Factoring improves cash flow for businesses, especially small fleets. It pays invoices quicker for a fee to help fleets spend more time on operations and less on back office work.

A good factoring company should be a partner. Trucking companies work hard to earn money. They shouldn’t have to work extra to collect on it too. Ask these key questions to find the best factoring partner for your business…

Moving Forward in a Digitized World

In today’s world we see digitization all around us, you can order your groceries on the internet and have them show up at your door an hour later or catch a ride with the push of a button.  Technology is integral to our lives and many of us would probably be lost without our smartphones, tablets or laptops at our disposal.  It only makes sense then that the transportation and logistics industry would follow suit.

“It has become an increasing challenge for the logistics industry to stay on top of new advances in business processes…customers want full transparency into where their delivery is at all times.” according to Logistics Management.

Freight xChange takes those concerns and turns them into a powerful, streamlined automation tools that connects the logistics industry in new ways.

 

Your Freight, Your Way

Freight xChange provides carriers, shippers and 3PLs with peace of mind, knowing that they are connecting to the people they want.  The portal is white-labeled, enabling shippers/3PLs to customize the internal board to fit their business while carriers can select freight with a single click.  Everyone sees what they need and can trust they are working with the right people.  Streamlined freight management doesn’t end with delivery. FreightRover’s PayEngine works seamlessly with Freight xChange to expedite and simplify payments.

 

Powering a New Way to Pay

The white-labeled platform features of Freight xChange also extend to PayEngine.  Through PayEngine, shippers/3PLs get extended pay terms.  Carriers can select from 24-hour pay all the way up to their standard pay. The PayEngine platform is intuitive and user-friendly.  You can see all of your invoices in one place and it’s accessible from the Freight xChange platform.

 

Working Together for You

With both Freight xChange and PayEngine, the digitization of freight seems less daunting and more exciting than ever.  Freight xChange gives you the easy of access to capacity, from building, to tracking and finalling.  PayEngine makes sure you get your money where it needs to be, without interrupting the flow of your business.  This powerful team gives you the peace of mind you deserve, so you can get back to focusing on the important thing; keeping your freight on the move.

While contracts are responsible for over half of all freight movement, spot markets still make up for 30-40% of hauled loads, according to Heavy Duty Trucking.  And most spot market freight is traditionally handled by (you guessed it) load boards. Shippers, brokers, carriers, and owner operators are all used to interacting on a regular basis through dozens of competing boards, but the process can be slow, clunky, and sometimes downright untrustworthy. Data remains stored within the load board, rather than utilizing the cloud to transmit information into the user’s TMS, selecting loads can waste hours on the phone, and at the end of the day shippers are often still left in need of capacity. So the question remains – is there a better way?

Lately, we’ve begun to see hundreds of new solutions popping up left and right. These services claim to handle one aspect or another better than a load board, but few have the experience or industry partnerships to solve all of the problems that traditional load boards present.  If you Google “freight matching software,” you come up with thousands of hits from hundreds of companies, all trying to tell you how to change your business model in order to take advantage of their technology.  The right solution, though, shouldn’t require you to change how you manage your freight.  Instead, the right software should do the work for you.

 

Searching Loads

Traditional Load Board:  

Most traditional load boards curate results through certain search parameters, such as origin/destination, pickup time, and deadhead mileage.  Once you’ve found a load that fits your needs, you’ll need give the broker a call to request it.  That phone call takes time away from managing your business. And with a traditional load board, each time you search, you will need to reset your parameters.

FreightRover:

We know that with selecting freight, time is actually money. In addition to all of the searching parameters of a traditional load board, FreightRover saves your favorite searches for later use.  Maybe you’re always looking for freight out of Chicago that goes to Oregon – FreightRover will automatically notify you when a load that matches your saved search pops up, so you don’t waste time clicking through pages of loads.

