5 Qualities to Look for in a Freight Load Board

Freight Load BoardAre you in business as a trucker or trucking company owner?

Using a freight load board or freight marketplace is an amazing way to supplement your core customers. This is especially true when business is slow or you’re trying to expand your customer base.

The convenience of a good freight marketplace also lets you land shipper loads and broker loads in one place.

Take your business to the next level with this easy solution. Post an offer on the board and start getting bids. Competitive bids and fast notifications let you haul more freight and make more money.

Don’t waste time on a lousy freight marketplace or trying to choose one when you don’t know what to look for.

In this post, we’ll teach you the top 5 qualities to look for in a freight load board.

1. Free Sign-Up

Did you know that trucks carry more than 70% of all freight moved in America?

With such a powerful market, there’s no shortage of people trying to squeeze money out of truckers. Keep this in mind when looking for a good freight load board.

It can get costly to use a paid board. Many times you don’t know what you’re paying for until you’ve already signed up. Pay attention and avoid the many rip-offs out there.

Even boards that give you a “free trial” when you sign up can be sneaky.

The free trial version may be so limited you can barely get work before it’s time to pay. Or they’ll give you such a short trial period that you can’t get a feel for how good it is before they start charging you.

The good news is that you don’t have to pay for access to a good freight load board. Choose a freight marketplace that lets you sign up for free. That way, you only have to pay for what’s worthwhile to you.

2. Freight Matching

Freight matching makes it easier than ever to consolidate freight.

A simple announcement lets potential clients know you have leftover space and you’re able to pick up another load. Make a post specifying your free space and simply wait for bids.

Since gas prices have increased by more than 100% since 1995, the savings you’ll enjoy with freight matching will make a big difference in your monthly spendings.

Avoid missed opportunities and half-empty trips by choosing a freight load board that gives instant alerts when matching trucks are found. You can save a lot of time and money if you get an email notification when an opportunity presents itself.

Choose a board that gives you instant notifications when matches are found.

3. Fast, Reliable Payment

Look for a freight load board that makes it easy not only to get bids but also to get paid. You don’t want your business to be stuck in first gear because you’re waiting for delayed payments.

Knowing you’ll get paid quickly makes it easy to avoid the risks around slow-paying loads. Too many of these can make it very hard to run or expand your business.

Faster cash flow makes it easier to keep hauling continually. You’ll be able to cover any expenses for maintenance and improvement much sooner. You’ll be shocked by the difference in workflow if you haven’t already experienced it.

Look for efficient payment solutions when choosing a freight load board. Also, be wary of hidden fees. Make sure you’re seeing the real sum and won’t get blindsided by a stack of hidden fees.

When you use a good freight marketplace and factoring company, you’ll have fast, simple factoring without hidden fees. Click here to learn more.

4. User Rating System

You’ll find it much easier to know what you’re getting into with the help of a user rating system. This will also allow you to pick good posts and opportunities.

Direct feedback from other users lets you see who and what you’re dealing with. If a load or shipper isn’t worthwhile, you’ll know it.

It also adds extra incentive for people to do their best. Everyone wants to get good ratings and avoid negative ones.

The best rating systems give you more details on what’s good and bad about the post or user. Instead of a vague, general rating, you can find specific ratings for different factors.

This lets you know if the information provided is accurate, how quickly you’ll get paid, and the quality of service to expect.

User comments will give you extra clarity and help you find the most relevant offers.

5. Board Customization

Want to be more efficient in sorting the good from the bad? You can do this if the freight load board lets you filter and customize your searches and board pages.

Saving posts for later viewing or repeated use can speed up your workflow. This makes it very easy to return to posts, loads and trucks. Just go to your saved posts page — no need to manually find it again.

This is especially helpful if you’re a carrier wanting to keep track of loads you plan to haul later. It also helps if you just want to keep track of good posts and shippers.

Another great time-saving function to look for is the ability to hide or block posters you don’t want to deal with. You shouldn’t have to waste time looking at irrelevant posts.

Whether it’s a post with requirements you don’t meet, one offering the wrong price, or one you don’t trust, it doesn’t belong on your feed.

Choosing Your Freight Load Board

Finding a solid freight marketplace that offers you the tools you need for efficient business can be a long search. It takes precious time that could be better used for hauling loads and making money.

We offer you a freight load board that has all these essential qualities. Sign up for free to get started looking for freight to carry.

Have a suggestion or question? Contact us!

Why Every Trucker Should Use a Load Board to Find Hauls

load boardAre you one of the 3.5 million truckers in the US?

If so, you’re part of the massive industry that delivers 68% of all goods throughout America.

To be profitable, you want to locate, haul, and deliver those goods as efficiently as possible. One of the easiest and most popular ways to do this is by using a load board.

If you’ve never considered using these boards, you’re missing valuable business opportunities.

Read on to learn why every trucker should use a load board to find hauls.

What Is a Load Board?

There’s a lot of misinformation about the trucking industry, so let’s first define exactly what a load board is.

Load boards are online “matching” systems where shippers and freight brokers post loads. The board acts as a go-between for shippers and carriers to find each other. From here, they can enter agreements to haul freight.

