Receiving broker payment

Discussion in 'Ask An Owner Operator' started by Dino soar, Aug 24, 2019.

  1. Dino soar

    Dino soar Road Train Member

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    I was just wondering after you send your invoice to the broker, how do you receive the payment?

    Do you have it sent through the actual mail, or do you have it direct deposited into your account? Does it make a difference if it's quick pay?

    I thought that I read somewhere that if you let them deposit it directly in your account there's some way that they can actually withdraw money, like if there is a claim or something like that after you've been paid.
     
  2. stayinback

    stayinback Road Train Member

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    Don't you dare give those vultures your bank routing numbers.

    If you need quick pay,fine.invoice them and get your paper check in the mail.

    I invoice everyone 30/45 days depending on customer
     
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  3. Midwest Trucker

    Midwest Trucker Road Train Member

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    The companies that will still send checks we prefer that, some insist that you do ACH. I forget which one it was, but recently a broker wanted to put funds on a card and we get the funds off the card. Told them to get F’d. lol.

    I don’t think they can pull ACH funds back out without having a document saying so. It probably only applies for factoring companies who probably have you sign that form.

    Most people that do quick pay want ACH due to wanting it quick.
     
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  4. Dino soar

    Dino soar Road Train Member

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    I just remember someone saying about them being able to pull money out of the bank.

    They said they had multiple accounts and that account was basically left empty and money transferred out of it right away.

    I'd have to check with the bank to see if they have an account like that that is no fee if you retain a nearly zero balance.
     
  5. Dino soar

    Dino soar Road Train Member

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    I think that is correct. I'll have to talk to the bank and see what they say.
     
  6. 86scotty

    86scotty Heavy Load Member

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    I'm not afraid of ACH. I'm on quick pay direct deposit with everybody I can be and have never had a problem. That said, lots of brokers I do snail mail check with just to keep balance, or because they don't offer ACH.

    OP, ACH means direct deposit.

    All of this is clearly stated in any carrier packet you fill out and most will have a seperate form for choosing payment type and terms. Pay attention to this! You need to make sure you know where and when your money is coming in since most take at least 30 days to pay (unless you pay them a percentage for quick pay).

    If I had any brokers try to remove funds from my bank account the world would know.
     
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  7. DUNE-T

    DUNE-T Road Train Member

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    Tql is famous for pulling money back from bank accounts
     
  8. snowwy

    snowwy Road Train Member

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    I could see good and bad both ways.

    ACH would be preferable but not if it can be pulled back out.

    Checks. Sit in your mailbox and accumulate till you get home. And hope nobody robs it. Would defenitly need a po box for that reason.

    Course, what's to say that a stop payment wouldn't be processed on a check also.
     
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  9. jamespmack

    jamespmack Road Train Member

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    Reason 1295 that I dont work with them.
     
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  10. Opendeckin

    Opendeckin Light Load Member

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    I have all checks mailed directly to my bank which deposits them for me immediately.

    For the electronic transfers I use a 2 step system. I have a payment account and an operating account.

    All payments go into the payment account which the brokers have access too. Upon arrival of payment I go online and transfer the money into the operating account so the payment account rarely has more than 5 dollars in it. I turned off overdraft protection so the bank doesn't automatically transfer money between accounts if a broker tries to rob me via the payment account.
     
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