Solving 60-90 day billing terms to get paid

Discussion in 'Ask An Owner Operator' started by wildturkey8*, Apr 15, 2021.

Would you pay a service to have immediate payment rather than waiting 60+ days to get paid?

  1. Yes

    2 vote(s)
    13.3%
  2. No

    13 vote(s)
    86.7%
  1. wildturkey8*

    wildturkey8* Bobtail Member

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    Apr 15, 2021
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    I'm tired of dealing with 60-90+ day billing terms and waiting for my money after the job is done. I'm wondering would others out there be willing to pay a small fee to have a service pay you immediately, the day of delivery for all your shipments?

    If so, how much would you be willing to pay to get your money the day of delivery instantly deposited into your account rather than waiting multiple months to get paid?

    I figure having the payment immediately allows me to use that money for my business right away, rather than waiting months and to me, that is valuable enough to pay a small fee for. If a service offered this, would you be interested in using it?
     
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  3. keen98

    keen98 Road Train Member

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    Isn't this basically already offered by factoring or taking quick pay option from companies that charge a %?
     
    Opendeckin, Coffey, Dino soar and 4 others Thank this.
  4. Brettj3876

    Brettj3876 Road Train Member

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    Lol that's pretty much what factoring is. And a waste of cash unless you really need it now.
     
  5. wildturkey8*

    wildturkey8* Bobtail Member

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    Apr 15, 2021
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    Yes, anyone out there using one of these services? Anyone have one they like more than others or can recommend which low fees?
     
  6. God prefers Diesels

    God prefers Diesels Road Train Member

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    Getting through the first month (or whatever your terms are) is the only hurdle. After that, the money keeps streaming in, and continues to do so one month after you've quit the business. Basically everything just gets pushed out a month. No different than driving nails and having to wait for your paycheck until Friday.

    As others have said, you're describing a factoring company. These people already exist, and they are already preying on truckers.
     
  7. Oscar the KW

    Oscar the KW No Filter

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    Who are you dealing with that pays 60-90?

    I work with many different brokerages and direct shippers and have not come across anything over 35 days. A lot of my direct shippers pay within a week or two.
     
  8. God prefers Diesels

    God prefers Diesels Road Train Member

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    I know you didn't ask me, but PLS told me their terms were 90 days when I asked them why they were at 38 DTP. Other than that, I don't know of any that go past regular NET 30.
     
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  9. Oscar the KW

    Oscar the KW No Filter

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    Interesting, I was going to setup with them a few years ago but they wanted a copy of my truck and trailer registration. I promptly told them to go to hell. Never heard of such a thing.
     
  10. God prefers Diesels

    God prefers Diesels Road Train Member

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    I've found I can leave about half a carrier packet blank, and nobody cares. I don't think they even read them.
     
  11. Ridgeline

    Ridgeline Road Train Member

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    Michigan
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    Not a penny.

    you should always have a few months of operating expenses if you are an owner operator because the most lucrative loads seems to be from those companies that do 60-90 day pay cycle.
     
    Coffey Thanks this.
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