While load boards are useful for all trucking companies, newer operators may especially benefit from them. Some like ComFreight can even help connect you on an ongoing basis to real direct shipper business. Keeping you moving perpetually.

How Do Load Boards Work?

Most load boards feature sophisticated designs but are easy to navigate. They allow you to post routes and search for loads using different criteria. They also provide services for freight brokers and carriers.

Load boards often offer services like:

  • Load matching
  • Client credit information
  • Message boards
  • FMCSA verification
  • Mobile access/apps
  • Create, read, or send notes

Because the market is so competitive, you’ll find many load boards online. Some are free to use, while others require a paid subscription.

Which is better? In most cases, you get what you pay for. However, the most important thing to do is shop around and find the boards that best suit your business and budget.

Benefits of Using a Load Board

If you’re just getting started or trying to expand your business, load boards are a terrific place to start. Some load boards aren’t quite as advanced as others though.

Here are seven benefits you’ll experience when you use a load board.

1. Easy to Use

Most load boards list all the information you need in one simple, easy to use table. Even if you’re not especially tech-savvy, you’ll have no problem navigating the boards. Click here for an example of how it works.

2. Up-to-Date Information

For the most current information on freight waiting for pick up, you won’t find a better source than load boards. Most sites update hourly; some are even updated every few minutes.

3. Low Cost (or Even Free)

Joining loads boards doesn’t require a large investment. Monthly subscriptions costs are generally low, and in some cases, even free.

4. Convenience

One of the best advantages of using a load board is having access to all this information anytime. It’s there 24 hours a day, 7 days a week, 365 days a year.

5. Good for Shippers

Load boards benefit shippers that have excess freight and insufficient carriers to move it. The board allows them to find reputable carriers so their products get moved faster.

6. Good for Carriers

Load boards help to keep trucks fuller and minimize deadhead miles. Instead of driving back empty from a delivery, drivers can use boards to locate freight along their route.

7. Easy Accessibility

Drivers can access load boards wherever they have an internet connection. In today’s era of smartphones, this means almost anywhere. Many boards also offer mobile apps for easy access on the road.

Tips for Using Load Boards

Now that you know why you should use load boards, let’s outline a few helpful tips for getting the most out of them.

Shop Around

Don’t settle for whichever boards show up first in your Google search. Do your research and find the boards that offer the most loads and the best rates for the areas you service.

If possible, sign up on more than one load board. No single board has all the information you need, so being active on a few boards increases your chances of finding better loads.

Post a Company Profile

When you log onto load boards, you’re sure to read up on the shipper’s company, reputation, and reviews. Don’t forget that works both ways!

Draw shippers to your company by creating a standout company profile on whichever boards you choose. Highlight your fleet size, home base, type of freight you haul, and any stellar customer reviews.

Know Your Bottom Line

As a business owner, you should always know your break-even point. Before you start calling about loads, keep your per-mile rate in mind to ensure you’ll at least break even on the journey.

Keeping these numbers handy will enable you to select the best loads and negotiate better rates. This will save you a lot of time, effort, and money.

Avoid Scams

Like everywhere else, scammers sometimes appear on load boards. Trust your gut when talking to potential leads. Remember that if something seems too good to be true, it probably is.

Be smart and make sure to run credit checks on anyone you’re considering doing business with. You should also request and review their identification and insurance verification.

Be Patient and Persistent

It’s not always easy to locate loads that fit your schedule and offer an acceptable rate. Sometimes it may take several hours and dozens of phone calls or emails.

Don’t settle for the first loads that appear on the board. Use advanced search features to find the most profitable loads on the routes you want to travel.

Whatever you do, don’t settle for less than your bottom line. Be professional but firm in your negotiations. And don’t be afraid to turn down a load that simply won’t benefit your business.

Build Your Reputation

Both online and face-to-face, nothing is as powerful as your reputation. Stand out from the crowd by picking up and delivering loads on time and as promised.

Get those positive reviews rolling in. As you build your reputation across these boards, shippers may start coming to you with loads instead of you seeking them out.

Final Thoughts

Whether you’re new to the industry or you’ve been in it for a while, there are compelling reasons to use load boards for your business.

Would you like to learn more about how load boards work? Would you like to see a live one to get a feel for it?

Click here to learn more about our carrier load board at Comfreight.

We’re building an advanced load board that takes half the work out of what the other load boards require to enable you to book loads. Join today or stay tuned for more!

4 Reasons You Should Use a Freight Marketplace

freight marketplaceThere is a disruption happening to the freight industry.

New Web developments and trends have introduced the concept of the freight marketplace. It’s an opportunity to escape restrictions and negatives of working with distribution companies.

The freight marketplace places the power into the hands of professionals by matching them to freight carriers.

It works by allowing shippers to post listings for their freight and giving carriers and brokers the ability to make offers. Thus, eliminating the middle man leading to greater profits and less downtime.

That’s only the beginning.

Interested in how this new marketplace removes inefficiencies? Need reasons why you should partake? Read on to find out.

The Freight Marketplace: Making Valuable Connections

The freight marketplace is growing in popularity due to the widespread use of modern technology. It allows one to create connections which present a greater amount of options with pricing and available services.

The platforms are easy-to-use much like other online booking sites.

Shippers enjoy a wider access to providers and vice versa.

