Freight Matching Site Announces Integration of Funding Feature
February 14, 2012
Check Freight Broker, LLC (“CFB”), the world’s largest 100% FREE freight matching site, formally announces the full integration of its proprietary funding technology platform, Freight Payable Systems. This allows users to request fuel advances and prompt freight bill payment direct from the site with just one click of the mouse. With the integration of Freight Payable Systems complete, CFB becomes the only 100% FREE load board where motor carriers can not only find freight and 10,000+ free freight broker credit reports, but can also obtain fuel advances and payment on their freight bills without leaving the site.
CFB is bucking the freight matching trend by betting motor carriers prefer a FREE freight matching site that provides most of the features found on the subscription sites, plus a list of unique funding and other features not found on any other load boards. The most popular freight matching sites charge users up to thousands of dollars per year in subscription fees to access their load boards and then refer users (seeking funding) to unrelated, outside factoring companies that often require long-term contracts, high factoring costs, and offer little in the way of transportation expertise. ”The systems of the other load boards and factoring companies don’t speak to each other,” explains Tony Furman, the developer of Freight Payable Systems and CFB and President of Interstate Capital. ”By integrating our proprietary funding technology into the load board, our freight matching, credit approval, and funding features are seamless to our Funding Members.” CFB is so confident that motor carriers and freight brokers will prefer CFB’s unique model of doing business that it is the only site that actually encourages a comparison. To make its point, CFB developed a freight matching comparison chart found at CompareLoadBoards.com.
What CFB discovered when designing its load board was that other sites that worked with outside factoring companies sometimes display outdated or inaccurate credit information on their load boards. ”Carriers told us they hauled freight found on other load boards, only to discover their factoring company wouldn’t fund the load.” “In other words,” explains Furman, “the complaints indicated to us that there was no real-time data exchange between the factoring companies’ credit departments and the load boards. We saw a demand to integrate funding into the load board.”
In response, CFB recently unveiled its Funding Membership, which requires no long-term agreement, no upfront fees, and no minimums. Carriers not intending to use the site to obtain fuel advances or 100% payment upon delivery can simply register for Standard Membership. Either way, every member of the site has been able to search the over five million posted loads to find the ones matching the availability of their trucks. The site now has tens of thousands of trucks and approximately 50,000 page views per month.
The site’s owner, Interstate Capital, has been in the business of funding freight bills for thousands of motor carriers and freight brokers for nearly 20 years. Citing privacy concerns, Furman declined to provide detailed financial information, but confirmed Interstate Capital purchases between $.5 and $1.0 billion of invoices annually.
CheckFreightBroker.com is the world’s largest 100% free freight matching site, providing motor carriers and freight brokers an unmatched list of free features. CFB is a wholly owned subsidiary of Interstate Capital, North America’s leader in transportation funding. CFB and Interstate Capital are members of the Transportation Intermediaries Association (TIA), Owner-Operator Independent Drivers Association (OOIDA), and International Finance Association (IFA).
Check Freight Broker, LLC
Tony Furman, President
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