Freight Brokers Are Struggling: How Carriers Can Protect Themselves Against Non Payment
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- Опубликовано: 28 авг 2024
- Freight brokers are currently facing tough times ahead, and carriers are worried that they will end up hauling a load that will not pay out because that broker will go out of business. So how do you predict which broker is safe to use and which one is not? Knowledge, Credit Scores, Days to Pay and Analyzing the Financial Health of the Freight Broker!
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Brokers who are on shaky Ground must hate that this data is out there for review. I am sure they are made more anxious by people who are as thorough and questioning as you are. Thank you so much. !
About as much as anyone who's struggling to pay their bills would be. Downward spirals are self-fulfilling and tough to pull out of when confidence plummets.
These days I even check up on the brokers I work with weekly. Not to mention anyone I haven’t worked with at all yet.
Great video as always, you’re very skillful at keeping the information flowing forward, nothing redundant at all.
Elite Transit doesn't pay on time. Very slow payments. I got mine in 90 days.
Thank you
Thanks Miranda! There is a salty ocean of information out there but certainly we can’t drink it all. A glass of clean water is what we really need!
If brokers are having a tough time paying you can be sure their accounts receivables are running behind, too, which means the shippers/receivers/etc. aren't paying on time, either. During the last 3 recessions I've had to deal with, receivables went from 30-45 days, to 60+ over a few months as the recession worsened. During the last one, I had to fire a 2 million dollar customer because they were taking 100+ days to pay. Unlike the last couple of times, interest rates are much higher and the cost of bridge capital is more expensive than some companies can afford. It's not just brokers and carriers that will be going out of business. Make sure you're keeping a copy of all your paperwork, including both shippers and receivers.
God bless you Miranda
Thanks for all you do
Wow… eye opening! I have recently thought of working with a few of those companies… thank you for sharing
Trucking is the only industry where getting paid is always in question.
Another thing to consider. More freight will consolidate with only a few brokerages. If that happens they can truly manipulate rate's to their benift.
Yes ma’am it’s very helpful as usual I am so lucky to find ur channel pls keep doing what u doing n thx for sharing
Do not call for ELITE TRANSIT ! I have a 75 day old invoice that they still have not paid! Luckily, it was only for about 600 but they are still giving out loads and I have the suspicion they are going out of business!
Me too.
Landstar is in trouble.
Good.
how?
BCOs leaving , brokers closing down.
Why?
Cap
True non-recourse factoring doesn't exist. Look at the contract.
Any disputed load is subject to being charged back to the carrier at any time, for any reason.
I sold factoring for a small family owned provider in MN for 5 years. I worked with carriers who were told they would NEVER see a charge back and they were lied to by BIG NAME companies.
(RTS, OTR and eCapital among others)
If you have your shit together you won’t need factoring companies
I recently discovered your channel, you're an excellent teacher, you describe everything very well detailed very easy to understand. Thank you for all the valuable information that you provide.
Good catch on the Convoy!
This past 2 months I’ve noticed some brokers checks have spent an extra week in the mail. Payments are stretching out to 40 days. I’m sure many are cash flow challenged. If rates don’t rise from brokers I’ve done regular business with I might just hibernate until spring. lol.
Great video once again 👏 👍 Thank you!
Thanks for this update! You're wonderful 🎉
Appreciate the effort you take to help us out hers
Very informative 👏 👌
A big shoutout to Miranda for sharing an enlightening video on the current landscape of freight brokerage! In her video, Miranda shed light on the challenges facing freight brokers, especially in these tough times. One of the critical issues highlighted was the concern among carriers about potentially hauling loads that might not pay out due to brokers going out of business.
Miranda's video got me thinking: in such a volatile environment, how can we predict which brokers are safe to work with and which ones might pose risks? Miranda hit the nail on the head by emphasizing the importance of several key factors: knowledge, credit scores, days to pay, and analyzing the financial health of freight brokers.
These metrics serve as crucial indicators, guiding us in making informed decisions about partnerships in the freight industry. By assessing these factors, we can mitigate potential risks and build stronger, more reliable relationships within the supply chain.
I was made aware of Convoy being in trouble around the middle of August. My factoring company stop buying their invoices because they had word that convoy was in trouble.
Have any word on anyone else?
@dissident9174 not as of right now, just had the heads up on Convoy. If i do i will certainly pass it on to you so other's can be aware also.
I quit my trucking job today, no miles unfortunately, im working security now
Thank you so much for your time to teach important lessons to us
Hello from N.Carolina Miranda. Hope you are doing fantastic.
Yep. don't let the debt with customers get too high if you are a small guy... can put you out of business.
Thanks for the info, it's nice to see you receiving information. And that smile of satisfaction with...