So, what’s in it for shippers and 3PLs? Well, you can easily set rules through FreightRover’s platform to automatically adjust load details and visibility after a set period of time. Say you post a load for $1,500 and you set your rule to automatically raise the price by $200 72 hours before the late pickup appointment.  If your load hasn’t been selected by that time, FreightRover will automatically adjust the price to $1,700 to sweeten the load for carriers searching on FreightRover.

 

Selecting Loads

Traditional Load Board:

When carriers and owner operators find a load that fits their needs, there are still a few hoops to jump through in order to select it.  You know the drill – you’ll have to pick up the phone and call to make sure the load is still available. Upon confirmation of it’s availability, you’ll probably negotiate your pay terms and might have to make it through a few call transfers to do so.

FreightRover:

In the age of online shopping, load selection just shouldn’t be that difficult.  Wouldn’t it be convenient if you could find a load you like, view the price up-front, and select it right from the app? FreightRover automatically checks to ensure the load is still fully available, and you’ll be awarded the load within seconds.  No time wasted on trying to pick up loads that don’t exist.

And while we think our software is pretty great, we know that users don’t want to spend time in yet another platform. That’s why we’ve built TMS connectivity that will publish your selected loads into your existing TMS software.  The best part?  No unnecessary calls or worrying about negotiations – just a few clicks and you’re on your way.

 

Selecting Payment

Traditional Load Board:

Standard pay terms mean freight bills can be slow to pay out. By nature, you are typically working with a stranger on a load board, which means that shippers need time to verify load documents, carriers can be slow to send those documents over in the first place, and the process bottlenecks, causing carriers to wait 90+ days for a check in the mail.

FreightRover:

Luckily, it doesn’t have to be that way.  FreightRover’s PayEngine ensures that carriers are paid in as little as 24 hours.  Payment options are presented upon load selection, and can be changed on a per-load basis. Shippers and 3PLs don’t need to worry about paying out immediately, though. Instead, enjoy standard 30+ day pay terms, without slowing payment down for the carrier.

 

Track Load

Traditional Load Board:

It can be anywhere from annoying to downright difficult to keep track of your load as it moves.  Drivers have to manually report check calls and load updates. And while there are a many 3rd party platforms that offer extensive tracking, that in-depth tracking comes with a price tag.

FreightRover:

We know that load tracking and analytics are vital to successful freight management. That’s why we’ve partnered with MacroPoint to enable much of their their real-time global freight visibility and in-depth analytics directly within the FreightRover platform.  Working together, our platforms create automatic check calls for loads in FreightRover to virtually eliminate wasted time manually reporting updates.

 

Scan Docs

Traditional Load Board:

Searching, selecting, and tracking loads in a traditional load board can be a little clunky, but document approval is where it gets downright messy. From mailed-in documents, to long lines at the truck stop waiting for scanning, document validation significantly slows down the payment process for both the carrier or owner operator, and the shipper/3PL.

FreightRover:

FreightRover’s partnership with Pegasus Transflo means that when the load is completed, drivers and their carriers can easily snap a few photos of the appropriate documents and send them off to the shipper or 3PL.  Shippers then have the option to either accept the documents, or request additional images.  As soon as the documents are accepted, FreightRover automatically releases payment to the carrier.  Indexing and repository is free and mobile scanning means drivers get to skip the truck stop line and head back out onto the road.

 

Finalize Loads

Traditional Load Board:

There’s no reason to beat a dead horse. We know that even after the load is finalized, the paycheck for a load hauled today might not come for two or three months.

FreightRover:

Carriers will receive their payment based on their pay terms selection, including 24-hour pay.  Shippers pay using their financing terms agreed upon enrollment (typically 30+ days).  Everyone is happy, and freight keeps moving.

 

When looking for the best way to find and manage freight or capacity, there’s plenty of options out there.  But which one is right for your business?  At FreightRover, we’ve streamlined the process from end-to-end.  From the moment you search a load in our system, all the way through receiving documents and finalizing the load, the process is simple and the control is comprehensive.

FreightRover works like a dog, so you don’t have to. To request a demo of FreightRover, give us a call at (866) 621-4145 or send an email to sales@freightrover.com