The benefits are especially true for small businesses. This alone should provide an ample understanding of the benefits a freight marketplace offers. Yet, buckle up because there’s more you’ll absolutely love to hear.

Four Good Reasons to Join a Freight Marketplace

Familiarity and marketplace navigation will provide a strong baseline of the benefits. Open one of the many marketplaces along side the following to pair up benefits to its features.

1. Real-time travel data

Mobile access links carriers and shippers with the ability to use satellite tracking to monitor and report shipments. This inclusion of real-time travel data reduces extra costs through accountability.

The data provides shippers an opportunity to request audits such as errors in invoicing or overpaying for services. In turn, it gives truckers transparency with their services. Transparency helps to develop strong, lasting relationships.

Real-time travel data also provides companies enhanced information to make improvements. Improvements to their fleet would include anything from fuel efficiency to administrative pains.

Email alerts are the primary channel for real-time updates for both parties. It aids with bidding and ensuring shipments are on time.

2. Freight management

Freight management is a process of improving inventory management and tracking shipment statuses. The optimization of this business element helps to reduce the already high costs of logistics.

Because businesses and shippers are able to quickly match logistics needs to carriers and brokers, they:

  • Keep inventory levels low
  • Require less handling
  • Reduces damage to products
  • Increase satisfaction with all parties
  • Improve delivery time

The benefits go two ways.

A business that gains these benefits pass them on to truckers. Efficiency is increased meaning more available jobs with fewer disruptions.

The freight marketplace factors into the management with its ability to unload to a thirsty marketplace and get things done.

3. Less paperwork & bargaining

The benefits enjoyed by shippers provide similar gains for those in logistics. It’s clear with paperwork and communication issues that are often present within the industry.

The marketplace uses specialized tools to increase efficiency. The result of which is leading to less back-and-forth with carriers. It virtually eliminates having to get in touch with the parties with bids and confirmation.

As a trucker, you gain direct access to the shipper.

These platforms granting direct access helps build rapport and trust.

The marketplace has built-in tech to solve all logistics needs. One of its main features being a centralized location for shipping & tracking. It allows truckers to make bids from within the system instead of needing to constantly provide updates.

Through this trust and rapport, the trucker can deliver a better service. The truckers worry less about the paperwork and overhead so they may focus on their transit.

4. Competition

Lastly, competition is good.

Spending in U.S. logistics reached $1.48 trillion in 2015. Though, most of this was handled by major logistics companies. The tough competition has all but cut out the smaller competitors.

It’s changing, though.

The direct access allows smaller organizations or individuals to cater their services. It gives them the ability to present a better value proposition so they may compete with larger companies.

This healthy competition changes the industry.

It raises expectations of the services. It also creates a new baseline with the demands and needs of the shippers.

Competition will continue to drive the market. Already it has shown significant leaps forward with the recent entry into the industry from giants like Uber and Amazon.

In all, it will change the workflow of the trucking industry to provide better services and rates. Something everyone to be happy about.

What the Future Holds

The digital marketplace for freight is at a cross road.

Funding is readily available versus a few years ago. We’re reaching a real moment of disruption. One that will challenge decades of an established industry.

These tools have increased the availability of professionals. Giving the opportunity to all those that have the appropriate license. Yet, the capacity of goods remains the same and only time will tell how much of an impact it will make.

It comes down to time.

There are challenges ahead that are not exclusive to availability. Will this shift will reveal the much needed, trusted relationships so many brokerages seek? We will see as the adoption grows.

Removing the Dead Weight

A freight marketplace has several benefits as outlined in this post. The biggest of which is removing the dead weight of the middleman. Carriers and brokers gain direct access to shippers resulting in higher profits and less downtime.

These marketplaces improve satisfaction across the board. No longer will truckers get stuck waiting 30, 60, or even 90 days for payment. Nor will they eat the costs of deadheading since plenty of options become available.

Integration of ComFrieght is a breeze. Our platform is helping to shape the freight marketplace. We’re delighted to offer carriers and brokers an efficient and easy way to post listings and confirm payments.

What are you waiting for? Check the online marketplace today!

Freight Rates Continue To Rise

Freight rates continue to rise as peak season continues to progress. Freight rates are rising to three-year highs as tracked through the ComFreight Rate Trend tool. Rates are set to continue to rise slightly as capacity demand primarily drives the increase.

Here are rate trends as tracked through the Rate Trend tool on ComFreight for the past 2 weeks of bid and invoice rate data.

Reefer: US AVG $2:45/Mile

Dry Van: US AVG $2.10/Mile

Flatbed: US AVG $2.29/Mile

We expect rates to continue to rise slightly as we go into the final stretch of peak season.

Looking for tools to make better pricing decisions? The Rate Trend tool is included free with any full access account on ComFreight. This tool is available to shippers, carriers and brokers. Not signed up yet? Sign up here and then upgrade to full access today!

Actual example screenshot of the rate trend tool for Los Angeles, CA to Denver, CO. 

Copyright © 2017 – ComFreight.com™

6 Ways Trucking Companies Benefit From Digital Tech

Trucking CompaniesIn 2016, there were about 1.7 million truckers in America – and all of them could be replaced by robots in the next 10 years.

