question about brokered loads

LS = Landstar?

 

While building my business plan the thing that never made sense was the credit rating on these load boards. Most of the data comes from factoring companies. And if you are a broker you better pay a factored load first and early.

I would see these companies that had good "load board" rating but zero credit rating from any of the major business credit rating agencies. I found a course offered by an ex-cpa through Transcore and it was the best $129 I spent.

The one thing that stuck out to me was that from 2000-2009, less than 10% of filings against bonds where against brokers that are attached to carriers. This one piece of information drove most of my decisions in the first 6-months.

 

Yes.........

 

This is a very intersting piece of information. Makes me happy to know that as well...kinda substantiates what I've previously said about knowing you're going to get paid.

 

Excellent post, thank you.

 

So can you deposit a comcheck in a standard bank account? I only ever use them to pay lumpers, or when I get layover pay or shuttle pay and I just cash mine at a TS. But if it's a load paying $2,000 at a 3% fee you're looking at $60 to get that cashed at a TS. I would just get the checks sent home and have the GF deposit them in the bank. Course that assumes one has the operating capital to withstand the delay in payment this way.

 

You don't cash the $2000 check and give up the points>you take what you NEED and keep the rest in reserve.

ps:No truckstop is going to cash a $2000 check.

 

Most banks will accept them. Ask first. If you bank in an area not thick with trucking operations, you'll need to coach them on what it is and how it works. Most important is that the teller call for the confirmation code before accepting the deposit. If the comchek goes thru without it, the deposit will bounce, even if the check is otherwise valid and funded.