Truck Driving Jobs

rank · #11 09-12-2007, 02:52 AM

I generally call on calendar day 30 and "inquire about payment for load 3 XXXXXX". If they say that payment is on schedule I ask for a check number.

If for some reason payment is not on schedule, they will usually have an excuse. Then I ask for the telephone number of their bond company ( I have it anyway) and this usually gets them to promise a check tomorrow.
Dont let them talk you into this "we only run checks twice a month and the next run is 13 days away BS". That is not your problem.

I have never had anyone tell me that 30 days = 6 weeks.

no_worries · #12 09-12-2007, 12:37 PM

"Net 30" does not mean 30 business days. It means the net or balance of payment, i.e, the total minus any upfront payments such as advances, is due in 30 calendar days.

GMAN · #13 09-12-2007, 01:09 PM

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Originally Posted by DD60

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Originally Posted by LOAD IT

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Originally Posted by sidman82

Keep in mind alot of times it is net 30 days. Only count the week days, no weekends or holidays. This would make 30 days take 6 weeks. I always send in an invoice with open bills as a reminder when time is getting close. This is a way of letting them know you are keeping track. Sometimes if people don't call they will let it ride for as long as they can till they hear from someone.

The reminder invoice is a good idea, I fax my past due invoice with POD and contact info requesting check number and date mailed. If the broker is 10 miles from home, find out when they cut and sign checks and go pick it up in person, invoice and POD in hand. A 60-82 credit score is a broker to AVOID!!

What is the lowest credit score that would be generally deemed acceptable?

I generally don't do business with any broker who's credit score is below 92. If someone has a score below that you are taking a chance in whether you will get paid. I have done business with a broker with a lower score, but I got a very good rate and received a check before I delivered. If I take a load where I am to receive a check prior to delivery, the load doesn't come off my truck until I have a check in my hand. When I mentioned up to 6 weeks, I was allowing for delays in the mail. Terms are usually from the time the broker receives the paperwork. Most brokers value their credit rating and will pay in the agreed time. You need to allow for contingencies to protect yourself.

no_worries · #14 09-12-2007, 03:45 PM

Why anyone would not pay the $5.25 it costs for Priority Mail w/delivery confirmation, I have no idea. Using 30 days from postmark to postmark is the only method that is completely reliable and indisputable. It eliminates the uncertainty, and excuse, of "mail delays", gives you ammunition when charging late fees or just asserting that payment is late, and shows you're willing to do what it takes to protect you're own interests.

Even if you agree that payment terms are 30 days from receipt of paperwork, 30 days until what? The broker will try and tell you he's got 30 days to cut the check. What bills does anyone here pay, other than your taxes, where the creditor is satisfied if you mail the payment by the due date? Payments are due ON the due date. All B2B I've been involved with works this way. Don't accept the mail delay excuse, it doesn't happen near as often as people think. Invest in a method that takes the ambiguity out of the process and get your money on time. And by all means, charge a late fee. You're already extending credit at no charge, don't give away even more of your money.

marcel27208 · #15 09-12-2007, 06:50 PM

all of these are good ideas........that was my next question, what do you charge for late fee? do you charge a % of $ due per day? or something like that? and if you charge a late fee, does that need to be in the rate confirmation sheet? do they need to know ahead of time that you will charge a certain rate when bills are past due?

Mountain Flyer · #16 09-12-2007, 07:50 PM

I'm horrible. I just feel good IF I get paid, eventually. MOST of the brokers I deal with pay me in a more or less timely manner. One beat me out of the load by going out of business, changing names, then right back in business with the same people at the phones. THAT one pissed me off. Another one took over 2 months to pay. But most of them have been pretty good...

LOAD IT · #17 09-12-2007, 10:10 PM

Quote:

Originally Posted by DD60

What is the lowest credit score that would be generally deemed acceptable?

If they are not at least a 90, I will not haul. Anything lower probably means slow pay, no pay or other issues. A good broker will pay on-time to keep you hauling his loads versus hauling the competions loads.

sidman82 · #18 09-13-2007, 12:02 AM

On the net 30 day thing, my wife just called me an ass. :? My bad.

GMAN · #19 09-13-2007, 12:47 AM

Quote:

Originally Posted by marcel27208

all of these are good ideas........that was my next question, what do you charge for late fee? do you charge a % of $ due per day? or something like that? and if you charge a late fee, does that need to be in the rate confirmation sheet? do they need to know ahead of time that you will charge a certain rate when bills are past due?

I note a late charge on all invoices. If payment is not received by the due date, then a late charge applies. One thing to encourage early payment is to offer a cash discount such as 2% 10, net 30. If the bill is paid within 10 days the broker may discount the bill by 2%. Otherwise, the entire amount is due. If a company is paying hundreds of thousands or millions of dollars in freight charges, 2% mounts up quickly. I am not saying you should offer 2%, but it does work in some cases.

dieseldogtrucking · #20 09-13-2007, 02:43 AM

You just file on their bond, that usually gets a reaction quite quickly.