That’s what some experts believe, given the recent developments in technology for driverless cars. Trucks driven by robots would be safer and more efficient in many ways, even if they still had a “driver” in the truck to keep an eye on things.

However, technology is starting to impact the trucking industry in less drastic ways already. Trucking companies are starting to take advantage of all the new opportunities provided by digital tech. Is your company one of them?

Let’s take a look at some of the ways digital technology is changing the way trucking companies do business, and how you can use this technology for your own company.

How Digital Technology Can Benefit Trucking Companies

It’ll be a while before robots become truck drivers, but other changes have already started making a difference in the industry. From the automatic transfer of information between vehicles to safety and maintenance updates, technology is making trucking better for everyone.

As the technology gets more sophisticated, the benefits only get better. What’s known as the “digital supply chain” no longer just refers to the supply chain for digital media like videos. Today, the supply chain for physical goods is becoming digitized, as well.

Let’s take a look at six different ways this technology is poised to help trucking companies do their job better.

1. Digitial Communication During Transport

Once, when a truck driver was on the road they were more or less on their own. Even radios did little to warn truck drivers of all the unexpected things they might encounter on the way.

However, today’s trucks can easily be connected to information about the route ahead. Drivers are now able to access information about accidents and slowdowns, for example, which helps them to plan the best route.

Communication with the world outside is also useful for things like parking. A truck driver can park more safely with the help of modern cameras and sensors to watch for obstacles. Digital technology can even suggest places to park or update a route based on real-time information about traffic.

2. Remote Monitoring of Trucks

Trucks spend a lot of time on the road and need frequent repairs to keep running.

Digital technology means a truck’s condition can be remotely monitored. When repairs or maintenance is needed, an alert system can make sure it happens in a timely manner, before anything goes wrong.

A truck that can monitor itself for maintenance can also do things like suggest nearby repair shops, and update drivers and managers of its repair status. Information on the work needed can be digitally sent to the shop before the truck even comes in, speeding up the repair process.

3. Digitized Supply Chain

Digital technology is already affecting the way the supply chain works. In the future, a completely digitized supply chain can be expected.

Everything along the chain, from the suppliers of parts to the manufacturer all the way down to the customer, will be able to view and send information in real-time. This means that when a customer orders something, they’ll be able to get an automatic update about the availability of the item and how long shipping will take.

In fact, many online retailers already use digitized systems to alert customers to stock levels and shipping times. Expect to see this technology expand into the trucking industry as well. It’s not just good customer service – the ability to swap information quickly

Expect to see this technology expand into trucking companies as well. It’s not just good customer service – the ability to swap information quickly makes the entire process faster and more efficient.

4. Automated Driving

Of course, we are a long way from driverless cars and trucks. But there are many ways that driving is already becoming more automatic.

As mentioned above, trucks can now be equipped with sensors to help with parking. The same technology can be used during the drive, to provide an automatic safety backup for the driver.

Accidents are more likely to be prevented when a truck can sense an obstacle before changing lanes, for example. Vehicles can now be equipped with sensors that can tell when a truck drifts out of its lane, or automatic braking for when a stop ahead is not noticed by the driver fast enough.

Ordinary cars are already making use of this technology. It’s only a matter of time before it becomes commonplace in the trucking industry, as well.

5. Freight Matching Services

In the near future, trucks are likely to have automated freight matching technology. This will let fleet management know when trucks can take on more freight, based on how much weight and space is left inside.

Using sensors to measure this will be faster and more accurate than modern techniques. Digital technology will also match the right truck with the right location to pick up more freight, as well as the best route to get there.

6. Communication Between Trucks

Trucks will not only be able to send information to management, drivers, and customers. Soon, trucks will also be able to communicate digitally with each other, and with other vehicles.

The more cars and trucks that are in this communication loop, the more accidents can be prevented. It will no longer be up to the drivers to look out for other trucks and drivers – soon, the trucks will also help by keeping digital “eyes” on the road.

This can also be helpful for management in trucking companies, because trucks will be able to reroute depending on where other trucks are at and how quickly they are getting to the right destination.

Final Thoughts

In many ways, digital technology is already helping trucking companies. And the number of ways in which digital tech can make a difference in trucking is quickly growing.

As the technology becomes more finetuned and elaborate, expect to see even more changes in the way trucking companies operate. With increased safety, efficiency, and job quality for drivers, the time to embrace digital technology in trucking is now.

Is your company one of the trucking companies that is embracing this trend? If not, we can help you get started – take a look at our services today.

5 Common Trucking Managing Issues (and How to Fix Them)

The trucking industry plays an integral role in the U.S. economy. Just how big is trucking to America? 10.4 billion tons, or over 70 percent of all freight tonnage moved in the U.S., goes on trucks.

Without trucks, America’s economy would come to a screeching halt. The increased reliance on trucks has made it more difficult than ever for managers.

As the owner of a trucking company, you are no stranger to the demands and struggles of back-office management. But making a few common mistakes could be having a big impact on your efficiency, longevity, and bottom line.

Easing these tasks doesn’t have to be complicated. By making a few simple changes, you can get you and your trucks back on track.

Here are five common truck management issues and how to fix them. Read on to learn more.

