Partnering with a freight broker provides carriers a variety of benefits. Brokers help you stay loaded and on the road and avoid deadheading back home. However, you need to do your homework on brokers before working with them. While many freight brokers commit to paying on time, some may delay paying you for a long time or may even be running a sham business and intend to cheat you. Carrying loads for the wrong brokers can have a big impact on a trucking company’s cash flow.
Checking out the freight broker’s payment and credit history is a crucial part of your research. One way to do this is to do a web search for the company’s name and see what other trucking companies and motor carriers have to say about the broker. You could also research the company’s MC number and DOT number to find out how long they have been in business and whether they are insured. This type of information can often be found on the Federal Motor Carrier Safety Administration’s website.
A third-party credit reporting service will also give you more in-depth details about the credit history of the freight broker. You can expect to find how long they take to pay and see reports on payment history. This type of online credit service typically charges you a fee, but it can be worth it for your peace of mind before you accept a load. It’s a small price to pay, but knowing a broker’s background and payment history can save your business a lot of time and money.
Fortunately, you can also research brokers’ payment histories for FREE on FreeFreightSearch.com, the world’s largest free load board. FreeFreightSearch.com offers its registered members first-hand, continuously updated payment histories on more than 10,000 freight brokers across North America. Register on our load board today. After you log in with your email address and password, click on “Credit Reports” and then enter the name and state of the broker you are researching. Gain peace of mind – for free!