Best Payment Method when collecting pay for loads. ACH, PayPal, etc?

Discussion in 'Ask An Owner Operator' started by ProfessionalNoticer, Sep 16, 2021.

  1. Dino soar

    Dino soar Road Train Member

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    I see, that's a different situation.

    So they have a new brokerage I assume and they haven't established any credit yet?

    I don't blame you even a little bit for being nervous about that.

    Can't they give you a Comcheck over the phone?

    I'm not sure, the ACH may take a day or so but a comcheck would be instant wouldn't it?
     
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  3. ProfessionalNoticer

    ProfessionalNoticer Medium Load Member

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    I've never paid this close attention to ACH details in the past. I know it's not instant but there's got to be a way to prove a transaction was initiated from the customer. Usually those details are found on the remittances.

    Half will be paid tomorrow after I'm loaded and the other half will be paid on Saturday when I drop. It'll take a couple days to clear my bank. I would like to get some sort of confirmation that an ACH transaction was initiated immediately for both payments. Didn't think about a Comcheck at all. It's been years since I've even seen one frankly.

    I'll be calling my bank for some guidance and I'll also be calling the customer's surety bond holder to make sure they're in good standing as well.
     
    Rideandrepair and nikmirbre Thank this.
  4. Dino soar

    Dino soar Road Train Member

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    I do think that the bank can tell you if the ACH was sent even if it hasn't come through yet.
     
  5. xsetra

    xsetra Road Train Member

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    Have the money wired. Cost about $20 at my bank. Proof when it's sent and received.
     
  6. 401-Alex

    401-Alex Light Load Member

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    Could do certified bank check.
     
  7. nikmirbre

    nikmirbre Road Train Member

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    However for this instance, PayPal if an an option, would be your best bet. The money is instant. I’m with a big bank(wells) and ACH transactions aren’t provided confirmation from the receiving bank instantly.
     
  8. feldsforever

    feldsforever Road Train Member

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    Cash app is instant and has a business account ability. Can load up to 10k a week but read the fine print. Ive never issd the cash app business side. But strongly reccomend personal side
     
  9. RedForeman

    RedForeman Momentum Conservationist

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    I prefer ACH, as I hate dealing with paper checks and the USPS. I'm also wary of the ability of a payor to reverse an ACH if they change their mind. To that end, I have a second checking account set up exclusively for receiving and sending payments. That keeps payment activity completely separate from my main operating account. It doesn't eliminate risk, but substantially reduces it. When money comes in, I immediately sweep it right back out.
     
  10. God prefers Diesels

    God prefers Diesels Road Train Member

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    ACH, and I transfer the money out of that account as soon as it hits.

    I might have bad luck, but in the last year I haven't received a SINGLE CHECK without some sort of hassle.
     
  11. 86scotty

    86scotty Road Train Member

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    I have two accounts and do ACH whenever available but I don't bother to move it out quickly anymore, or really at all. I have never had an ACH reversed with anyone, even in life before trucking. They don't just do this on a whim. You have a paper trail. I don't worry about it. That's just me.

    Just invoiced my 460th customer the other day. Never had a problem.

    As for checks, as GPD noted above, there's always a hassle. Slow mail, slow accounting, calls after they don't pay, accounting deptartments that don't answer the phone. When it's ACH you get paid on the day you were supposed to.
     
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