I think there's a Ryan transportion and a Ryaan transportation no?....been seeing two for awhile....never used them both
Yes- ryaan transport is the one I don’t use. Ryan transportation is RTS, and there is reliable transportation which also abbreviates to RTS on their rate cons 😅
It’s RUAN and they have trucks
Great advice, Miranda!👍🏽👏🏽👏🏽
Factoring with tafs is the worst thing :(
I feel you. My brother set up and it took him a year to get out. They sing pretty songs and after u sign up. You are doomed 😅
Excellent 👍👍👍
DONT HAUL FOR CONVOY!!! THEY HAVE GONE BANKRUPT AND NOT PAYING....MY FRIENDS ARE STUCK WITH 2 LOADS PLUS THAT HAVE NOT BEEN PAID, NOW FACTORING CHARGING THEM BACK!
There's no way to haul for convoy I dont think- their board went blank wednesday and last Thursday they announced they are shutting down.
Woah
Hello! On DAT plenty loads from Convoy! Do not book it!@@TruckingMadeSuccessful
Yikes seriously? Heck yeah stay away from them!
never used them in 2 years on spot market
why have a factoring company if they can charge you back for non payment
Some of the newer brokers can be sketchy, even if they have 4-5 star rating and bunch of good reviews. Always check the aging of those reviews and the companies that leaving them. Often broker will be connected to the carriers giving them good reviews, or they can be trading good reviews, helping each other out to boost their ratings. Some will offer free or low cost quick pay in exchange for good reviews.
So helpful information thank you so much ❤
Thanks for your videos; very helpful! I'm new and would like to apply for MC number. What's the best way to have it age without spending tons of money on insurance?
Very helpful information.
❤ you are so knowledgeable
Thank you for the video good information
Brilliant! Thanks!!
ready? Let’s go❤
No flirting 😂😂😂
The way I see it is if broker is not paying then it is considered as a form of theft.
I'm finding myself in a weird situation, getting concerned about the financial well-being of certain weasels.
I know right!
I assumed the factoring company beings they charged a percentage to us that they were fully responsible to collect the the money and not come back to us if they couldn't collect boy how wrong I am i guess
It depends on the type of account that you have. Non-recourse account would have you covered in case of unpaid invoices, but will have a lot higher interest rate and your factoring might restrict you working with “riskier” brokers.
Good evening Ms Miranda what going on now why it always something 🎉 blessing
😍 I could watch this woman explain quantum physics
There’s an app that gives letter grade. For brokers
They got me for 2 loads and avoid A&E
Thanks 👏👏
Thanks!
Thank you for your support!
Thank you for this! How are credit scores measured and where is that data coming from?
On DAT, they come from Ansonia which is basically Equifax!
@@TruckingMadeSuccessful
Got it! I’m wondering if the hard data comes from carrier/owner operator reviews
Please ask for stock exchange rules made obligatory for load brokers to ease things pretty well.
Looking damn good 😍
More importantly with monitor is that with the touch screen capability ?
We need a national level freight exchange.
Hey, awesome information. Can you suggest a couple of good load boards other than DAT
Truckstop is not bad
truck stop should pay you now,seriously you need a sponsorship by now. maybe you should contact them and see. it doesn’t hurt to ask.
I have had many people reach out about sponsorship, but I will not do sponsored videos by brands/businesses I personally dont believe in. RUclips is not about money, its about transparent education
@@TruckingMadeSuccessful sounds fair
@@TruckingMadeSuccessful hard to believe...if True I SALUTE...sincere integrious comment
How easy is it to change from recourse to non-recourse if you’re currently working with a single factoring company? And how much more does it cost?
Honestly all factoring are recourse even if they say they’re not. A factoring company will have a lien on your business and name and if you don’t pay them back they will file bankruptcy on your behalf and sell your business/home and etc.
Non-recourse will probably cost triple easily.
@@theheavyweightchamp7 yes they will come after you. No recourse basically they would just give you more extra time before they start biting back.
might be a good idea to just do the 2-3 day quick pay through the brokerage you’re using it seems things may get difficult
Was not what I typed. I typed I learned in 1975 to draw heavy on the advance.
How long Dispatch market going to be like that
TRUCKSTOP FACTORING THEIR GOOD TO ME AND NON RECOURSE
When they can come back in track
F2F transport another non payer on the carrier side.
How do you get a truck number for your truck or unit number ?
Last 4 of the VIN works me.
@@ProtectorsofLibertyinTrucking LoL serial number works if you are Cash
@@jesuspalacios6790 part of serial number
lets go
Wait what? Dispatching course?
Yeah, I have a dispatching course and a carrier course
Love your videos and knowledge. I wish you were my wife lol
Thank you. Very married :)
Convoy owns me 1900$
Go after the shipper if possible!
@@TruckingMadeSuccessful thanks, was thinking to contact their insurance but they have 75000 bond, and don’t think I’m only one they owe
Dvorak’snn
Not sure what that means
Thanks Miranda,, lots of
Awesome, thank you for what you teach us 🫶