Preferred Methods of Payment

Direct deposit. I'm leased on to a carrier and could get paid weekly but I choose to wait for the checks to roll in getting an extra 3% that way. Which is roughly an extra $3,500 to my bank account this year. Can't get a return like that on CD's or much anything else I know of these days. Not many would choose to do it this way but I do.

 

Most O/O's aren't astute enough to figure that one out!

 

True but then there are some who do understand that but strapped for cash and need it flowing quick. Nothing wrong with that as long as they work to get away from it. Some people say it's stupid to play a bank and wait 30, 45 days or longer, I just disagree and think it works better long term. Yeah it sucks but for the most part that's business I do have a tendency anymore to only work for large brokerages that pay quickest..

 

Direct deposit is always the best way to pay a driver. They get it right away and there is no hold on it. If you are a small company it may be cost prohibitive. There is usually a monthly fee along with a small per item fee (eg. $50 per month plus $0.10 per deposit). I deposit the pay cheques for my drivers into their accounts. That way they get them sooner than waiting to hit a bank while it is open.

 

ACH direct deposit is the best way to go to pay drivers. I would / will go to a drivers' bank and deposit one on occasion but that was mostly because there was a Suntrust right by the office and it wasnt a big deal. Mostly Direct Deposit though.

 

I run my own show and wait for the cheques to come in. I do not trust any of the direct deposit brokers because they all have that "if we make a mistake we are allowed to withdraw from your account." No thank you. Send me a cheque on the agreed upon terms. I use a mix of COD, 7 days, 30 days. In the same mindset RC is on this one, those few % add up to a lot over the course of a year.

 

So, how long does it take, for you to get paid on a load?

 

i prefer CASH!!!

 

Anywhere from 20-45 days. I've had some that were much longer from small brokers.