New owner operator silly question

Cash is always good

 

Check, ACH, or through your factoring. In that order.

 

I agree, silly question.

 

45 days or less, hopefully. Some pay via comcheck immediately. Some pay in a few days, for a small 1.5% ( Ch Robinson) others charge up to 5% quick pay fee. Often the quick payers, such as Allen Lund, ( immediate comcheck) have terrible paying freight. All depends on the Broker. Some pay in a week - 10 days. Which usually means 2-3 weeks in reality. 30 days usually means 45. There’s exceptions, but that’s been my experience. I won’t book a load with any unknown Broker, till they pay me on any outstanding Load first. Try not to put all my eggs in one basket. Only been burned once. Surprisingly by the Broker I trusted the most. Didn’t see it coming. They got Me for about $800, after their Bond was settled.

 

It is somewhat different from getting paid on weekly basis as a company driver or a leased on owner operator.

In order to be paid by a broker the following things must be happen:
1. You book a load from a broker. You are sure about the validity of the load and for how much when the brokers sends you so called load tender or rate confirmation - document which specifies what you must do with the load and for how much.
2. You pick up and deliver the load.
3. You obtain the signature from the receiver on the Bill of Lading under the statement that the load was received in a good order.
4. You create an invoice for the broker. On the invoice you include the line haul rate (the money you agreed to haul the load for the broker) and any additional charges such as detention, lumper fees, also trailer wash outs, additional straps, dunnage (if broker promised to pay for it) etc. Those additional fees are often referred to as accessorials.
5. When the invoice is ready you send it to the broker along with other required documents such as BOL with signature of the receiver (Proof of Delivery), Rate confirmation (so the broker sees clearly how much he agreed to pay) and all other documents or receipts that are needed for him to pay you. Sending can be done in multiple ways. By mail, be email, through their website, through their app - all depends on the availability.
6. When broker receives the payment, he validates the proof of delivery and all other documents based on which you claimed your pay and if everything checks out well then he will send you the payment.

P.S.
There are brokers who don't necessarily require invoices or the invoices are generated automatically for them when you upload required documents through their web sites or apps.
For instance, Uber Freight, Convoy, JB Hunt, Coyote, C.H. Robinson.

 

Usually the broker will tell you how they pay.

 

I'm tired of them flaunting this US dollar thing around. I'm tired of it all together. I want to be paid in limes!

 

I think the confusion here is about what a broker pays vs how broker pays. Silly question or not but I used to wonder about it myself before getting independent... Surely, the broker won't pay with Bitcoins, gold or U.S. Treasury Securities....lol
For prospective owner operators who want to be independent and deal with brokers directly, it may not be so clear that so called cash flow may be completely different - much slower and demanding more scrutiny and effort as compared to their 'automatic' weekly (payroll like) settlements.

 

Well, number one would be cash, but good luck getting it out of anyone in this day and age....