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Late Fees

Discussion in 'Ask An Owner Operator' started by DSK333, Sep 19, 2018.

Page 1 of 5
  1. Sep 19, 2018 #1
    DSK333

    DSK333 Road Train Member

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    I'm considering charging a 10 percent late fee for all invoices not received at my office by due date. Who else does this? Do you send another updated invoice before sending to collections or filing a bond claim? Share your experiences with me.
     
    DSK333, Sep 19, 2018
    DSK333, Sep 19, 2018
    #1
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  3. Sep 19, 2018 #2
    adayrider

    adayrider Road Train Member

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    Good luck with that.
     
    adayrider, Sep 19, 2018
    adayrider, Sep 19, 2018
    #2
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  4. Sep 19, 2018 #3
    DSK333

    DSK333 Road Train Member

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    How do YOU handle late payments?
     
    DSK333, Sep 19, 2018
    DSK333, Sep 19, 2018
    #3
  5. Sep 19, 2018 #4
    Midwest Trucker

    Midwest Trucker Road Train Member

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    I definitely like the idea. I’d be curious what results you get. My guess is it won’t happen or factoring companies would be doing it.

    We check in at 30 days, hound them at 45, and file on the surety at 60. Used to be more like check in at 45, hound them at 60, and file on the bond at 75 but we had to tighten up our billing game. The accounts receivable was ballooning and the later you wait the less likely to collect on the bond.
     
    Midwest Trucker, Sep 19, 2018
    Midwest Trucker, Sep 19, 2018
    #4
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  7. Sep 19, 2018 #5
    ebill45

    ebill45 Light Load Member

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    Hahahahahahahaha. Is it in the broker or shipper carrier agreement you signed ?????? Did you have them put it in the rate confirmation that a late fee would be assessed after 15 day or 30 days of no payment? What you going tell the judge when he asked proof you had a late fee agreement?
     
    ebill45, Sep 19, 2018
    ebill45, Sep 19, 2018
    #5
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  8. Sep 19, 2018 #6
    DSK333

    DSK333 Road Train Member

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    Thanks for the input. I refuse to let them get more than the agreed upon terms for free and I'm not chasing them down for it for free either. It's good to see what others are doing to combat this. I'm already stamping all my rate cons with detention and TONU charges. Perhaps I can add a late payment stipulation there as well.
     
    Last edited: Sep 19, 2018
    DSK333, Sep 19, 2018
    DSK333, Sep 19, 2018
    #6
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  9. Sep 19, 2018 #7
    DSK333

    DSK333 Road Train Member

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    Late fees are on every single invoice I send out and the payment terms are all clearly written in each and every contract I have with all the Brokers.
     
    DSK333, Sep 19, 2018
    DSK333, Sep 19, 2018
    #7
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  10. Sep 19, 2018 #8
    ebill45

    ebill45 Light Load Member

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    dalton ga
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    ebill45, Sep 19, 2018
    ebill45, Sep 19, 2018
    #8
  11. Sep 19, 2018 #9
    ebill45

    ebill45 Light Load Member

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    dalton ga
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    Ok if it’s in the agreement then charge them. They probably won’t give you another load. They definitely won’t if you file a claim against their bond .
     
    ebill45, Sep 19, 2018
    ebill45, Sep 19, 2018
    #9
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  12. Sep 19, 2018 #10
    ZVar

    ZVar Road Train Member

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    On the same token, why would the op want to work with a company again that he has to fight to get money owed?
     
    ZVar, Sep 19, 2018
    ZVar, Sep 19, 2018
    #10
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