1. Not Embracing Technology

Technology is moving at a lightning fast speed. Smartphones, smart houses, and smart cars are becoming more commonplace every day. Welcome to the future.

There’s no denying the impact technological innovation has had on society. By embracing new technology, you can positively impact just about every part of your management.

New technology can help you optimize route efficiency, pricing, freight loads, and even operator abilities. Automation will also be playing a bigger role in the future, with estimates showing robots could overtake 1.7 million truckers within the next decade.

It’s easy to see why management is slow to embrace technology – it’s intimidating. If you’re looking to implement new technology into your trucking company, first address key performance indicators.

Evaluate whether the new technology will move your trucking company closer to its goals. If the answer is yes, it’s time to embrace innovation.

2. Bad Fuel Policy

The retail price of gas has more than doubled since 1995. Implementing a firm fuel policy is more important than ever if you’re looking to keep your expenses down.

Fortunately, trucking management teams have plenty of tools at their disposal to enforce fuel policies. These tools can help management evaluate fuel purchases, get alerts, and enforce their policies in the moment.

But what do these tools look like? First, exception reporting helps managers access fleet fueling information in real time. The reports get transferred through your company’s management tool and showcase whether or not the report met your policy guidelines.

Purchase alerts instantaneously alert the team when a driver inputs an invoice that doesn’t meet company policy. This is a great way to make sure drivers stick to policy parameters. It’s an especially useful tool for managers who try to oversee hundreds or thousands of fuel transactions every week.

A solid fuel policy will include limits on purchases, location, and established fuel grades. Adding a strict fuel policy could save you big money on your monthly expenses.

3. Poor Bookkeeping

Bookkeeping is one of the most stressful and important aspects of management. This is especially true for trucking management. You have to handle invoices, payments, and operating expenses for entire fleets on a daily basis.

Many truckers use cash-based accounting systems, which allows them to get cash at the moment they are paid out. It might seem convenient, but it’s easy to lose track of financial records without daily bookkeeping.

Thanks to modern advances, however, bookkeeping doesn’t have to be complicated. Technology is already transforming the way we handle freight payments.

Digital bookkeeping is helping managers approve invoices, process payments, and access important financial documents all at the click of a button. Digital invoicing can help your bookkeeping become more efficient and reliable to your team. By going digital, you can get rid of the headaches that stem from complicated bookkeeping efforts.

4. Employee Retention

Turnover is a huge problem in the trucking industry. In fact, the turnover rate for large truckload carrier fleets was over 80 percent at the end of 2016.

Those alarming numbers suggest that personnel issues may be an industry-wide issue for the foreseeable future. While there are a number of factors that weigh into employee retention, it’s also important to look into the aspects that you as a manager can control.

One way to help with employee retention is to focus on employee engagement. Employee engagement occurs when workers are invested in the company and are willing to work to move the company forward. It’s also a huge indicator of employee retention.

But how do you keep your workforce engaged? It all starts at the beginning. Drivers need to have the right expectations when they go into the job. Their engagement will be hindered if there is a gap between their expectations and the reality of the job.

In addition, you should focus on making their daily duties easy to perform. Try to streamline your processes to make them both transparent and user-friendly.

There are no easy fixes to employee retention. But you can help your chances by creating simple systems, setting the right expectations, and being transparent in your management.

5. Financial Issues

Financial issues can impact even the savviest of managers. Where do you begin to get your company back on track?

While financial issues will differ on a case by case basis, there’s one thing that all managers can do to get their finances under control: perform a cost-benefits analysis.

Doing a cost-benefit analysis is a great way to determine what systems, technologies, and changes can be beneficial to your company. You should do a cost-benefit analysis prior to implementing any company-wide rollouts.

The cost-benefit analysis will let you break down the exact costs incurred from a company change. You should look at the change from a macro perspective, taking into account the impact on installation, maintenance, drivers, and the fleet. This tool will help you determine the return on investment you will get from any changes to your business.

Your Trucking Business

Management isn’t easy. But you can simplify your life by making a few simple managerial changes. These small changes can have a big impact on efficiency, profits, and employee retention.

Are you looking to revamp your management style? We can help. We are developing a full-scale platform for the commercial trucking industry for bidding, freight matching and networking. Contact us today to learn more.

Haul Pay – Quick Pay on all of the loads that you haul…

We hear about broker’s offering quick pay every day. But at what cost? Some offer it at 5% for 1 day payment. Others offer it at 4% for 1 day payment. By the time the payment is processed it’s usually been a few days and you’re paying a lot. Not to mention a lot of brokers pad their margin on what they pay you, if they know you’re likely to want Quick Pay from them on the load that they’re negotiating. So you’re probably losing a few percent off the load invoice amount as well.

What’s the alternative? Traditional factoring? Traditional factoring can be even more costly if you’re not super careful with all the hidden fees built into the agreements. Many factors that advertise a rate of 2.5-3% are actually closer to an effective rate per invoice of around 5-7%! So what to do then?

Haul Pay is ComFreight’s solution for the problem of wanting consistent fast payment on all of the loads that you haul. We also provide a suite of features built right into our app for you to request payments, connect customers to your account to check credit and track your income and payment history with Haul Pay.

