Freight payment is a process that has been around for years, and it will continue for as long as goods are transported from one place to another. Freight broker management and financial planning considerations rank high among financial must-haves. Managing freight cash flow can be particularly challenging during market instability and economic uncertainty. According to Inbound Logistics, “an ongoing and thorough freight audit program can save a company millions on the backend. Industry experts estimate that, on average, companies pay 7% to 10% more in freight expenses than they should due to billing errors.”
However, how freight payments are processed can be improved, and this is where load boards combined with integrated freight factoring solutions come into play. Read on to learn more about load boards and freight payment and how the two are instrumental for flexible freight factoring services.
What Is Digital Freight Payment and Why Would You Need It
Today, shippers have access to a much broader and more expensive lineup of services to choose from for banking, financial backing, and payment processing. Some options can be tailored to meet the needs of carriers and shippers with freight cash flow data-driven solutions. This advanced payment service can help shippers capitalize on opportunities without worrying as much about the financial costs and backing required.
How Freight Factoring Works
Freight Factoring service providers provide financial support and credit for companies and individuals. They take promised payments and invoices and convert that into cash by selling the freight bill of lading to a factoring company. The responsibility of payment collection gets passed along, and rather than waiting months for load payment, freight cash flow payments are received the same day or the next day through their factoring and freight finance services.
How Does a Load Board Work With Freight Factoring
Collaborating with load boards and freight payment providers makes cash flow and freight payments more straightforward. With the right freight cash flow approach, tracking invoices, monitoring expenditures, controlling freight cash flow, reducing credit risks, maximizing load access, increasing profits, and lowering fees all become much more manageable. Combining real-time load board updates and reports with freight factoring services makes it easier to make every dollar work for the company.
The Benefits of Using a Load Board for Your Company
The true benefit of capitalizing on load boards and freight payment options is not just in the upfront savings but also from leveraging accurate financial insights. It allows truckers to get the fastest payments to their bank accounts without dealing with shady business dealings and volatile payment schedules. Transportation companies of all sizes and specializations can see improvements in profits, losses, and expenses with an integrated load board platform.
Why Use an Integrated Solution That Includes Both the Load Board and Freight Factoring
Combining load board and freight factoring services allows management to track and monitor key metrics such as profits vs. losses. With secure freight cash flow access and data-driven solutions available, shippers can enjoy an easier time with their load payment and cash flow needs. Integrating these systems and applying them to current load management and payment tracking platforms will streamline the process and make it more efficient for all parties.
How to Get Started on either One or Both of These Solutions
Getting started with freight cash flow solutions requires access to reliable data through load boards and freight payment platforms. Getting started is easy though it can be an intimidating process at times. Change is hard, but if the past few years have shown us anything, it has been demonstrated that old and outdated systems are not working with the current market trends. Innovation is needed. The best way to get started with these cash flow and freight payment solutions is to partner with an industry expert from the start.
Tap the Value of Combined Load Boards and Load Factoring Companies With ComFreight
Managing freight cash flow and freight bills can be particularly challenging for shippers, carriers, and brokers today in the face of continuing market unpredictability and economic upheaval. Maintaining fast and accurate freight payments is vital to continued growth and success. Sign up with ComFreight today to learn more about load boards and freight payment. And remember to check out the features and benefits of leveraging ComFreight’s HaulPay by requesting a demo now.