Freight Broker Factoring

If you have been in the trucking business for very long, you know that payments from customers can get held up for all kinds of reasons. Annoying, right? You can’t help with some delays, but you can follow best practices when it comes to preparing your own invoices. Here are a few guidelines for speeding up payment without paperwork glitches:

Rate and load confirmation sheet :

To be paid for a load, your driver needs to submit a rate and load confirmation sheet to the customer upon delivery. The rate and load confirmation sheet must include the following:

  • The names and complete contact information of the shipper and the consignee
  • The load number
  • The date of shipping and the due date
  • Equipment description
  • Weight of the load
  • The amount that the motor carrier will be paid

Bill of lading:

When this document is signed by the recipient, it becomes the “Proof of Delivery” (PoD) document. This document must include the following information:

  • Names and contact information of the shipper and consignee
  • The destination
  • The load number
  • Document date
  • The number of items or pallets
  • Type of cargo
  • Weight of the cargo
  • Any additional instructions

Freight bill or the Invoice:

This document has to include the following information:

  • Names and contact info of the shipper or customer as well as the motor carrier
  • Invoice date
  • Invoice number
  • Payment terms
  • Type of accepted payment (for example check, wire transfer or credit card)
  • Address for mailing the check

As a trucking company owner, you are probably accustomed to waiting 30, 60 or 90 days for your invoices to be paid. If this is a common scenario in your business, then consider factoring services for upfront payment. Interstate Capital partners with many companies in the transportation industry and we offer a wide variety of value-added services along with our factoring solutions, including fuel and tire discounts. Get an instant factoring rate quote today.