If I lease on to a company, do I collect the load pay myself?

Yeah, they gonna get paid before you

 

Have you signed a lease agreement? Everything should be in the agreement, what percentage, when do you get paid?. If it is not, It could be a problem later.

 

Actually, for any reasonable lease, the reverse is true.

Part of the what you get with a lease is factoring. Generally you're paid weekly, for all load completed the previous week. Some pay by the load after it is completed.

On the other hand the company gets paid up to +30 after they invoice. And depending upon the efficiency of any given companies billing group it could be 1 to 2 weeks before they get around to invoicing.

 

Every lease I've seen or used has a section on payment.

usually something about paying within "14 days of receiving all paper work, including POD, Delivery orders, logs inspections, etc."

However most settle weekly and are paying the operator long before collecting that actual revenue. Most carriers do attempt to speed up processing loads and getting invoices out as quickly as they can.

Matlack would process any terminal's papers as a unit traveled around. The terminal would close it out in the computer and add it to the overnight bag to Wilmington. Overnight all the closed manifests would print invoices to be matched up to the overnight deliveries and mailed unless there was some question to research first. any lease operator's settlement was credited every Monday morning and sometimes a guy would think a load should have been on this week's check and I would look at the invoice date in the 'Puter and the invoice date would indicate that it WILL be on next week....

Payment times are affected more by the customer who takes longer to pay when times are slow.

 

Leases where 1 or 2 pages. Now.. is a book

 

Keeps the lawyers busy!

 

Most of the time the shipper pays the broker. Sometimes there is no broker and the carrier bills the shipper. Even with drivers running their own authority most will see the Broker as the one that gets the payment first. There are many hands in that kitty way before that kitty reaches the driver! This is one aspect of trucking you need to learn!

 

That is your answer - don't sign on with him. If you can't trust him with money, what can you trust him with?