Haul Pay is a flat fee (3.5%) service, with absolutely no hidden fees whatsoever.

Haul Pay is an alternative to Quick Pay for the brokers that charge you a lot for it, or for the brokers and shippers you haul for who don’t offer it at all for their loads. It’s also a much more cost-effective alternative to mainstream, traditional freight factoring companies.

Haul Pay is also 100% non-recourse. This is almost unheard of in freight factoring today. Most freight factoring services have a way of coming after your assets even when they advertise that they are non-recourse.

Haul Pay’s mission is to simplify your speed of payment experience for every load that you haul while giving you peace of mind that your credit, collections and back-office accounts receivables have been automated and are easily tracked at any time online.

Haul Pay means payments to your bank account within 24 hours of processing and we process almost all payment requests the very same day. This is only going to improve as we layer in more advanced technologies to increase the speed of your payments even more and give you, even more, visibility and insights into your business.

Copyright © 2017 – ComFreight.com

7 Benefits of a Trucking Invoice Factoring Program

Invoice FactoringDo you own or manage a small trucking company?

If so, you’re undoubtedly familiar with the ins and outs of freight delivery. You’re probably also aware that often, it can take an extended amount of time for your truckers to be paid for hauls they’ve already delivered.

It can take up to a month or more for payment to come in from customers. Meanwhile, your truckers are growing frustrated, your cash supplies are dwindling, and keeping your fleet on the road is becoming more difficult to profitably maintain by the hour.

That’s where we come in.

Our invoice factoring services make it easier than ever to secure the capital you need to keep operations going, boost driver morale, and ensure you meet time-sensitive deadlines.

Today, we’re discussing seven ways your company could benefit from invoice factoring services and how to get started today.

Ready to learn more? Let’s go!

What is Invoice Factoring?

Put simply, invoice factoring is a transaction in which a company essentially sells its invoices, or account receivables, to a third-party financing party.

In return, the factoring company expedites a portion (usually 80-90%) of the funds to the company so it can pay its bills and maintain adequate cash flow.

Then, the factoring company sends the invoice on to the customer and accepts payment.

So, just what are some of the benefits that this service can offer your trucking company? Let’s explore.

1. Grow Your Business, Not Your Debt

If you’re just starting out in the trucking industry, your first course of action may be to secure a bank loan or credit line to help manage expenses. While this is a popular route, it can lead to massive debt build-up that can be difficult to climb out of.

Alternatively, invoice factoring allows you access to quick cash that you don’t have to pay back, helping you budget more effectively and keep your financial stores in healthier shape.

2. Better Manage Expected and Surprise Expenses

As a business owner, there are some expenses you can count on regularly, such as employee insurance premiums, gas costs, and routine truck maintenance.

Yet, there may be some charges that you’re not expecting. A truck may need new tires. You may hire a new employee to fill a rush demand and rack up training and onboarding costs.

In both situations, it helps to have access to quick and dependable cash flow to make sure you don’t get behind on payments. Factoring your invoices gives you that peace of mind.

3. Get Paid Quicker

Even if you set defined payment terms on your invoices, there’s no guarantee that your shipper, carrier or broker will adhere to them. That could leave you stranded with no incoming cash flow for months at a time.

As aforementioned, you’ll likely have routine, monthly expenses. If you don’t pay those bills off in time, you could be hit with significant late fees and damage your supplier relationships.

Leveraging invoice factoring helps to ensure that you see a faster return on your services. This way, you can rest assured that you won’t go through a financial drought at the time your business partners rely on you the most.

4. Facilitate Smoother Collections

Collecting on an invoice can be a complex process. You want payment as quickly as possible, but you don’t want to be too aggressive or pushy in your request.

To this end, most factoring companies include collections as part of their services. This is when it pays to invest in a top-notch company that can handle transactions like this with professionalism and class.

This helps you avoid any uncomfortable confrontations (especially with repeatedly late payers) and facilitates more professional business relationships.

5. Gain Access to State-of-the-Art Technology

Digital technology is poised to make a huge splash in the trucking industry, and it starts with digital payments.

Some of the most successful invoice factoring companies will work with trucking companies to facilitate the completion of digital paperwork, accessible via your computer or mobile device. This allows your truckers to submit evidence of successful delivery in mere seconds, quickening the payment process.

Other digital solutions include virtual accounts that allow you to log in at any time to check payment history and digitally submit any outstanding invoices. Before partnering with a factoring company, request information on how they’re utilizing the latest in digital technology to bring value to their customers.

6. Communicate with Trusted Professionals

As a business leader, you’ve got enough on your plate. Dealing with the invoicing process should be one less thing you have to manage.

When you partner with an invoice factoring company, you’re entering into a trusted business relationship. After all, you’re depending on this company to oversee some of your most confidential and proprietary files on record.

As such, it’s wise to partner with one dedicated solely to the trucking industry. While there are countless factoring companies available, choosing one in your niche market helps ensure that when any industry-specific inquiries or issues come up, your account manager understands and can help you through them.

7. Receive Discounts on Fuel and Tires

What are two of the most frequent and costly expenses on your budget? More than likely, it’s the gas in your trucks and the four wheels that keep them moving forward.

