What is Quick Pay? Feb11

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What is Quick Pay?

Some brokers offer quick pay on their loads. “Quick pay” is when a broker advances the trucking company funds for an invoice in exchange for a small fee. Quick pay is convenient because both the dispatched load and pay come from the same source. In addition, most brokers can get the trucking company paid anywhere from 1-7 days after the load is delivered. Waiting a week for cash is much better than waiting a month.

However, brokers typically only offer quick pay on their loads. If the trucking company finds a better paying load elsewhere (unless it also comes from another quick paying broker), they will have to wait the full 30-90 days for payment. If the trucking company cannot wait out the load’s pay term, the company may be forced to pass on that load and take a lower paying load from the quick paying broker. This catch-22 of taking lower-paying loads in order to continue receiving quick pay can cause the trucking company’s growth to stall.

Pick the Option Best for Your Business

If you decide to use quick pay, pay attention to the loads your broker is offering. Make sure you accept loads that are good for your business and avoid the quick pay trap. If you decide to factor, ask about their fees and benefits to make sure you are getting the best deal for your money.

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Source:https://www.tafs.com/

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