Would you try a blockchain app for instant load payments 1–2%?

Discussion in 'Ask An Owner Operator' started by Mason1988, Jun 12, 2025.

  1. wichris

    wichris Road Train Member

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    Been tried before, advertised on here before.
    I think factoring is about the dumbest thing to do and this costs even more.
    Forget the no advertising rule, give the whole breakdown and costs.
    No broker/shipper/carrier is going to put money upfront into escrow
    You're paying for "default" insurance

    Set lists of onboarded brokers and set up along the way.
    Registration
    Payment Default Insurance
    Dispute Resolution
    Credit Checks
    Escrow Mandates
     
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  2. Mason1988

    Mason1988 Bobtail Member

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    Correct. The question is how do you feel about blockchain / cryptocurrency. If it's easy enough to navigate, I would imagine %2 instead of anything higher would be worth a try.
     
  3. pnw guy

    pnw guy Light Load Member

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    Considering the cash out fee on most exchanges, & I've never seen a fuel card with the option to pay via crypto, so that 1-2% really went to 3-5% on a digital currency that could also swing +/- 10% overnight.

    I'm all for blockchain related stuff but it's irrelevant in this industry, why not go challenge EPIC in the healthcare field with blockchain EHR for sharable medical records or something.

    If you are bent on helping this industry, find a way to integrate blockchain transparency with brokers. I would love to see TQL sign on with ya ensuring they are only taking there fair share.
     
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  4. Mason1988

    Mason1988 Bobtail Member

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    Stable Coin + smart contract
     
  5. Mason1988

    Mason1988 Bobtail Member

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    If you are bent on helping this industry, find a way to integrate blockchain transparency with brokers. I would love to see TQL sign on with ya ensuring they are only taking there fair share.

    Would do anything I could to solve an issue such as TQL - but god doesn't even know how to help that company.
     
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  6. pnw guy

    pnw guy Light Load Member

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    There is no silver bullet for blockchain factoring, you won't beat 0% fee net-30 unless its someone NEEDING factoring to pay the bills asap, those guys typically don't last long it seems.

    What about pivoting to immutable BOLs or a Doc Exchange for insurance to reduce fraud on both ends?
     
  7. North Pole Nightmare

    North Pole Nightmare Heavy Load Member

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    No,I get paid 1-2 hours after delivery and BOL signed and sent in.No fees charged for that.A lot of our customers are pre-paid,some are COD.
     
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  8. Iamoverit

    Iamoverit Road Train Member

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    It's easier to add the quick pay percentage to the rate and I have the piece of mind of a surety bond claim to get paid if need be. Why should I add some BS app and another set of hands in my pocket?
     
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  9. Mason1988

    Mason1988 Bobtail Member

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    2-3% vs 5-7% adds up.
     
  10. wichris

    wichris Road Train Member

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    That's 24-36% per annum @ net 30
    Why would anyone factor in any way?
     
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