Brokers have as many days to pay as it is stated in the broker-carrier agreement. 30 days is a standard. I don't think there are any laws regulating it though. For instance, I refused to sign a setup with a broker who stated that he reserves the right not pay me as long as his customer does not pay him. LOL LOL LOL. So in other words their pay terms were indefinite.
Entrepreneurship Class Assignment
Discussion in 'Ask An Owner Operator' started by CollegeStudent, Jun 10, 2019.
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I won’t let a Broker owe Me for more than 1 Load at a time. With only 1 Truck, 1 Bankrupt Broker could take Me with Him. Always ready to set up, after checking credit. Relying on 1 Broker or waiting on them to find freight, has put a many O/O under in the past. Easy these days to set up contract. Not like in the past. Got to be flexible, to survive.
TallJoe Thanks this. -
From experience if the brokerage doesn’t send payment by 21 days after the load is hauled then your DAT reporting will be over 30 days. Since a lot of carriers take a week or so to get you the paperwork, you might be paying on what seems like just two weeks. Especially if they factor so it goes through even more hands. Most customers you can’t bill until all paperwork is completed and mailed in then must be processed. Some customers used 3rd parties to send payments which makes for more delays. My point is it’s very easy to run a few weeks to a month gap between getting paid and paying out. That’s just the reality of how things end up working.Rideandrepair Thanks this. -
Rideandrepair and Midwest Trucker Thank this.
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Midwest Trucker Thanks this.
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I mean, I could be hysterical and paranoid when it comes to signing any of those broker set ups, the way they are worded makes you feel like you sign your own death warrant.... I literally see a potential catastrophe in all of those. But there is no way around it, either you sign it or you don't do business with them. Or go run under someone else's authority.Midwest Trucker and Rideandrepair Thank this. -
My overall impression is that many of us, if not most- owner operators - arrived at the point where we are as a result of a evolutionary process - there was not any structured laid out business plan. After so many years and miles, a manhood demanded a truck ownership and as soon as the circumstances were there in favor and the opportunity arose, a truck driver of many years became a businessman, although he himself may not have realized or appreciated the transition. Most of us, without business plan, survive just like that ;by luck and cunning skills. subjected to the forces of chaos.
Do I have a business plan? No! What would it be? I am just a fisherman with a boat. My goal is to catch as much fish as I can, every day. And as long as the boat is floating I am good.Midwest Trucker and Rideandrepair Thank this. -
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Midwest Trucker and Rideandrepair Thank this.
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I’ve had brokers get up to 30 or 40k before. Normally it was because like I told RideandRepair we got on some real good stuff and kept knocking them out. Believe it or not I don’t even like Schneider but they owe me $35k right now. I have a customer who owed me over 100k one time but they are a world wide company so I knew they were good for it but still got nervous!
I guess what it all comes down too is: Calculated Risk
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