It seems that Uber is trying every way to make inroads into the trucking industry. From their app, which is designed to match drivers and customers, to research and development on self-driving trucks, and everything in between. Most recently, Uber tried to push out the news that they will guarantee trucking payments on jobs through their app in seven to ten days. This might seem like a breakthrough for those who rely on Uber to get their work, but it is still not exactly on part with what the rest of the industry is using for trucking payments.
Seven Days On Trucking Payments Is An Improvement
If Uder has managed to lock down a seven to ten day guarantee on payments, it’s much better than the 30 to 35 day period they were initially offering. However, even if Uber speeds up the rate of payment, owner operators have to understand that Uber is still acting as a broker. Sometimes, the jobs offered through the Uber app are also purchased from other brokers, leaving drivers with less revenue than if they took the jobs directly. The main argument in favor of this is that the extra fees cover the convenience of using Uber to take the time and energy out of negotiating rates yourself. By making the turnaround on trucking payments roughly a week, Uber has already endeared itself to drivers who were previously put off completely by the state of the app when it first launched.
Seven Days Is Good, 24 Hours Is Better
There are still those in the trucking industry who feel that in this day and age, waiting seven days for trucking payments is still asking a bit too much. Many fleets and independent owner operators have been using freight bill factoring to get payments on open invoices within 24 hours. The reason for this is that freight bill factoring does not have hidden broker fees or pre-negotiated terms. Freight bill factoring is not a loan, so there is no debt. Freight bill factoring has been used to speed up the staggered schedule of trucking payments to deliver on both paper and electronic invoices within 24 hours to eliminate wait times.
Stop Waiting On Trucking Payments
Whether you are a fleet owners, or you are an independent driver, you shouldn’t have to wait on invoice payments. At Express Freight Finance, we provide working capital solutions for fleet owners and independent drivers alike. Our freight bill factoring turns open invoices to cash within 24 hours, and invoices can be processed via fax, email, or smartphone. Contact our offices today to learn how we are serving truckers nationwide, by staying on the cutting edge.