A Guide to Broker-Carrier Agreements

As the global supply chain and local markets continue to recover from the COVID-19 pandemic, the need for clear and concise freight broker contract agreements is more vital than ever. Freight trucking services make up the backbone of the supply chain network and account for the bulk of regular and holiday goods transportation, especially now. As reported by PR Newswire, “The global local general freight trucking market is expected to grow from $111.84 billion in 2020 to $125.24 billion in 2021 at a compound annual growth rate (CAGR) of 12%. The market is expected to reach $170.8 billion in 2025 at a CAGR of 8.1%.” With this much potential growth and the added pressure that comes with it, freight broker carrier agreements can make or break trucking companies. This guide will explore the fundamentals of freight-carrier agreements and how freight brokers can make them successful within the ever-changing market.

What Are Broker-Carrier Agreements?

Broker-carrier agreements are essentially agreements between a freight broker and a trucking company that detail specific expectations and requirements for a particular partnership or arrangement. Without the right specifics in place, brokers get charged higher fees and don’t get paid on time, while carriers can experience delays and delivery processes that have not been defined and outlined. During market volatility, especially ahead of the peak season push, a balanced freight broker carrier agreement can help keep the supply chain moving as smoothly as possible. 

What Are the Top Sections Within Broker-Carrier Agreements?

An agreement of this type is a legal contract between two parties- the freight broker and the trucking company. As with all legal documents, several critical sections must get proper attention from all logistics and transportation parties. Here are the top portions of each agreement.

Basic Terms

  • Brokers, carriers, and other partners must be disclosed, including full name, company name, insurance information, and other vital information. This contact information must be shared and easily accessible by all involved parties.
  • Any agreement must have clearly defined start and end dates for the contract and include any rules or processes needed for terminating the contract early. Such parameters  will help avoid disputes and issues down the road if any problems or questions arise.

Scope of Services

  • The agreement must include details about when and where shipments will be made, where the cargo can and cannot go, and other similar geo-specific data. This level of detail is essential because any movement outside of these terms could be considered a breach of contract.
  • Sometimes extra tasks are included beyond simply driving cargo from point A to point B. The trucking company may handle loading or unloading, packing, cargo protection, or other tasks. If so, this is all defined and outlined in the freight broker carrier agreement.
  • Some carriers will subcontract other trucking companies to handle part or all of a particular shipment. If the broker or customer does not want to allow this, it must fall within the contract terms that no second-hand contracting is allowed for that particular agreement.

Rates and Fees

  • The contract terms agreed to by both parties must clearly outline specific rates and fees. These include basic shipping costs, fuel rates, handling fees, the share of customs and tax charges, and other expenses associated with that particular load or agreed shipment.
  • Freight broker contract agreements must also touch on payments and the process for resolving issues related to invoices and payments. When surprise fees and expenses occur, the terms of the contract will help all parties come to a resolution as quickly as possible.

Liability and Insurance

  •  Liability terms help define who is responsible for expenses related to lost or damaged cargo. In most cases, the freight carrier must guarantee the security of the shipment while in their care. Any damages and related expenses become the carrier’s responsibility.  
  • The insurance section of the broker-carrier agreement states that carriers must show proof of insurance before they load any cargo. Other essential coverage considerations include motor truck cargo insurance, workers’ compensation coverage, and required bonding and licensing.

Dispute Resolution

  • A well-balanced contact between freight brokers and carriers will include language dealing with dispute resolution. No contract agreement is final without clearly defining the process for resolving issues if either party believes something has gone wrong or a suspected breach of contract. 
  • Dispute resolution offers legal remedies for grievances between all parties involved in that particular contractual agreement. The term should be all-encompassing and touch on everything from third-party mediation to federal or state court processes assistance.

What’s the Benefit of Better, Easy-to-Use Agreements?

The agreement will touch on delivery terms, timelines, freight shipping modes, transport rates and fees, insurance and claim regulations, customs and border procedures, accident liabilities, shipping damage and loss, and more. Detailed freight broker contract agreements protect all involved parties and offer many benefits to all involved parties:

  • speed of onboarding and training is improved and streamlined
  • a clearly defined contact quickly leads to access to more carriers
  • diversity with load and transportation modes is greatly improved
  • all-around increase in access to better and more profitable capacity
  • less confusion about responsibilities between parties
  • better customer satisfaction with quality service and reliable deliveries
  • faster and more accurate resolution to conflicts, disruptions, and concerns
  • more power to secure the advantage against the competition
  • improved relationships between carriers, shippers, and trucking brokers
  • ability to move more diverse freight by accessing a variety of carrier services
  • capacity to handle custom orders and specialty freight safely
  • easier time overall with keeping rates in check and maintaining profit margins
  • less time to acceptance of loads and faster payments
  • improved ability for carriers to handle short lead times with less trouble
  • access to omnimodal capabilities and multiple transportation modes
  • less risk to carriers that have a broker that reliably pays on time and in full

Establishing and maintaining a freight broker carrier agreement significantly impacts every aspect of the modern supply chain.

What Other Documents Are Vital to Broker-Carrier Interactions?

A well-rounded broker-carrier agreement will also touch on other contracts and arrangements that can help with the relationship between brokers and carriers, which includes:

Load Specification and Tender

Also known as load confirmation, this part of the agreement aims to list all the load details for carriers. The load confirmation will list specifics, any safety or hazard concerns, special equipment required, specific services, customized or unique protocols, and anything carriers need to know to manage the shipment successfully.

Rate and Fee Considerations

The freight rate terms help keep shippers, carriers, and brokers on the same page about who is responsible for what expenses. It is an important part of contractual agreements which lists expected fee ranges while also detailing steps to take when addressing unexpected fees, surcharges, or damage claims.

Bill of Lading

The bill of lading (BOL) acts much like a receipt for freight delivery within freight broker contracts. It is generally issued by the carrier and given to drivers who handle the transportation details. The BOL is a legally binding agreement that offers drivers and carriers the details required for accurate and lawful transportation of any goods across any mode.

Of-Choice Contracts

Brokers, shippers, or carriers who have of-choice status might be subject to additional terms, requirements, payments, and considerations. A contract may necessitate committing to a specific load size and frequency.  An of-choice agreement might also give some carriers preferential treatment or personalized options that other drivers are not granted.

