How I Became An Expert on Trucks

What are Load Boards?

Freight factoring is the process used by many different truckers these days to be paid immediately after delivering the load they have transported. Either independent truck drivers or small companies are hiring factoring companies to handle collection on invoices. The factoring company will pay a certain portion or even the full amount of freight bill minus the upfront fees. There are times that the factoring company holds the remainder in the escrow account which could not be touched until the client got the receivable.

As a result, this gives truckers the fund they need for shouldering the expenses incurred or will incurred on getting another load or on their way home. It is additionally the factoring company that’s in charge of the bill collection. There are cases that it requires enlisting legal help to collect debt or the customer may not pay for months sometimes. It allows independent truckers to get back freely on road and carry on with their assignments by hiring factoring company to take care on this.

Most of the trucking load boards are so advanced and make it possible to post or even search for loads using filters. And regardless if you are a freight broker or carrier, you are going to find services that suit for you. Well, depending on the board you’re using, you are going to find services similar to load matching, message boards, credit information, days to pay, ability to make notes on carriers and shippers, finance of pre-approved loads by using factoring and mobile access.

Since the freight board market is so in demand, competition is tough and fierce so you are going to find providers of both free and paid. You will see that the cost of service vary base on plan you have chosen if you go for the paid service. The prices for premium boards can even reach to approximately 100 dollars a month. Working with a freight board does come with its own benefits and drawbacks of course. This on the other hand is a big help for freight brokers as well as new owner operators in jumping start their business. But owing to fierce market competition, it sometimes causes others to breakeven or take home slim margin.

There are plenty of load boards that integrate work with businesses that do offer freight bill factoring. For those who are running low on fumes or start up, the integration of such features allows clients to finance a slow paying of freight bills. Some factors are even offering fuel advances which is providing funding for fuel and several other expenses the moment you pick up your load.

Why not learn more about Trucking?

Looking On The Bright Side of Freights