In addition to generating faster cash flow, most invoice factoring companies can also help you secure valuable deals on both fuel and tires. In addition, you could also be eligible to participate in fuel credit lines and receive special equipment financing offers.

These are offered as incentives for your business, and it’s smart to take your factoring company up on them. After all, the goal of a factoring company is to help you manage your income. What better way to do that than by saving money on the costs you already rack up?

Ready to Partner with a Factoring Company? Start Here!

Now that you know a little more about invoice factoring and its advantages in the trucking industry, are you ready to get started?

If so, we’d love to help.

We’re a freight matching and bidding marketplace dedicated to helping our customers in the trucking industry handle their business demands as efficiently as possible.

To learn a little more about what we do, check out some of our services.

Any questions? Feel free to contact us. We’d love to help you deliver and save!

6 Signs That Your Trucking Company Needs an Update

Trucking CompanyAccording to ATA, over 70 percent of merchandise moved in the US travels on trucks. And with billions of dollars being sold online and shipped, there’s never been a better time to own a trucking company.

Unfortunately, owning a fleet of trucks and reliable drivers isn’t enough these days. In order to have a successful business, you have to stay ahead of the curve and in front of your competition.

Here are 6 signs that show your trucking company needs an update.

1. No Mobile Capabilities

The first sign of an outdated company is one that hasn’t incorporated mobile capabilities into its business plan.

According to Salesforce, 68 percent of businesses have integrated mobile marketing into their strategies. Another 71 percent believe that mobile is at the core of their business.

If you think trucking companies should be exempt from this emerging business trend, think again. Mobile is not only important for your employees but also with your potential clients.

First, let’s start with your employees. While your drivers are on the road, it’s not likely that they’ll have computers or wifi.

That means that on their trips the only communication they’ll have with management or with customers is through the phone. Mobile management apps can help truckers stay organized.

Through these apps, they can report when and where current shipments are, along with any issues that might arise on the way. Increased communication typically tends to drive an increase in business and profit.

Second, mobile helps you gain and keep more customers. A majority of searches on the web are done through mobile devices.

This means that all the content you are producing and posting needs to be mobile friendly. If a web page doesn’t load fast enough or isn’t formatted correctly, your viewers will leave, and you will lose potential customers.

Businesses that incorporate mobile have a better chance at succeeding and winning over their competition that forgets this medium.

2. Delayed Invoice Payments

Another sign of an outdated company is one that frequently receives delayed invoices. A business cannot exist without capital.

If invoices are consistently being sent in late, your trucking company will not have enough money to grow and adapt.

Instead, your focus will be on paying all of your dedicated employees and bills with whatever is leftover in the bank.

One way to fix this issue is through a digital invoice system. Not only will it help you obtain your money faster, but it will also help you save on any external fees.

With digital invoices, you’ll have a lot more freedom and confidence. This, in turn, will help you to make the changes necessary to keep your trucking company progressing.

3. Old Equipment

The third problem is old equipment. Technology changes so fast. While it’s not always beneficial to purchase the latest and greatest new objects, it’s also not good to have the oldest machines and software either.

Trucks that consistently break down can cost your company a lot of money both in repair fees and in public image.

Make sure to keep your equipment in good shape and up to date. This will increase safety for your employees, which is always a good thing.

4. Limited Tracking Capabilities

The next issue a trucking company might run into is limited tracking capabilities. Because of the rise in technology, consumers expect to know when and where their shipments are throughout the day.

If your trucking company doesn’t have a reliable tracking ability, it could be a big problem. In fact, it’s such an important theme among consumers that Amazon Prime will give you a free month of membership if your packages arrive late-even if it’s just a couple of hours.

Not only that but having improved tracking abilities also opens the door for better analysis on your company. How can you expect your profits to increase if you aren’t tracking where your money is being spent?

Behind every successful company is a good tracking system.

5. High Factoring Fees

One area many trucking companies lose money is in factoring fees. There are many companies that are willing to purchase your invoices for a discounted rate.

While this can be valuable by giving you immediate cash, it can also cause damage long term, especially if the fees or discounts are high.

The most important step to take is to do your research. Take the time to shop around and find the factoring company that’s best for your team.

Some companies will even offer discounted services like inexpensive gas and tire replacement, so don’t just take the first offer that comes your way.

6. No Plan for the Future

The last step, and arguably one of the most important is to have a plan for the future. Without it, you’ll never stay up to date and will often lose out to your competition.

Every trucking company needs to learn about the new advances in technology in order to succeed.

In fact, some people predict that in the next couple of decades we will have driverless trucks. Do you have a plan on how your company can adapt to these circumstances and remain relevant?

Planning for the future allows you to be proactive when new and unique opportunities come up.

Another example of this is last mile delivery. Consumers want their packages as fast as possible and many are even willing to pay more to have it delivered the same day.

This has allowed local trucking companies to get more involved by shuttling packages from the warehouse to the home. By planning for the future and being proactive your business could capitalize on easy money making solutions like this.

Bring Your Trucking Company to the Next Level

The most important lesson that can be learned from these steps is that it’s important to incorporate the newest technologies into your business.

It’s not enough to just deliver a package these days. Now people want to know where it is, when it’s coming, and more.

The ComFreight app will help you to avoid being out-dated. Check out our services and comment below with any questions you have.

