News & Information For and About Over-the-Road Truckers.
Preventing Freight Broker Fraud
Always check credit on shippers and brokers before you agree to haul a load. W W Payments does all your credit checks for free… and maintains a list of 2,400 + approved brokers and shippers, available on our website 24/7.
The Factoring Company’s “Reserve Account” … Do Trucking Companies Need One?
If you have used factoring services, you are likely familiar with the requirement that you maintain a “reserve account”. Reserve accounts are established when a factoring company deducts a “reserve”, as much as 10% in addition to your factoring discount fee, from the amount they pay you.
A Factoring Company Can Help Truckers Avoid Bad Debts
If you use a factoring company, most will check credit on the brokers and shippers you are planning to run for. There is usually no charge for that information. But unless your agreement with your factoring company is a “non-recourse” relationship, a broker/shipper’s failure to pay may still come back on you.
Understanding Your Bank, and Building that Relationship
Before I launched a trucking invoice factoring company, I was a commercial banker for 32 years. Here are my top 4 recommendations for building a strong relationship with your bank.