Resources Blog

Getting Paid: Time vs Money

CarriersPublished on January 27, 2021

Every business has a different sense of urgency around their cash flow. When measuring the importance of time vs money for your trucking company there is no one size fits all solution. No matter what your business needs are, Convoy offers a variety of ways to help your company earn more with less hassle.  

To make evaluating your options easier, check out the different solutions carriers who haul with Convoy can choose from:  

Option 1: Every load for itself

Every broker offers different payment terms for loads hauled through their platform. Terms range from free payment within days to payments that are delayed until net 30 or net 60 days. If your business has the financial flexibility to operate with long payment lead times, then this is a great option. Convoy works to remove some of this uncertainty by offering FREE 2 day QuickPayTM on all qualifying loads.  

What does this look like for my business? 
  • Convoy Loads: Use Convoy FREE QuickPayTM to get paid in 2 business days. 
  • Other Loads: Broker specific requirements on each load. These range from free or 1-3.5% fee 1-2 day payments, to net 30 or net 60 days before payment. 

Option 2: Convenience + Savings

This option gives maximum flexibility by allowing you to choose the brokers you factor your payments with and the ones who pay you directly on their terms. As a middle of the road solution, this can be an excellent choice for carriers who want the ability to factor as needed but don’t want to pay fees on loads hauled with brokers whose payment terms are favorable. For example, if you factor with Convoy you can create a one stop shop for getting paid on non Convoy loads, while still taking advantage of Convoy’s free two day QuickPayTM on all Convoy loads. 

How does this pencil out? 
  • Convoy Loads: Use Convoy FREE QuickPayTM to get paid in 2 business days. 
  • Other Loads: Convoy Factoring will pay you in 1 business day for every load you choose to factor. Convoy Factoring also offers low factoring rates and no sign up, invoice, ACH, or termination fees. 

Option 3: Speed is Key

At different points in your company’s life it might make sense to pay a small fee to get paid quickly on every load you haul. This option can reduce stress, and gives you the benefit of seeing payments in your account within 24hrs of completing a load. When choosing this option, it is important to ask your factoring partner the right questions before signing a contract. Make sure you understand all the possible fees that you could incur, how you can reach out to them if you encounter issues, along with any other benefits that they can offer you for working with them. 

What would this look like? 
  • All Loads: Convoy Factoring will pay you in 1 business day for every load you haul. Convoy Factoring charges a low flat rate and no other fees, including no ACH, invoice, sign up, or termination fee. 
  • Other Benefits: Factoring companies can offer a variety of benefits to their customers. By signing up for Convoy Factoring, Convoy will fund your Convoy cash secured fuel card. This card provides you with an average savings of $.68 per gallon* at a nationwide network of over 1,000 participating truck stops. 

Convoy is making it easier to earn more with less hassle when you take advantage of the programs and features that we have to offer. To learn more, check out the Convoy TruckYeah Savings program and discover new ways to save big on business expenses. Haven’t tried Convoy’s freight factoring app yet? Sign up for our fleet fuel card.

*Average savings of $.68 per gallon is based on actual in-network client transactions for Q4 of 2022


Convoy Team

Convoy is the nation's leading digital freight network. We move thousands of truckloads around the country each day through our optimized, connected network of carriers, saving money for shippers, increasing earnings for drivers, and eliminating carbon waste for our planet. We use technology and data to solve problems of waste and inefficiency in the $800B trucking industry, which generates over 87 million metric tons of wasted CO2 emissions from empty trucks. Fortune 500 shippers like Anheuser-Busch, P&G, Niagara, and Unilever trust Convoy to lower costs, increase logistics efficiency, and achieve environmental sustainability targets.
View more articles by Convoy Team