Freight brokers are intermediaries who link drivers to shipments and charge a brokerage fee for each transaction. This fee is the margin between what they charge the shipper and what they pay to the carrier. Most brokers can have the transportation company paid between 1 and 7 days after the cargo is delivered, which is much better than waiting for a month. However, brokers generally only offer fast payments on their charges. If you're tired of waiting 30 to 90 days for your customers to pay their invoices, factoring with AltLine can provide you with the working capital you need to keep your business growing.
Digital cargo networks help carriers overcome the challenges of COVID-19 by offering the reliability of an asset-based carrier and the flexibility of an intermediary. To operate, brokers must file a freight broker's bond with the Department of Transportation. When it comes to supply chain visibility, digital transportation networks collect and translate data into useful information for shippers. Convoy's digital charging network proved resilient during the first months of the COVID-19 crisis, providing chargers with a number of benefits. Anheuser-Busch was able to use this data to see their KPIs from a new perspective and reevaluate which measures are valuable and which are not. In order to receive payment from brokers who do not comply with regulations, carriers have several options.
The most economical and fastest way to receive payment of invoices is to avoid complications of non-payment in the first place. If your broker isn't responding to any of your lines of communication, you may be able to sue them for the amount you owe if they have violated your agreement. When it comes to managing volatile markets, digital cargo networks offer reliability and flexibility. To ensure that you get paid on time, make sure that your broker has a plan for how they are going to pay their carriers. Stop waiting 30 to 90 days for your customers to pay their invoices and get the working capital you need with AltLine factoring.
