I'm curious about the cost and time savings of the different Quick Pay options out there. In your answer, please indicate how long you'd have to wait if you did not elect Quick Pay.
Quick pay
Discussion in 'Ask An Owner Operator' started by KeyFactor, Apr 29, 2013.
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depends on your agreement 30-60 days 2 weeks? direct freight? brokered? leased to carrier?
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I know one broker that pays the same day that they receive the bills. There are others who pay within a couple of days. Quick pay fees vary from about 1 1/2-8%. You can expect to wait for 30-45 days with most brokers and/or shippers unless you opt for the quick pay option. I know of some who will pay within 20 days or even less without having to pay their quick pay fees. But, you should count on at least 30 days from the time the invoice has been received. This business is no different that any other business when it comes to paying receivables. The norm is net 30 days.
Epmtrucks Thanks this. -
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Right, so for example, if you didn't want to factor all your invoices but only get immediate payment on a few and maybe not all the time, then I agree that Quick Pay is better. Some factors want all invoices from your customers for the duration of the agreement, but some will be okay just buying all invoices from just a few of them. What are the other main reasons/restrictions?
Some of the restrictions are designed to protect both factor and carrier...for example, if we don't want to buy an invoice from a broker because they have bad credit, you're probably better off not hauling for them. -
1/1/13 through 4/30/13 .02 per mile quick pay. We try to add any quick pay to the rate when we negotiate the rate. 1.5% landstar 48 hours, access america 3%, 48 hours, trinity 3% 48 hours, all direct deposit or comdata network card. Mercer no charge 48 hours. They are the only brokers that pay that quick to my knowledge. Customers direct is 7 business days per regulation.
Last edited: May 3, 2013
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