How to Assure Brokers You’re a Safe Carrier 

Recent evidence shows that attorneys will now go after brokers for negligent hiring of an independent contractor if there was any indication that the carrier was potentially unsafe. Even with all the advances in supply chain and logistics technologies, things still can go wrong, And the results can be devastating for brokers.

As highlighted by TruckingInfo.com, “In 2012, an Oregon jury returned a verdict of nearly $5.2 million, including punitive damages, to the family of a man killed by a commercial truck, in a case that may have involved the first punitive damages verdict against a transportation broker in a case involving a negligent hiring claim.” Brokers are subject to huge liability risk, and more and more liability lawsuits have been popping up as more carriers and brokers enter the marketplace. The more trucks on the road and the more carriers enter the picture, the bigger the liability risk surrounding freight broker carrier agreements.

Presenting a safe driving record, including certification for driving education and safety classes, can help carriers establish a long-standing claims-free reputation. Given a choice between nearly identical trucking companies, the preferred option will always be whoever is known for safe driving protocols. Carriers who demonstrate this safety-first mindset instantly gain a competitive advantage.

Take Care in Creating and Executing Broker-Carrier Agreements While Streamlining Freight Payment With the Right Partner

Even with the  best of intentions and extensive  preparations, accidents occur, loads are damaged, injuries happen, trucks wreck, and things go wrong. This ongoing risk is a significant concern for brokers as they, of course, want to make sure they are dealing with carriers who have a reputation for overall safety and who have a good driving record. When you need help establishing and managing broker-carrier agreements, it is vital to have a partner with proven experience and success with freight broker carrier agreement management. Create and execute the best freight broker contracts today with ComFreight. Request a demo of HaulPay today to learn more about how to maximize your working capital and interact more efficiently with freight brokers now with reliable agreements and contracts. 

What Is Transportation & Freight Finance?

For companies big or small, a freight payment service can provide assistance with cash flow through freight financing. Partnering with a factoring company should help carriers experience fewer delays in receiving payment and also shorten the payment clock. As the trucking industry continues to expand, companies must find options to gain a competitive advantage…and freight factoring can provide that advantage. 

What Do Transportation and Freight Finance Mean?

Transportation finance can provide businesses a way to release working capital that might otherwise remain tied up in invoices for a long period of time. After hauling a load, carriers will submit paperwork to a factoring company rather than a broker. The broker will then pay the factoring company for the invoice in roughly 15 to 30 days. Freight factoring allows for carriers to receive payment instantly rather than waiting for the average 30 to 90 days most shippers take. 

Using freight factoring can address the problems of slow-paying shippers by buying the invoices and paying the carrier within a day or two. Receiving payments sooner can increase cash flow and allow the carrier to pay operational costs.

A Brief History of Freight Financing

After World War II and the expansion of highway systems in the United States and Canada, the trucking industry had the opportunity to expand. This expansion allowed a surge in freight transportation that prompted funding for transportation companies and freight factoring to begin. Throughout the ‘60s,70s, and ‘80s the trucking industry continued to evolve and become a vital part of society. 

As advancements continued and deregulation occurred, the number of trucking companies in operation increased drastically. More competition led to increases in volumes, freight rates, and interest rates for the companies to secure financial backing. Throughout the decades, and especially in the most recent past, freight financing continues to grow and become a leading financial strategy. 

How Freight Finance Improves Working Capital

The trucking industry faces challenges with freight capital due to the prolonged payment period shippers need. Observing the continuous growth in the market and how freight financing can help free up working capital, Grand View Research mentions, “Significant growth in the Banking, Financial Services, and Insurance (BFSI) industry is considered a key factor in developing a positive impact on the market growth. Moreover, the growing requirement for alternative sources of financing for Micro, Small, and Medium Enterprises (MSME) is driving the market growth. Factoring services enable businesses to obtain working capital loans and mitigate credit risks.

To gain access to revenue and build freight capital, companies in the trucking industry continue to use freight factoring. Transportation factoring can create immediate cash flow for a business and maximize the working capital without creating more debt.

What to Look for in a Finance Provider

Working with the wrong factoring company can cause a negative effect on a company’s cash flow and operations. When deciding on the best freight financing business to partner with, make sure the business can provide:

  • Advanced technology, including a digital software platform to simplify the payment process.
  • A platform that can streamline document management and automate invoicing and paperwork. This will allow for faster processing.
  • In-depth knowledge and expertise of the trucking industry. The potential partner must be able to demonstrate they are up-to-date on market trends.
  • Top-of-the-line customer service, with proactive communication strategies and the ability to respond quickly.
  • Transparency with fees, contracts, rates, and can meet expectations without minimum volume requirements.

Boost Your Finance Goals With the Right Solution

Partnering with the best transportation finance company can provide solutions for when shippers are prolonging the payment process. Factoring can provide a variety of benefits, including increased cash flow, overall business growth, advancements in technology, and the ability to reduce the stress associated with back-office tasks. To see these benefits and learn more about how they might impact your business, request a demo of the HaulPay platform, a creation by industry finance expert ComFreight.

The Fastest Way for Freight Brokers to Remove Most of Their Credit Risks

For freight brokers, clients that have an unreliable history or pose a threat to damaging the broker credit standing must be addressed immediately. Understanding the different ways to handle such clients and how to manage freight finance can help improve cash flow, shorten the payment clock, and reduce clients with high credit risk. Slow and unreliable clients typically try to extend the payment period, and in worst cases may never pay. If a company does work with an unreliable client, make sure to handle the payment issues quickly rather than later. Handling issues immediately can save profits. 

The Problem of High Credit Risk for Brokerages

Running a credit check on clients, including long-term customers, can help brokers avoid unreliable clients. Unfortunately, the high demand for services means many shippers will simply look for another carrier if you turn them down due to prior transgressions. As a result, brokerages must walk a thin line when trying to avoid upsetting shipper clients with faster-than-usual payment expectations. However, that doesn’t mean brokerages have to assume the risk completely, and that is why many companies have started thinking outside of the box in terms of mitigating the risks inherent with payment delays. 

For example,a common financial option to mitigate credit risk is a credit check, which can provide information such as payment trends, past payment records, prior bankruptcies, and any legal issues the company faces. To preserve the broker’s credit standing and worry less about clients not paying, non-recourse freight factoring can help. when the client fails to pay the invoice. The factoring company will lose out rather than the broker, which can relieve the stress from working with unreliable clients. If issues continue to happen, brokers must understand the damage high credit risk clients do for the business and cash flow.

