There are many places to turn to find trucking loads. For example, load boards and trucking load apps, but how do you ensure those trucking loads will pay? Here are 7 things we have pulled from our years of experience that you can do to help get trucking loads that pay.
Rates that look too good to be true probably are.
When you find an unusually high rate listed for a load on a load board, you can think there is no question you should take the load. However, we caution you to think twice. Truck freight rates can be a major indicator telling you if you will get paid for the trucking load. Legit brokers and shippers know the going rate for truck freight, and their rates will reflect that. We have had a few clients who found unusually high rates on load boards. However, on further inspection, they were fraudulent loads that will never pay you.
Run a credit check on new brokers and shippers.
Credit checks give you a sense of the payment history of the broker or shipper. Typically, if they have a good history of paying other carriers on time, you can expect the same. However, running credit checks on your own can be costly and time-consuming. Although, when you partner with a company such as Tetra Capital for trucking factoring, it won’t be. We provide you with free credit checks for your new brokers and shippers.
Build relationships with brokers and shippers.
Having a wide variety of customers to turn to for loads will limit your concentration and exposure. Plus, you will find you always have a reliable source of good loads that pay. When you have long-term relationships, and you are a reliable carrier, you will undoubtedly reach a point where you are “cherry-picking” the available truckloads that work best for you. Regular, professional, and effective communication is one of the easiest ways to maintain your trusted network.
Have a partner with their finger on the pulse of who is paying and who is not.
Partners, such as factoring companies, regularly work with thousands of brokers and shippers. The continual contact helps them to know who pays quickly, who takes a while to pay, and who doesn’t pay at all. You will not likely get this information from a load board, but it can be invaluable to your business.
Have a partner who will handle the follow-up on outstanding payments and loads.
There are better uses of your time than checking the payment status on loads that haven’t paid. Not to mention it could hurt the relationships you are working hard to build with your brokers and shippers. If they feel you are constantly calling them for payment status, they may think twice about sending you loads. For these reasons, it is helpful to have a partner, such as a factoring company, who will handle the follow-up to ensure timely payment and find ways to resolve issues that arise. This way, you can focus on what you do best.
Look for consistent ratings between the factors credit report and the load board.
We often see companies that are trying to do bad things will focus on building their credit on certain sites like a load board or a credit site, but it’s tough to do that on all of them, so inconsistencies can be a red flag.
All carriers deserve to get trucking loads that pay. Our Tetra Capital team is here to help ensure you get paid quickly. Call us today at (801) 676-0182 to put our experience to work for you. Our trucking factoring services can get you paid within hours and include free credit checks, collections, and more!