties of tractors with manufacturing plants in Iowa, Wisconsin, and Georgia. [/p] [p]Despite being a Fortune 500 company and having a tremendous market share, John Deere has a lot of competition in the tractor industry. Using a tool like <a href="http://financials.morningstar.com/competitors/industry-peer.action?t=DE&region=usa&culture=en-US">MorningStar Financial </a> you can get insight into who's its competitors are by clicking on the industry peers tab. Freight brokers can do this search for any publically traded company.[/p] [h2] 4. Use MacRae's Blue Book and Other Shippers Lists [/h2] [p] <a href="http://www.macraesbluebook.com/menu/product_heading.cfm?groupid=2533">MacRae's Blue Book</a> is an industrial directory that provides detailed information about manufacturing companies. You can search through companies based on the types of products they manufacture and the detailed information about a company will even include freight rate estimates for you to compare. [/p] [p] Other manufacturing lists such as <a href="https://truckerpath.com/uploads/2017/08/Top-500-Manufacturing-Companies-USA.pdf">The Industry Week 500</a> are great guides to help freight brokers find shippers. Companies such as Boeing and General Electric have a tremendous amount of supplies both in receiving and shipping of freight. Use the list as a starting point to help you find suppliers for these companies. [/p] [p] Ever wonder how many parts are required for Boeing to build one of its 737 planes? 367,000 parts. Suppliers of those parts are sourced from all over the nation (even world) and are often times small to medium sized businesses that may not have the resources to handle their own freight. This is where freight brokers can use the magic of Google to find shippers. [/p] [p] Search <a href="http://www.airframer.com/aircraft_detail.html?model=B737">"Boeing 737 Suppliers" </a> and boom, a full list of the suppliers for the aircraft including company details and contact information. [/p] [h2] 5. Livestock, Produce and the USDA [/h2] [p]Produce is shipped across the country to satisfy consumer demand. Who doesn't love guacamole even in the winter time just in time for the big game right? Produce locations vary based on the season, though you can conclude that Florida has fruits, Texas has avocados, the Midwest has corn and the Pacific Northwestern has apples. [/p] [p] You can use the <a href="https://www.ams.usda.gov/services/business-listings">USDA business listings</a> to locate farmers that grow crops or raise cattle, poultry, and other livestock and contact them as well.[/p] [h2] 6. Satellite View of Company Buildings [/h2] [p] Continuing to rely on Google and being imaginative in your searches to find shippers, freight brokers can use Google Maps satellite and street views of a building to see if it has shipping and receiving docks. You can spend hours just going street by street in industrial areas, verifying if a location has docks. From there you can do research the company to find out what they do and find out how they ship freight. [/p] [h2] 7. Cold Calling Shippers [/h2] [p] Yes, cold calling is still alive and well. Once you find a shipper you will need to contact them in order to gauge their potential interest in using a freight broker. It's easy to send a quick email but the chances of getting a response are quite low. The best way to connect with shippers is by calling them directly and be straight-forward in your dialogue. [/p] [p] A sales pitch isn't necessary and can be off-putting, but you should describe who you work for, company background or achievements, where you're looking to move freight through and see how you can be of assistance. Remember, you are there to provide them a service so it's imperative that you listen to their needs and how you might be able to address their pain points.[/p] [p]You'll need to understand how the shipper currently transports freight and see if there is an opportunity you can capitalize on. Undoubtedly, a significant portion of shippers will turn you down, but it's a numbers game and you'll never know if you have potential clients or not until you call.[/p] [h2] Relationships, Trust and Load Boards [/h2] [p] Finding shippers is only one aspect of the journey to be a successful freight broker. You'll need to cultivate relationships and build a reputation for being dependable when servicing your shipping clients. To do this you will need to rely on load boards like <strong>Truckloads</strong> with over 100,000 qualified carriers that you can connect with to haul freight for the shipper. [/p] [p]As a freight broker you'll also want to develop a rapport with carriers, especially the qualified ones. Once you use a carrier to move freight that you trust and have a good working relationship with, continue to use them and provide them with the opportunities they desire to maintain the relationship. [/p] [video id=snyBYpnuhWw] [button text="Try Truckloads for Free" href="https://ship.truckerpath.com/signup?utm_source=blog&utm_medium=findshippers&utm_campaign=Aug16" width="250px"]

Aug 16, 2017 • Brokers