Faster Payments Lower Risk

Brokers can use factoring services to offer carriers lower-cost options to receive payment quicker.  Some companies worry about how much freight companies charge paying too much for the service. When looking at the fees ranging from 1.5% to 5% from companies, MH&L states, “While 1.5% doesn’t sound like much, if you use factoring all the time, that 1.5% can represent an 18% annual interest cost. For example, if you factor $100,000 every month, then that is $1,500 a month in factoring fees. If you choose to do this monthly for a year, that is $18,000 in factoring fees to get $100,000 up front, an implied interest rate of 18%.” For the benefits received through freight finance, a small fee definitely is worth the outcome of improved cash flows.

Added Ways Brokerages Can Lower Credit Risk

Any company wants to avoid issues with broker credit or credit in general. A beneficial way to do this and provide other positive circumstances includes freight factoring. Factoring can provide logistics and technology to help look at data and analyze efficiencies while streamlining the process on a platform. Besides using flexible freight factoring to receive quicker payment without the credit risk, other options include:

  • Communicate clearly and concisely: Have a clear communication and understanding of expectations with companies to ensure understanding of payment times.
  • Know which shippers pay on time and in full: Having the knowledge of which shippers could cause a credit risk can allow brokers to avoid working with them.
  • Use data to manage freight finance goals: Tracking data across your shipper base, such as usual payment windows and the percent of on-time, in-full payments, will help you manage your freight finance needs too.
  • Shorten the payment clock with reliable options: Reliable options such as freight factoring can provide quicker payment for brokers and carriers.
  • Choose a quality factoring solution like HaulPay: HaulPay can replace manual payments, eliminate risk, and help manage credit.

Reduce Your Credit Risk With ComFreight’s HaulPay

No broker or carrier wants to worry about unreliable customers or credit risk if payments do not happen on time or in some cases, at all. There will always be some companies that have poor credit or might put the company at risk. However, using the right freight finance tools can provide benefits like help improve cash flow while reducing the payment clock. For any problems with payment, ComFreight’s HaulPay is the solution. To see the benefits, request a demo to see how the HaulPlay platform works and say goodbye to credit risks.

A Guide to Opening, Starting and Growing a Successful Freight Brokerage

The demand for freight brokerage businesses, both digital and traditional, seems to grow on a nearly daily basis. More and more shippers and carriers are turning to brokers to improve collaboration and capacity management across their supply chains. Digital freight matchers (DFMs) and freight brokerage service providers are becoming increasingly popular, especially in the wake of continued pressure from e-commerce sales and tight capacity restraints. This has opened the door for more people asking questions about how to open a freight broker business. 

Arrive Logistics further explained the value of freight factoring and digital load and shipping management in general: “The reason DFMs have become so popular is market opportunity and technological advances. Plus, there are few barriers to entry with relatively few capital risks — making it an attractive place for entrepreneurs to get their start. When there is over $700 billion worth of an industry pie available (and an estimated $50B in brokerage commissions every year), it’s natural that everyone wants a piece of that pie.” 

With digital load boards and innovative freight brokerage and logistical services, the entire process has become much more streamlined. Knowing how to start a freight brokerage company will make the process easier right from the start and will help open new doors of opportunity. Let’s dig in and see what you need to make it successful. 

What Is a Freight Brokerage?

How to open a freight brokerage requires an in-depth understanding of what a broker does. A freight broker serves as a middleman of sorts that coordinates and helps improve communications between shippers and carriers. Instead of actually accepting the freight and moving it from carrier to shipper, they bring the two parties together so they can handle the transfer of freight themselves. This eliminates delays and expenses and makes the entire process faster and more streamlined. They’re the ones making sure the handoff goes smoothly and also manages and tracks the shipments to ensure the freight gets to its final destination in a timely manner.  

As pointed out by DAT Freight & Analytics, many shippers do end up establishing contracts with trucking companies, which sets up terms for long-term relationships; in fact,  a significant volume of North America freight transportation is handled by freight brokers. Brokers speed up the entire process by eliminating the messy process of leaving things to the carriers and shippers directly to figure out. And with the pressure of e-commerce and digital shipping the need for faster collaboration is more important than ever before.

Who Can Learn How to Start a Logistics Brokerage Company?

ANYONE! As demand for transportation and shipping services grows, and as capacity constraints become tighter and the logistics industry becomes more sophisticated, the need for innovative and collaborative services becomes more vital than ever. With the need for more freight brokers in the network growing every year, it is a worthwhile question to answer: who can start up their own brokerage business? 

There are a number of requirements to start a freight brokerage business and it is important to ensure your startup goes as smoothly as possible. As emphasized by Truckstop.com, if you are passionate about logistics, skilled at analytical thinking, enjoy solving problems, and have good skills working with people and data, then freight brokering could offer a great career opportunity for you. Freight brokers can do the bulk of their work from home, often set their own hours, and have the opportunity to make a lot of money. Read on to find out what steps need to be taken and get the answer to the question of ‘how to start my own freight broker business’.

What’s the Cost of Starting a Freight Brokerage?

A common question that gets asked when the idea of freight brokerages services comes up is: how much to start a freight brokerage? There are a number of things that can contribute to the initial costs involved of starting your own broker company. Cost of training, licensing and certification, and the cost of any equipment and tech that are needed initially are some of the biggest expenses you will need to plan for at the start. Other expenses will depend on the scale of your company, what freight you want to specialize in, what area(s) you are working and operating in, and many other factors that will need detailed planning and attention.

20 Steps to Opening, Launching and Growing a Successful Freight Brokerage

Starting a freight broker business is something that has become more common and routine, but it was not always this way. Entrepreneur points out that: “Brokers aren’t new to the trucking industry; they’ve been around since the industry itself began in the early part of the 20th century. Prior to the 1970s, however, regulations governing brokers were so restrictive that few firms were willing to even try to gain entry into the industry. But with dramatic changes in federal transportation policy during the 1970s, regulatory restrictions have eased, creating new entrepreneurial opportunities in the third-party logistics arena.” This continued growth and expansion of the freight transportation market and the growing demand for brokerage services means now is the time to take action if you are seriously considering starting your own brokerage company.

