Factoring

According to Investapedia: A factor is a financial intermediary that purchases receivables from a company. A factor is essentially a funding source that agrees to pay the company the value of the invoice less a discount for commission and fees. The factor advances most of the invoiced amount to the company immediately and the balance upon receipt of funds from the invoiced party. […]

Freight Broker and Agent/Agency

Freight Broker is ,according to the FMCSA, A broker is a person or an entity which arranges for the transportation of property by a motor carrier for compensation. A broker does not transport the property and does not assume responsibility for the property The Brokers that want to do higher paying loads, typically have a […]

Brokering loads is selling both sides

Brokering freight, is done by two different types of brokers.  They essentially act on their own behalf, by providing service to the customer shipping or receiving the cargo.  When they book the load with the Transporting Carrier, they typically, add a fee, deduct a percentage, or a combination–from both sides of the transaction. Brokers- These […]

Brokering: How Brokers and Broker Agents Earn

Brokers are the authorized entities, people or companies- who are the middlemen of the freight industry—-Let’s be frank—-Brokers are the middlemen in any industry—-they are the arbitrage traders-They may have the trucks, and need fast freight to keep going- brokers can get freight—–may need a shipment moved with a shipper—getting the shipper a truck—– Good […]

Responsibility versus Liability

Liability is to the public.  Responsibility is to the one controlling the load. The responsible party is the one signing the bill of laden on behalf of the liable company. When a driver picks up the load, he is signing he is responsible for the load and all it’s contents, from one location to another.  […]