Understanding the basics of the freight business is straightforward: you collect goods from one location, deliver them to another, and then invoice the shipper or broker for your services. Your profit is the payment received minus your delivery costs.
However, payment delays are common in the industry, with an average wait time of 5-6 weeks, and some companies are taking 2-3 months to settle invoices. This delay can significantly impact your cash flow.
C.H. Robinson's Factoring powered by Delta provides fast access to funds for all carriers interested in factoring but is specifically geared towards C.H. Robinson carriers. Carriers that sign a contract with Factoring powered by Delta will have their approved invoices for C.H. Robinson loads and loads from other freight providers paid within a day. In order to get paid in minutes, carriers will need to have a LoadPay™ digital bank account that allows payment to go to. Once the invoice has been approved, Factoring powered by Delta will collect payment from the shippers or brokers they hauled for.