1. Get to Know the Industry — Train, Train & Train

You have finally decided to pursue a freight brokering career, but what kind of freight are you going to transport? Are you planning to accept anything and everything for the most part or are you more interested in specializing your services? If you limit your freight options, you need to be doubly sure you find carriers who can accommodate those specialized loads. If you choose to accept all types of loads, make sure you have a wide range of capacity options and carriers available to call on when you have tight capacity and high demands during peak shipping periods. There is no right or wrong way to diversify or specialize; you just have to do what is right for you and your long-term brokerage plans.

2. Select a Structure & Register Your Business

Be aware of timelines and other delivery constraints that the market may be placing upon you as a broker. How will you manage delays between money being paid and when money is received? How will you cover initial operating expenses and fund the first year of operations as you get established with clients and carriers and vendors? You will need to carefully plan and structure your business to fit your niche market, your target customer base, and your initial size and capabilities. Growing from there will depend on your planning and execution once your freight broker company is registered, licensed, insured, and operational.

3. Get Your FMCSA Number

One of the early steps that needs to be taken when setting up brokerage services in the United States is to contact the Federal Motor Carrier Safety Administration (FMCSA) to apply for a motor carrier authority. This document certifies you are starting a freight factoring brokerage company and serves as a statement of intent and proof of ownership and recording of the company. 

4. Obtain DOT Insurance and a Surety Bond

Insurance and security bonds are also required for starting a trucking brokerage company. They help ensure the broker is prepared for the tasks ahead and helps provide some initial protection against losses and damages. Awhile ago the federal government increased the mandatory freight broker bond and now it comes in at around $75,000. It is quite a daunting number for anyone interested in this line of work, but there are assistance programs, grants, and other ways to fund this expense to make it easier for more people to acquire the DOT insurance and freight broker security bonds.

5. Select a Process Agent for Each State

Essentially, a process agent is a representative to whom court papers may be served should there be any legal action or lawsuit brought against a broker or carrier that you are working with. Brokers must designate a process agent in each state where they offer services, so for many brokerage companies it becomes easier and ultimately more affordable to get blanket coverage for the entire U.S. or for entire regions of the country rather than going state by state.

6. Get Cargo Insurance to Protect Freight Under Management

While specified cargo insurance policies are not typically required by the FMCSA, most companies look for this coverage when searching for a broker to handle their freight and transportation needs. Many shippers and carriers will not allow a broker to represent them and assist with their business practices without reliant cargo and general liability insurance. 

7. Evaluate Your Financing Before Starting a Trucking Brokerage Company

Cash flow and lines or credit will be very important as you set up and grow your brokerage company. Most brokers do not have large cash reserves when starting, so other forms of finance options are critical to getting things up and running as quickly as possible. Getting a line of credit from a bank can help and they can give you access to funds while also providing reputable backing and support when negotiating early on with customers and partners. Once the funding is in place, you can officially begin operating as a freight broker.

8. Also Sign up for a Freight Factoring Solution That’s Fee-Lite and Built for Brokerages

Brokerage management and transportation management systems (TMS) and similar platforms and tools can make freight brokerage easier, especially for beginners. Having a collaborative platform that can handle data collection, analysis, and distribution can make a world of difference for freight brokerages. Often, a low-cost cloud-based system, while more limited, is sufficient to build the business. As the business grows and expands, and customer loyalty improves, and profits increase additional tools can be brought into the mix. And the option to upgrade the entire network when necessary is also an option that is worth keeping in mind when building your freight factoring platform initially. 

9. Purchase Trucking Equipment, If Asset-Based

All brokerage companies need some level of equipment. For some it might be simply computers, electronics, and organizational tools. For others it might also include trucking equipment, vehicles, and more tangible items that get used out on the road. Ensuring you have the right tools and equipment to handle your specific niche market within freight transportation can help give you a competitive edge and also help you stand out as a leader among shippers and carriers alike. Setting yourself up as a broker for trucking business requires having the right equipment and tools and there is no getting around this critical step in the setup. 

10. Purchase Office Equipment and Upgrade Your Internet

Along the same lines, wherever you set up your base of operations needs to be furnished and adequate for your needs. There should be ample space and equipment for every team member you have working under you. New office equipment and tools need to be set up and utilized to ensure smooth onboarding and efficient training occurs. Likewise, you must ensure you have fast and reliable internet. 

11. Find Shippers and Carriers

The best way to connect loads to trucks is through a load board. Online load boards like Truckstop.com provide access to thousands of trucks and drivers You can also use the boards to research cargo rates in the shipping lanes where you intend to operate. The more hauling jobs you broker, the faster your business grows. As you work with more satisfied customers on both sides of the industry, your ratings will improve. Shippers and carriers also use Truckstop.com to vet and identify quality brokers, giving you an edge for growing your business. 

12. Choose a Freight Analytics Solution

Data collection and analysis is vital for any brokerage company, especially when first starting out. Taking the time to plan out viable freight analytics solutions is a necessary investment you will need to make for your brokerage company. Ensuring you can collect, analyze, review, and apply data as efficiently and quickly as possible will help you gain a competitive edge, especially in volatile markets.

13. Set Rates Based on Actual Market Dynamics

Markets are volatile and always changing, so it is important for freight brokers and logistics managers to be flexible with rates and service offerings. RFPs, bids, transactions, and collaborations must be up to date and reflect actual market dynamics and trends.  FreightWaves points out that “freight forecasting is the skill of analyzing current and future freight market conditions. Knowing how much capacity is available in the market now and will be available in the future is important for winning rate bids and maximizing margins.”

14. Create and Finalize Carrier Contracts

Knowing what is and is not working is critical at any time for freight brokers and managers, but especially so when money is tight.  Customers may still be leery of the new guy in town and the cash flow may not be where it needs to be quite yet. Simply matching loads to trucks will get the job done on paper, but in reality, it is going to take a more personal touch to truly be successful as a freight broker. Personal relationships, tailored contracts, and optimized freight management isn’t just about price; it is about building a team of shippers and carriers that can be brought together to satisfy capacity requirements.

15. Sign up for Free Load Boards

With everything going digital these days with freight brokerage management and services, you cannot afford to lose capacity and customers because you cut corners and try to get by with cheap internet services. It is always a worthwhile investment. With good internet services you can quickly and easily access load boards and platforms that can help you locate capacity and match carriers and shippers right away from day one. You can always expand and add on new load boards, dashboards, and management systems as you grow your customer base and profit margins.

