Working in the trucking industry means balancing tons of things at once—keeping things on time, staying healthy on the road, and following the best driver safety practices at all times. On top of all of those, there is always the threat of late load payments hanging overhead. This installment in our trucking news series gives truckers the best ways to avoid late load payments.
Define Clear Payment Terms
Sometimes, you encounter late load payments because neither party did a good job negotiating what a proper payment schedule is. Make it clear with all of your clients what type of pay schedule you expect. Popular payment methods include payment on receipt, payment within 30 days, or even payment within 60 days depending on your needs and their cash flow.
Get to Know Your Clients and Brokers
Before ever hauling a load from a client, get to know them in advance. Ask them if you can conduct a credit check and look it over for any glaring issues or major problems. See how long they typically take to pay suppliers. Keep in mind that these are not always reliable indicators of how your relationship with them will be, but they are good indicators of certain trends (good or bad).
Get Your System Modernized
While automation can’t replace truckers, it can totally replace your existing paper billing system. Certain accounting systems will let you set up payment reminders to go out to clients at pre-determined intervals to remind them that they still owe you. This saves you time and gives them regular payment reminders from a professional program. Many times, clients who simply forgot to pay, prefer automatic reminders since they don’t carry the shame of a person singling them out to send them an email.
Baltimore Freightliner-Western Star for All of Your Trucking Needs
Whether you are looking to upgrade your fleet to tow trucks or simply interested in the latest trucking technology, you can rely on Baltimore Freightliner-Western Star. We have provided top-notch service for the trucking industry for 30 years and would love to assist you in buying a new top-of-the-line truck, finding the specialty parts you need, or repairing your truck. Give us a call toll-free at 800-832-7278 or locally at 410-685-4474, or contact us online. To find out more about what we are up to, follow us on Facebook, Twitter, Pinterest, and Google+.