When do brokers pay?

I'll find it and put it up tomorrow,

 

Well I have a broker that JUST put the check in the mail today. Pricks were almost 50 days out. The quick pay fee was 4% if I had opted for that. Thats too much to take off a load if ya ask me.

 

I'm a broker and pay between 15-30. Try to pay within 15, as long as I have my clean BOL. If I can get accessories/demurrage confirmed right away, it heads with the first check within 15. If I need to wait for some paperwork, 15-30.

Part of the appeal of a broker is "the float". I can get my carrier paid (some who take credit cards get paid in 5 days). I have to wait for the shipper to pay, which typically averages 35-60 days.

 

Yeah depends on what your hauling but 2.75 a mile for 1200 miles is a huge stretch. And you say you would take the hit now. I said the same thing. But reality will set in soon. And you'll realize how much that adds up to after 50 loads.

 

If you are not getting paid within 30 days then you need to report how they pay to the credit services. It would help others to make a more informed decision. I took a load a couple of months ago from a broker that I have not done business before. I put a clause in the contract that stated that if they didn't pay me within 30 days that I would charge them 1 1/2% per month and if I turned them over for collection that they would be responsible for all attorney's fees and court costs. They didn't want to accept the contract with that language in it. They are now over 60 days out, which is why they probably didn't want me to add that to the contract. I received a check last week, but it does not include the late charges and the check is made out incorrectly. It is nothing but a delay tactic. They called me to haul another load for them when they were already over 30 days. I told them that I would not haul anything until what we had already done had been paid. I turned down several other loads from them after the first load. I just thought it best to see how they pay before they got into me for very much. They owe me a little over $1,300. It isn't that much money so it won't break me if I never get the money. They could have kept me busy for several weeks, but I would have had the same collection problems. This is the first time that I have had a problem collecting from a broker in probably 15 years or longer. I expect to get my money. I will report how they pay. If they decide to not do the right thing then I will turn it over to an attorney and file suit against them. Had I not been out of town I would have already turned it over. In business, you will have a bad receivable from time to time. I checked their credit before taking the load and there was nothing on their record at the time. That will change on this load.

 

I have been in business for much longer than 15 years. I am usually very careful with whom I do business. I stay on top of credit and for the most part, I only do business with 3 or 4 companies. I had planned on factoring this broker, but my factor changed some of the terms of their agreement so I didn't send it to them. I am set up to do business with many companies, but choose to stay with a few that I know have decent rates and who will pay in a timely manner. I don't have to worry about my money with any of them. I was a little uncertain of this broker from the beginning due mostly to their resistance on my changes to the contract. Had one of my other people had something in that area, I would not have done business with them. They have over 1,000 loads that they need moved out of a particular area with decent rates, but I won't haul amy more of them due to the payment issue. I also don't rely on a single broker or shipper. I do have a friend who primarly only hauls for one broker. They keep him busy with good rates and he never has to worry about his money.

 

There is NO GOOD broker. There are tolerable ones.