16. Automate Your Quoting Process

Different freight transportation specializations may require separate certification and filings, so be sure to check and ensure you are covered legally for the load types you want to manage. Automating the process of managing and tracking RFPs and bids can help save time and free up team members to handle more vital services for the brokerage company. Automating processes can also save money, reduce the number of claims received, speed up invoice factoring and payments and ensure rates stay fair yet profitable.

17. Choose an Accounting Software

With digital freight brokerage and management practices, it is vital to have a firm understanding of accounting processes. Knowing how to start brokering freight loads accounting backing is a critical piece of the freight transport puzzle. Embracing technology and automation can help streamline this process to save time and money by reducing errors, speeding up routine processes, and removing human oversight for a smoother and more efficient accounting process. From invoicing and freight payment processing to ROI reviews and profit-loss analysis, accounting software makes it all faster and easier.

18. Leverage Analytics to Understand Your Performance and Needs

The opportunities to mechanize workflows in a freight broker business have never been as diverse and applicable as they are today. From technology that is specially designed for administrative tasks, like Robotics Process Automation, all the way to dashboard and matching tools that bring carriers and shippers together, there are analytical tools that can help with every aspect of freight management. Industry experts have highlighted one key freight brokerage service that impacts every aspect of internal growth and performance and that is real time data analytics and application.

19. Track Your Pay Cycles to Improve Cash Flow

Broker managers and logistics directors at DFM Data Corp highlight the importance of tracking pay cycles and cash flow when someone is becoming a freight broker: “Every transaction will bring in some revenue and if the load is priced for margin, you will make money on paper. Unfortunately, this won’t turn into cash overnight… While traditional banks offer these lines, they have little experience in freight.” It is recommended by most freight brokerage professionals to take the time to find a financial provider and adviser that is familiar with financing and working capital management in terms of trucking and freight transportation. 

20. Market Your Brokerage Business With Blogs, Social Media, and Downloadable Content

Marketing yourself and your company in an effective and digitally-minded manner can help expand your market reach and can get your freight broker startup in front of more shippers and carriers. Connecting with potential customers and staying engaged online with current clients will be easier with effective, informative, and tailored media content. Embrace digital processes and tools, outsource content creation, utilize marketing services, and social media professionals to maximize the digital footprint of your company.

Get on the Path Toward Success With the Right Tech

The increasing popularity and request for freight brokerage amenities has grown at an amazing rate over recent years. This unprecedented growth and expansion has put extreme levels of pressure on the freight transportation market as well as shippers and carriers and brokers. The growing demand for brokerage services means more people are considering taking steps to set up their own brokerage company. 

Choose ComFreight’s HaulPay to Help Answer How Do I Start a Freight Broker Business in Today’s Market

Brokers help improve supply chain logistics and speed up the freight transportation process by facilitating fast and easy partnerships between shippers and carriers. With the pressure of e-commerce and digital shipping, freight brokers are becoming more important than ever! Find out how to start a freight brokerage business today with a reliable partnership with industry pros. Make your brokerage successful by surrounding yourself with the right solutions and talent, including ComFreight’s HaulPay. Request a demo of HaulPay today to start the process of becoming a truck broker. 

Accounting Best Practices for Freight Brokerage, Logistics and Transportation Companies

Freight accounting and freight finance are terms that refer to the tracking of expenses associated with the transportation of goods from one location to another in the supply chain. This financial balance between costs and profits lies at the heart of all companies that leverage supply chain technologies to streamline the management of shipping and transportation. According to an article by the Indeed Editorial Team, “Ensuring companies and customers receive their goods safely and timely is an important part of helping businesses operate efficiently and successfully. Organizations must track and analyze the costs associated with transferring goods. Freight accounting allows companies to understand their expenses better and identify areas where they may be able to cut costs.” This blog outlines the critical steps to take to ensure effective transportation finance management within the supply chain.

Connect Your Data Streams

Most supply chain networks operate multiple data streams and continually work to compile data into usable metrics. Connecting all data streams and organizing information into a single collaborative platform makes it faster and easier to transform the data into actionable insights. 

Audit ALL Invoices to Catch Errors

Every invoice ideally needs to be audited, even those for smaller clients. While large invoices seem like a natural focus for brokerage accounting and auditing, smaller clients also deserve a double-check with a quick audit. Errors that get passed over on small invoices can quickly add up, especially if they happen repeatedly on a monthly or weekly basis. Additionally, auditing helps to ensure your revenue and profit margins are always above reproach. 

Eliminate Shippers That Do NOT Pay

If audits and invoice checks show that shippers routinely do not pay invoices, it is often better to simply not do business with them any longer. This provides  opportunities to find better shipper partners , and perhaps save time and money as well.

Know How Long Your Shippers Take to Pay

If shippers always pay late or have to be chased down and repeatedly hounded to secure payments, it is best to cut ties with them. They likely are eating up more finances and resources to keep tabs on them than what they are worth constantly. Brokerage services and routine auditing checks can help identify these shippers.

Take Advantage of Multiple Financing Options

Freight accounting also focuses on ensuring management considers all financing options. With suitable freight financing options in hand, supply chain managers can provide the best services and ensure shipping options are available when and where needed.

Leverage an App-Based Factoring Solution

Technology continually drives the digital transformation of supply chain logistics, making day-to-day management and operations much more streamlined and manageable. Taking advantage of freight factoring-based resources that leverage apps, AI technology, mobile communications, and real-time monitoring features can help improve financial monitoring and auditing, and bolster freight accounting services as well. 

Remember to Consider Fees and Total Costs When Choosing a Factoring Solution

When it comes to proper freight factoring and brokerage accounting services, fee and expense monitoring continually become a vital part of cost management. Demurrage fees, drayage expenses, customs, international taxes, and special handling and shipping expenses must be considered when choosing the right freight financing solutions. 

Evaluate the Full Context of Shipping Execution

All typical shipping execution and processing aspects need to be considered part of the freight brokerage and monitoring process. This includes ease of handling, shipping and timeline adherence, timeliness of payments, and other vital financial considerations. All of this is best done before accepting a load to verify the profitability and practicality of the shipment. 

Carefully Consider ‘Freight In’ Types of Freight Factoring

Freight in’ refers to a transaction where the buyer covers the freight costs. The fees for transporting the goods fall to the buyer, and the buyer assumes all the risks involved in moving the freight. This option stays popular when it comes to transportation financing.

Carefully Consider ‘Freight Out’ Types of Freight Factoring 

‘Freight out’ applies to a transaction where the seller covers all freight expenses. The seller looks at these expenses as part of their business and budget alongside all other fees and costs. This option often shows up during freight finance planning. 

