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HighLighted Hot Topics Of Freight Dispatching

Spotting Double Brokering

In this video, we’ll explore how to spot double brokering in the freight industry. Double brokering occurs when a load is sold to a second broker without the original broker’s knowledge, often leading to issues with payments, deliveries, and trust. We’ll go over key red flags to watch for, how to protect your business, and steps to take if you suspect double brokering.

6 Points to Prevent Double Brokering

In this video, we’ll cover 6 key points to prevent double brokering in the freight industry. By implementing these practices, you can protect your business from fraud, ensure proper load management, and maintain trust with your partners. Let’s dive in!

Understanding Using a MC# verses Getting Your Own MC#

As a freight dispatcher, understanding the difference between using someone else’s MC# versus getting your own is essential for managing loads and ensuring compliance. In this video, we’ll explore the pros and cons of each option and help you decide which is best for your dispatching business. Let’s dive in!

Back Office Side of Truck Dispatching Explained!

Behind every successful truck dispatching operation is a well-organized back office. From handling paperwork and managing load boards to invoicing and ensuring compliance, the back office keeps everything running smoothly. Understanding these crucial tasks can make the difference between a chaotic business and a thriving dispatching company.

NOA - What is a Notice of Assignment as a Freight Dispatcher

A Notice of Assignment (NOA) is a document used in freight dispatching to notify brokers or shippers that a factoring company has the rights to collect payment for a specific load. When a carrier factors their invoices, the NOA ensures that payments go directly to the factoring company instead of the carrier. This protects the factoring company’s financial interests and streamlines the payment process for all parties involved.

Freight Invoice Factoring vs Quickpay with Brokers

Both Freight Invoice Factoring and QuickPay are payment solutions designed to improve cash flow for trucking businesses, but they differ significantly in structure and benefits.

Freight Invoice Factoring

How It Works: A factoring company buys your unpaid invoices at a discount (usually 2-5%), giving you immediate cash while they handle collections from the broker or shipper.
Pros: Immediate cash flow, better cash predictability, and reduced administrative work.
Cons: Fees can be higher than QuickPay, and some factoring companies may have contracts or minimum volume requirements.

QuickPay with Brokers

How It Works: Brokers offer an expedited payment option, typically within 1-3 business days, for a small fee (usually 1-3% of the invoice).
Pros: Faster payments directly from brokers with minimal paperwork.
Cons: Limited to loads hauled for that specific broker, and not all brokers offer QuickPay.

Key Differences

Speed: QuickPay is often faster but limited to individual brokers. Factoring companies provide steady cash flow for multiple clients.
Cost: QuickPay fees are often lower, but factoring offers broader financial stability if you’re dispatching multiple drivers or clients.
Flexibility: Factoring companies provide cash for all your invoices, while QuickPay applies only to specific broker loads.

Choosing the Right Option:

Use QuickPay for occasional fast cash needs.
Opt for Factoring for consistent cash flow and better financial management for multiple invoices.

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Mastering Dispatching Documentation: Key Insights

Key Insights in Freight Dispatching & Logistics - Reference

Textbook Videos from Chapters