Preferred Methods of Payment

It's the 21rst century. pay me quick ###### ! I'd like to find a broker or two who would do paypal or google checkout pay, but whatever. The ACH is okay, but I still have to fill out a form. paypal or google you just need my email address and pay me. yah, it's 5%, I just set my bottom price a little higher when negotiating but don't worry you're pretty little head about that !

 

taking the money out of your account. how is that any different then a stop payment on the check???

 

i don't really think drivers really have a choice in the matter.

take your direct deposits weekly. have money to spend immediately. or wait till you get back to the yard. then have to wait for that check to clear. banks are actually starting to put a hold on payroll now.

i'm starting with a new carrier. for the first time in 12 years. i get a pay check. paid twice a month. instead of the routine weekly direct deposit.
i leave on 15. checks are on 16. but i'm out on the road and won't be back till who knows when to deposit my check.
then wait for credit union to say i can spend the money.

 

As an O/O i realy like direct deposit, quick and easy. I have a mix of companys that do direct deposit,check and C.O.D. Realy have no prefrence as long as i'am paid on the terms agreed to.

 

We have an account that sweeps the money out daily and the bank only allows money to move out to one single account. That is how you take advantage of getting your money sooner without the risk.

Time to bone up on your understanding of finance. That is 60% APR At those rates I can turn $10k into $20k in 15 months.

 

Amazing how "cheap" 5% sounds UNTIL you actually do the math isn't it.

 

If you can turn 10k into 20k in 15 months, then you should also be able to turn $950 into $1000 in two months. So why would you wait two months for $1000 over taking the $950 today ?

IDK, I was kind of flippent with my comment. I do a mix of wait for pay loads, free quickpay, 2.5% quickpay, 5% quickpay. I've even offered quick pay options on my own terms to brokers. Sadly, I'm actually a bit pinched right now because I ran a string of non-quickpay loads. I have $18,000 in outstanding invoices and barely got money to fuel up with. Bah, good learning experience I guess. lol.

You guys are right though 2.5 or 5 % sounds cheap, but it's off the gross. If you are running loads that are only 25-50% profit, that 5% turns into 20% of your profit on the load real quick !!

 

I pay my drivers every two weeks either by cheque or direct deposit, whichever they prefer. I, on the other hand, typically get paid in 90 days (standard oilfield practice). Sometimes we get lucky and get paid in 45-60 days and sometimes it's 120 days but it's usually around 90 days. This can make it tough for a fledgling company. If I have 4 trucks out for 3 months, that's over $100,000 I pay out JUST IN WAGES before the first cheque come in and I still have all my other costs to cover for that period.

 

Where did this waiting to 90 days or longer to pay ever come from?? It seems rediculous, 30 days seems ok, but any longer is just dumb, every week should be the goal to have everything paid. With email money transfers anything can be paid instantly.