Every owner-operator knows the trucking business isn’t just about moving goods. It’s about moving money.
And god knows it never seems to move fast enough. At least, not in the direction you want.
Between fuel, truck payments and accessorials, upfront costs are high and cheques can be a long time coming.
That’s why a lot of owner-operators turn to factoring.
Nobody wants to give up 5% of revenue, but it’s better than paying 20% to a credit card company. Owner-operators are stuck between a rock and a hard place.
Here are some ways you can escape the pinch.
5 Ways Owner-Operators Can Get Paid Faster
1. Bill Faster
If you wait three days to bill, you wait three days longer to get paid. It’s really that simple.
(It’s also why we created LoadPal in the first place.)
2. Bill more often.
If you wait until the end of the week to send all your invoices, you’ll get paid less frequently. When you bill as you soon as you deliver, you’ll receive payments throughout the week and your cash flow will become less choppy.
3. Make sure your paperwork is organized and complete.
The more organized you are, the easier it is for you to get paid. If the people writing your cheques have to hound you for a missing accessorial or an inaccurate amount, their process takes longer and you can quickly end up at the bottom of their to-pay list.
It might not always seem like it, but they want their payment process to be fast. Help them speed it up however you can.
4. Send your paperwork immediately.
Information moves faster than ever. Carriers, brokers and shippers all want to receive your paperwork as quickly as possible so they can start their own. Companies like doing business with owner-operators they can count on to send through the signed POD as soon as it’s in their hands.
5. Send Reminders
Sometimes a kind reminder goes a long way. If you stay organized with your paperwork and know when you sent invoices, you can schedule reminders to be sent to your customers at regular intervals, letting them know when payment is due.
This can be time-consuming, of course, but today’s technology makes it easy. With LoadPal, for instance, you can set up these reminders to be sent out automatically. You don’t even have to hit send.
When All is Said and Done
Things are moving faster than ever these days, and that doesn’t just include goods, but money and information, too.
And while that can be frustrating at times, it can also be an opportunity for you to speed up your cash flow without having to rely on a factoring company.
If you can get your paperwork sent faster and more frequently, you can get paid faster and more often.
And that’s exactly why we created the LoadPal app.
By allowing you to easily create and send invoices right from your phone, right when you deliver, LoadPal speeds up your cash flow and reduces your need for factoring.
Start your 30-day free trial today to see what LoadPal can do for you.
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Author: Steele Roddick
Steele is a writer and editor who grew up in a family of truckers. His grandfather owned a small trucking business for years. Being legally blind, however, Steele knew he could never drive and needed to find different ways to contribute. These days he does so with his words and by promoting LoadPal, an app he likes to think his grandfather, and certainly his grandmother, would have loved.