Put These Best Practices to Work With the Right Solution

Freight accounting and freight finance continue to be vital components for the modern supply chain network. All companies that rely on the supply chain network today can benefit from these best practices and tips for freight factoring. Request of a demo of HaulPay to see how you can put a world-class freight factoring and finance solution to work in your accounting department today.

Top Ways for Freight Carriers to Improve Cash Flow

It takes money to make money in the trucking industry, and freight carriers that do not have a a steady cash flow are finding it difficult to land new customers and drive business growth.  By obtaining the benefits of freight service providers, carriers can worry less about whether they’’ get paid for the load and instead focus more on operational tasks. Looking at shipping costs and the struggles in the supply chain, Supply Chain Dive explains, “Prices have escalated, too, as consumers feel the pinch from escalated shipping costs. According to the Department of Energy, fuel costs were up 37% year-over-year in mid-July, and load-to-truck costs were up more than 70% in the largest category.” Especially with peak season rapidly approaching, now is the time for freight carriers to get ahead of the competition and gain consistent cash flow. Let’s take a closer look at why cash flow is difficult to manage and how companies can improve it through freight factoring. 

Why Cash Flow Is Hard to Manage

Maintaining a consistent cash flow can become exceedingly difficult for freight carriers, due to a significant volume of daily operational expenses and slow-paying customers. The trucking industry continues to face issues with economic stress, managing different freight volumes and rates, maintaining an efficient driver pool, and payment delays from shippers. Cash flow reflects the movement of money into and out of a business; more money going out than coming in results in a negative cash flow. The trucking industry continues to have slow-paying customers, slim margins, and high operating expenses, which makes it difficult to maintain a positive cash flow. To resolve a freight carrier’s capital structure and maximize revenue, the best option is seeking out a logistics expert who can help. 

Due Diligence with Your Customers

Without due diligence, freight carriers face the risk of receiving slow payments, or even no pay at all, especially with new customers. Conduct the proper due diligence and verify the shipper or broker’s ability to pay before accepting the haul. Having an informed outlook of the shipper or broker’s finances and credit standing can avoid many risks. Running a credit check can allow the customer’s history of possible unpaid bills, poor credit, or other exclusionary factors to be taken into consideration. 

Efficiency Is Key For Profitability 

Maximizing equipment utilization allows companies to operate at peak capacity to enhance profits and maintain a positive cash flow. Utilizing digital technologies for freight finances can fix areas where businesses are running below optimal efficiency and analyze areas for change. By leveraging the latest technology, freight factoring specialists can provide an online load board allowing instant access to a new load opportunity. 

How Freight Factoring and Simple Steps Creates Consistent Cash Flow

Optimizing through freight factoring of invoices can bring stability to cash flow with a fast and flexible solution. By factoring in freight bills, trucking companies can keep taking on new loads and stress less about waiting for payment. Working with a freight factoring company can take the stress out of late payments from shippers and focus on running operations. In addition, freight factoring can provide services with the following value-added processes:

  • Automated invoice aggregation and processing. 
  • Streamlined invoice management with digital document management. 
  • Integrated freight finance systems with your TMS. 
  • Tracking the ease of pickups and deliveries, so you know when to award shipper of choice status. 
  • Using analytics to better manage your cash flow too. 

Furthermore, this allows a company to increase cash flow, and continue to pay operating costs such as payroll, fuel, insurance, tires, and maintenance while also seeking out the next load. Factoring enables carriers to have money on hand and continue to focus on building the business and ensuring positive growth.

Maximize Your Cash Flow and Efficiency by Becoming a HaulPay User

Partnering with a freight factoring company can create positive cash flow consistently while using automated technology to improve efficiency. By utilizing factoring, carriers can receive next-day payments from shippers and worry less about credit risks. Get ahead of the competition by requesting a demo of the HaulPay platform  to learn how ComFreight can increase your cash flow!

The Benefits of Freight Bill & Invoice Factoring For Trucking, Brokers, and The Transportation Industry

In the transportation industry, becoming familiar with freight or transportation factoring can provide financial solutions and benefits. With invoice factoring companies for trucking companies can grow and maintain consistent cash flow, obtain funding despite bad or no credit, and drive operational improvements to help the business continue to grow. As freight factoring continues to gain in popularity, Grandview Research states, “The global factoring services market size was valued at USD 3,235.88 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.4% from 2021 to 2028. The current growth of the market can be attributed to the increase in open account trade.” As freight factoring continues to carve its niche as a high-value service , why wait to experience the benefits of this fast-growing trend? Rather than missing out on the opportunity to make more money and avoid the slow payment of  invoices from affecting the companies’ growth, work with a partner that can provide a seamless, stress-free experience. 

Defining Freight Bill and Invoice Factoring

Freight bill funding is a working capital solution that can help a trucking business by ensuring prompt payment rather than waiting weeks or months. . This immediate payment will be a game-changer for the weekly or monthly budget, allowing the company to cover expenses without incurring debt. With the best invoice factoring service, innovative technology and a web portal to upload paperwork are available to ensure the factoring company receives everything in a timely manner. For invoice factoring for trucking companies have the option to use non-recourse or recourse factoring. Non-recourse factoring contracts protect the company if the client does not pay the company a higher fee. Recourse factoring is cheaper but does not cover the loss from the debtor. 

Why Truckers Leverage Factoring Services

Even for freight companies that routinely turn a profit, cash flow problems continue to rise due to conflicting payment terms between shippers and carriers. Trucking companies need to have immediate, consistent cash flow, opportunities to obtain funding despite bad credit, and save time and money on operational management. Profit margins can be slim for trucking and transportation companies due to heavy competition and the lowest bidders often securing the jobs. This is why many carriers rely on freight bill factoring to increase the company’s cash flow. The service allows carriers to receive payment in one or two days with significantly  less paperwork than what is required with a business loan. 

Improved Cash Flow, Less Stress, Improved Cash Management and More

Rather than having to wait weeks or even months for payment, invoice factoring companies have same-day or next-day payment options. One of the key benefits of factoring services is that the trucking company will have more funds to pay for fuel, salaries, equipment, repairs, and other expenses without using a credit card or other finance options. Having consistent cash flow ready for immediate use can be beneficial when surprises arise such as fuel prices spiking or emergency truck repairs are needed. Additionally, knowing the payment is secure will take a lot of “what-ifs” out of the day-to-day stress of the company, knowing the payment happens sooner rather than later. To avoid a delay in the business even during fluctuation, factoring trucking receivables can provide the right financing option.