5 Ways to Improve Heavy Haul Trucking Safety

heavy haul trucking

Around the clock, 365 days a year (and 366 on leap years), the largest and heaviest trucks hit the road to make the deliveries we all wait for. Now that online and one-click ordering in what we can now call “the freight marketplace” has taken hold, truck drivers are under pressure to get their bounty to us faster and in less mileage.

As you manage your small trucking company, your most important asset is not your trucks or what the trucks hold. It’s the people driving the vehicles.

And to keep them safe, follow these heavy haul trucking practices to ensure everything – and everyone – makes it to their destinations.

Track that Truck

Ever read the book “1984” or heard its signature term, “Big brother is watching?”

In the book, people resisted against being spied on through strange electronic devices. We seem to have gone in the opposite direction now, where we’re totally connected to our cams and devices 24/7 and the good news is, most of us are actually opting in.

You can make this work in your favor as a way to improve heavy haul trucking safety.

Chances are, your drivers are staying connected through GPS and other onboard devices. Not to mention those that are on their own cell phones and wearables.

Encourage your drivers to “check in” or at least enable both their WIFI and “Location” services apps. As any driver knows, getting lost, disabled, or out of gas in a remote and unfamiliar place is the worst.

But if you decide to make it company policy, make sure you inform your drivers well in advance. As some trucking company owners in North Carolina found out, attaching GPS to your drivers’ trucks without warning or consent can get you into major, major trouble.

Amp up safety by requiring your teams to stay connected but make sure you realize why you’re doing it (that is, because you’re looking out for them, not spying). Sometimes, big brother watching can be a big boost.

Get a Handle on the Handles

CB radio has long been a good friend to heavy haul trucking drivers, but you can help your drivers stay safer with some education on CB handle protocol.

According to the Truckers Report, certain practices should be followed when using the CB radio:

  • Don’t use the call of “Mayday” except in the most extreme circumstances
  • Never transmit a joke, crass remark, or falsehood
  • No politicking
  • No communications with CB stations outside of a 155.3-mile radius
  • Don’t try to sell anything

Of course, encourage your drivers to remember that CB interaction can also contribute to distracted driving.

Instruct drivers that anything other than keeping a full mind and eyes on the road can cause accidents and other safety concerns. CB interaction can be like listening to a great audio book or radio station on the road, as long as drivers know when to turn it down or switch it off.

Ergonomics for Heavy Haul Trucking

Ever notice how cramped your neck feels or maybe the onset of headaches after you’ve been staring down at your phone in your lap for a while?

Or that your body just can’t take another twist to peer over and behind your shoulder every couple of minutes?

This is due to the fact that our bodies, bones, joints, and muscles were built for and get conditioned to certain types of behavior. Unfortunately, long haul truck driving may be your drivers’ passion, true career calling, or temporary job choice, but it’s not what bodies feel best doing.

Thanks to many years of medical studies, there are ways to accommodate the way we collapse our bodies into trucks for those long hauls and even make things better.

It’s the idea of ergonomics, which involves setting up everything from your captain’s chair to where your steering wheel is positioned to how far you are from the foot pedals, all in mind of making sure your long haul is best on your body.

So take some time to rearrange your truck’s inside for a custom fit for your body and it will thank you. If you share or trade off in the driver’s set, be sure to make the proper adjustments every time you swap.

Better riding ergonomics can lead to you feeling less tired/more awake on the road, fewer aches and pains, and a general sense of more happiness in the work.

And don’t forget to hop down and out of the cab every few hours, too!

Inspect Your Gadgets

Sure, having Go-Go-Gadget-Arms like Inspector Gadget would make for unloading pallets a lot easier, but we’re talking about the inspections themselves.

If you incorporate regular inspections into your company’s routine, you may find that safety goes way up and problems go way down.

It may seem impossible to ask your drivers to stop and complete inspections on the road, so maybe the best time is when they come in for a reload. Or you assign personnel to inspect the trucks monthly.

Another option is to create a calendar of gadgets, gears, and areas of the truck to inspect. Each week, check off what you are conducting safety inspections around. Whichever works best for your business is the way to go, but make sure you do something.

Obviously, every truck is different, but you’ll find loads of free resources available online, such as the Vehicle and Trailer Inspection Checklist from the University of California Agriculture and Natural Resources Department.

Got Your Mind on Your Money?

We know how it is. Your truckers may feel like family and your company may be your passion project, but it’s still a job and you need to ensure that you all stay afloat in an ever-more-competitive industry.

One reason that safety goes down and injuries or problems rise up is when you’re not focused and unfortunately, worries over money can really take your mind off the most important part of the business: your people.

If things like clawbacks really make your claws come out, you’ll want to check out software options that help you keep more money in your business without your having to take your mind off safety factors.

Think apps and software have no place in the heavy haul trucking industry? Think again. We use apps for everything else, why not our jobs? Apps can help you avoid hidden fees, master digital payments, and reduce back-office tasks.

Pump the Gas Towards Safety

Click here to send us a little bit of information about your business (if you prefer to call or email, that information is here, too) and we’ll see how we can best help you save money and improve safety at the same time with no loss to either. Download our app and help us get you on the road today!

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