30 day pay rule

Discussion in 'Ask An Owner Operator' started by Excorcist1, Apr 19, 2014.

  1. Excorcist1

    Excorcist1 Light Load Member

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    I can't remember or find the posts that talk about getting paid with in 30 days as a independant carrier, Can one of you guys enlighten me on this. Is it a rule or a rule of thumb.
     
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  3. stayinback

    stayinback Road Train Member

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    Welp...its kind of an 'unwritten' rule...Its been a practice for over 50 years now..Which I believe should change with everything else that has.

    Nevertheless......Many 1 truck operators tend to Factor their receivables........(which is a poor business decision)

    i call e,m' 1 truck wonders cause if they are Factoring...It makes you Wonder what kind of business Mogul they have
     
  4. Davidlee

    Davidlee Medium Load Member

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    It's normal for a Broker or shipper to pay in 30 to 45 days, no rule on that one. On the other hand, there is a rule or two about the ones that don't pay at all.
     
  5. bigdogpile

    bigdogpile Road Train Member

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    The best rule is COD...
     
  6. Excorcist1

    Excorcist1 Light Load Member

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    Chestertown, MD
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    Okay because I've started hauling for this guy who has contracts with the local nurseries but couldn't cover all the loads. they pay him at the end of the month, but he said he would give me a partial payment after 2 weeks. Well it's 3 weeks and I don't like people who say 1 thing and do something else. I've actually talked to 1 of the shippers on my own, but my cash flow is bout gone because of paid income taxes and tags and re upping on ins.
     
  7. stayinback

    stayinback Road Train Member

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    Operating a Truck is VERY expensive.........Bill The Customer DIRECT, This guy might be your freind, But you have a Business to operate.

    Sorry......Freinds and business dont mesh well together, Go Get your Freight payment directly from the Customer
     
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  8. Davidlee

    Davidlee Medium Load Member

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    I get emails from bbcollects.com about suing shippers, they also send out a Broker watchlist.
     
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  9. snowwy

    snowwy Road Train Member

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    what's the big deal about factoring????

    lease on to a carrier, you get paid almost immediately but you give up 25%.

    factor, you get paid almost immediately and you give up 5%.

    risk factor might be different but your percentage of the load give is smaller.
     
  10. stayinback

    stayinback Road Train Member

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    Jan 24, 2014
    chicago,il
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    Ok...5% times lets say $3,500 per week in invoices then times that again by 50 weeks....You just made that Factoring co some money! and you lost what $15,000 in Revenue?.
     
  11. LittleMissCabover

    LittleMissCabover Light Load Member

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    That would be $8750.00
     
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