Additional Benefits of Freight Factoring

For any trucking company, it is a constant struggle to manage fuel costs, find responsible drivers for more loads, and maintain sufficient levels of cash flow. Seek out invoice factoring for trucking and learn about the benefits freight factoring can have for their business for just a small fee. Whether the company has a fleet of 50 trucks or is a small business, freight payment service providers can provide the money quickly every time. In addition to consistent cash flow and less stress, the best invoice factoring service  provides other benefits that include:

  • The ability to pay out expenses and take on more loads than the company could before. Increased cash flow provides more opportunities to invest in a new truck and pay additional drivers to pick up more loads. 
  • Factoring can eliminate employees’ time spent on invoicing, following up on invoices, collections, or checking on payments. This will free up time in the business to focus on other areas, resulting in greater productivity and profitability.
  • A factoring company can absorb the loss of the invoice while still paying out if a broker goes out of business or cannot pay for a load. Factoring will add protection from bad debts due to non-recourse factoring agreements.
  • Rather than waiting for payment, having instant pay can increase the competitive advantage for a trucking company. Since extended terms no longer affect the companies’ cash flow, better payment terms can allow new accounts.
  • Using trucking invoice factoring can allow companies to gain financial leverage with suppliers and vendors, as capital in hand allows for better negotiating terms and more savings.
  • Less hassle in managing overall freight finances and keeping costs in check by working in a low-fee, no-nonsense freight factoring solution like HaulPay.

To grow the business without the constant headache or stress of cash flow, freight bill funding can make it happen. The funding provides the recipient with an increased sense of security for payroll or o fund any new equipment needed To see these benefits and more, no matter the size of your business, partnering with the best invoice factoring service can do that and more.

Leverage Factoring Through ComFreight to Thrive Now

Rather than relying on customers’ payment and hoping for a creditworthy deal, factoring for trucking companies can provide the security and leverage needed in today’s market. Freight payment services can benefit shippers, brokers, and carriers to grow the business and ensure consistent cash flow. To stay ahead of the rest and gain the competitive advantage needed for the fast-paced transportation market, reach out to the best invoice factoring service today and request a demo of HaulPay from ComFreight to see how the platform improves freight payment processes.

Why Freight Factoring for Both Carriers & Brokers Should Be Radically Transparent, Cost-Effective & Fee Lite

Customers have access to all sorts of information and digital platforms to have full transparency when partnering with the best freight factoring companies. Transparency not only makes for happy customers,  it also can improve efficiency within the company. This is not something that has to be a hard sell to the customer; rather, it’s better to set straightforward realistic expectations that can save time for more critical decision-making.

Radically Transparent Fee Structures Lead to Increased Efficiency

For some companies, the thought of giving customers access to information that may not show the company most positively has no benefits. When discussing the benefits and outcomes from transparent fees, Forbes states, “Potential clients respond well to straightforward talk about what we can and can’t do for them. Since we don’t over-promise, we’re less likely to underdeliver. The result? An industry-leading client retention rate and happy customers whose goals are met.” Customers want transparency and honesty. Having that complete open information about pricing and products will set up the company for more success and growth.

It Builds Trust With Your Customers

Transparency is critical for creating trust with customers and for a company’s overall success in sales and growth. The term implies operating effortlessly for the customers to see and verify the promised performed actions. For freight finance to be handled in any season and provide proper financial assistance, companies should remember simplicity, openness, communication, and accountability. Companies shy from practicing transparency internally, in turn causing hesitation to offer the same to their customers. Transparency allows for customers to have all the information needed to purposefully engage the company on provisions before the purchasing process.

 

Fee-Lite Solutions Make Cash Flow Management Easier

Factoring with a freight factoring company can provide benefits to shippers and carriers without the added stress of management. When explaining the benefits of freight or transportation factoring for shippers and carriers, Inbound Logistics says,  “It’s the classic win-win: Companies that buy a product or service get one month or more to pay, while sellers get their money in just a few days. Trading partners have used factoring, supply chain finance, and similar strategies for some time to maximize their cash flows. Today, though, advanced technologies are increasing the variety of available financing options.”

Integration Between Systems Makes Leveraging Freight Factoring Faster and More Effective

Freight Factoring companies have the tools and ability to use a variety of components and integrated technology to improve system processes with freight finance. Working with a centralized digital software program can eliminate the need for specific invoicing or tedious paperwork and remove the risk of human error. Integrated systems can allow for improved reporting of freight spending, and where data-driven decision-making may increase cost savings.

Factoring Offers Higher Advances Than Traditional Bank Accounts Too

Rather than having to go through a bank, freight factoring companies can qualify brokers for customers to perform credit checks. Bank loans are uncertain, often come with high interest rates, and take a longer lead time to process—which makes loans less than optimal options for capitalizing on time-sensitive business opportunities. Unfortunately, most small business owners may not meet the rigorous qualification criteria or business collateral needed for approval. Rather than stress over the bank for financing credit options, freight companies have more flexibility to ensure the needs can be met. The credit limit can be inflexible and unsuitable for financing spur-of-the-moment business opportunities. Factoring is an ideal alternative for all businesses, regardless of the creditworthiness or the availability of collateral.

It All Comes Together to Create In-Demand Solutions to Freight Factoring Like ComFreight’s HaulPay

The benefits of freight factoring and transparency can help any business by using ComFreight. Some businesses have the fear that transparent and straightforward discussions will lose customers, but we want to be as honest as possible with the solutions we provide. For a factoring company you can fully trust request a demo to see how the HaulPay platform, powered by ComFreight, works.

The Supply Chain and Logistics Technologies in Freight that Improves Operational Costs & Margins

Advancements in technology innovations continue to make big waves across industries, and logistics and the supply chain may be one of the most impacted sectors. 

Technology in the logistics industry provides enormous amounts of data that can be analyzed to increase efficiencies, streamline processes, and offer an improved customer and provider experience, as well as protecting carrier or freight broker profit margin

The Internet of Things to See Real-Time Status

The internet of things (loT) can be used to offer predictive maintenance services with a real-time status that can guarantee the product uptime and provide real-time data to improve sales. The deployment of loT can allow for real-time tracking, smart inventory management, asset management, geo-fencing, and real-time vehicle diagnostics. Real-time tracking is achieved with loT-enabled GPS tracking to monitor the vehicle’s location at all times. The data then is transmitted to a central system that sends real-time updates to the mobile devices. Having such updates and tracking can allow for quick responses to potential reroutes and avoid delays through instant insights. 

AI, Machine Learning, and Analytics

Advanced supply chain and logistics technology can allow companies to automate warehouse operations, properly manage inventory, create more beneficial customer experiences, shorten delivery times, and optimize strategic planning and sourcing. Freight technology can help promote automation and deliver insights that can result in better decision-making that will increase efficiency through data-driven insights. Utilizing the advanced transforming trends in logistics and technology can allow for companies to examine, analyze, and interpret customer trends.

Robots and Automated Workflows

Advancements in artificial intelligence (AI), machine learning, and loT connectivity continue to optimize robots used in warehousing and throughout the supply chain fulfillment process. Furthermore, as advancements in AI continue to rise, improving the precision and mobility of robots, so will the sophistication of the tasks assigned. For functions that traditionally require manual labor, such as picking and packing orders or operating loading tasks, robots will have the ability to increase workflow efficiency. With the benefits of digital tech, trucks driven by robots can be safer and more efficient. 

Route and Optimization Software

According to Mitsloan, “Surveyed companies are investing in predictive analytics primarily to drive cost reduction (cited by 81% of respondents) and improve customer experience (60%). The most promising use cases for supply chain analytics cited by respondents: Inventory visibility and optimization (32%), strategic sourcing and optimization (26%), and real-time product intelligence (22%).” The technology trio of AI, machine learning, and analytics can optimize visibility throughout the supply chain and assist with boosting data quality to deliver genuine business value. 

Increased Cash Control

To improve profitability in customer relationships and orders, companies need to measure the number of order processes and optimize payment settlement to measure consistency in shipping. Informed decision-making about supply processes can also help avoid costly errors. Additionally, the settlement of freight payments services with clients affords opportunities for saving costs by reducing the time between ordering and payment, solving late payments, making missing prices visible, and optimizing invoicing. 

Freight Factoring Software to shorten the Payment Clock

Advancements of technology in supply chain and logistics continue to transform freight payments with digital invoices, tracking loads, and improved data analysis. The trucking industry is a mobile operation, so providing tools that drivers can use on the road is critical. Technology continues to enable fast freight payments directly to the driver or vendor, by bolstering fleet factoring capabilities that result in next-day or, in some cases, same-day cash flow. 

Put the Power of These Supply Chain and Logistics Technologies to Work, While Leveraging ComFreight’s HaulPay to Thrive

As the fast-paced market continues to evolve, businesses must adapt to stay ahead of competitors. To utilize the growth of technology that is integrated with an efficient and streamlined operating system, request a demo to see how the HaulPay platform works.

Why 3PLs, Brokers & Carriers Need Flexible Freight Factoring

Flexible freight factoring and payment for freight finance can provide shippers with the opportunity to stay ahead of costs and carriers never have to wait long to get paid. Combining an audit with analysis and freight optimization tools significantly boosts the savings potential. Freight transportation is a massive spend category. Ensuring freight bill accuracy and keeping cash flow intact—an essential business need—is critical in today’s freight market for 3PLs, freight brokers, and carriers alike. Freight factoring companies that offer flexible factoring terms and are easy to work with can provide the necessary capital to continue to keep all freight parties’ prepared to keep freight moving without business interruption. Learn why in this article.

What is Flexible Freight Payment and Freight Factoring?

Freight factoring occurs when a delivery is made as scheduled. However, rather than waiting for payment, the freight company or owner/operator transfers or sells the invoice to a third-party freight factoring company, which then pays the invoice immediately, minus a nominal service charge. T. The freight company will continue to focus on other tasks in the business while the freight factoring company handles the invoice and does the waiting for payment in full from the shipper or supplier. Partnering with a freight payment company can also provide more benefits to maximize profit margins and avoid the risk of shippers taking longer than usual to pay.

3PLs, Brokers, and Carriers All Traditionally Rely on Shippers for Payment

Freight factoring companies help shippers and carriers by giving them the majority, if not all, of the funds needed for their company. Shippers may experience a delay in payment or get behind with accounting and invoices, but it directly affects the carrier. Carriers usually have to pay up-front costs like fuel or repairs, which can cause issues if the payment is not received on time. In explaining the billing system, Supply Chain Dive states, “So carriers may not be due for a freight billing revolution any time soon, but that does not mean they shouldn’t embrace it when possible. Companies pay significant amounts of money or expend valuable resources for invoice audits which, as Supply Chain 24/7 suggests, can be better managed by both shippers and carriers upfront.” Using a digital freight forwarding platform can provide shippers with an upfront efficient way to pay carriers and brokers rather than make the businesses wait for payment. Having the option for shippers to pay upfront and carriers to receive the payment allows for companies to exponentially grow without setbacks.

Additional Reasons to Leverage Flexible Freight Payment Solutions

Freight payment, also called freight audit and compensation, refers to specialized systems and processes that manage high volumes of freight invoices and deliver deep business intelligence about freight costs. Companies can help carriers find more capacity while ensuring shippers can make the proper payment on time.  Freight factoring can help any business experience the following benefits:

  • Flexible payment solutions that reduce the risk of carriers not getting paid and still allows shippers to secure the capacity.
  • Immediate payment which can help prevent the carrier from rejecting the load based on the shippers’ ability to pay.
  • Cost structures that are built with flexibility in mind to meet the needs of shippers, carriers, and the ultimate customer.
  • Flexible cancellation policies, provided the software vendor makes that clear. 
  • Easier financing than going through a bank, by o. By obtaining a next-day payment and immediate processing, shippers and carriers can receive the payment almost immediately.

For companies to achieve growth and scalability, the best decision is to partner with freight payment services that can strengthen specific businesses and provide tools to increase efficiency. For freight spending and payment, putting a freight payment solution in place is necessary to effectively manage costs and ensure on-time payments.

Take Advantage of Fast, Easier Freight Factoring and Payment by Signing up for ComFreight Now

Freight factoring can provide a higher level of business intelligence and ​can integrate data from multiple sources, delivering much more valuable information to be used for decision-making and process improvement. To see the benefits of an easier way to handle payments, request a demo to see how the HaulPay platform works.