Carrier Pay Programs
Cash flow is an important issue for every trucking company. Unfortunately, some carriers pay factoring companies inflated percentages of their receivables in order to improve invoice turnaround and improve their cash flow. We don't think that should be necessary.
We understand the trucking industry and your business pressures. We also, as a division of CRST International, have the financial resources and a long history in the industry of paying quickly and correctly. Getting the payments you deserve is vital.
And many of our carriers look to CRST Logistics for other payroll services. As a contract carrier, you can customize your invoice payment schedule by choosing the payroll program that fits you best.
Prompt Pay
CRST Logistics' Prompt Pay guarantees payment processing and release within 28 days from receipt of your invoice and required delivery documentation. As with Quick Pay (below), you may send us all required documentation electronically.
Quick Pay
- 48-hour settlement — Carrier settlements are processed and mailed within two days of receipt of invoice and required delivery paperwork.
- E-Mail and Fax convenience — Carriers may send legible copies of paperwork electronically to expedite payment processing.
- Lowest cost — CRST Logistics charges only 2.5% of invoiced amount for this rapid service. We have reviewed many other programs and have not found ANY that charge less. In fact, we have found other providers charging anywhere from 2% to 5% of invoiced amounts.
- No minimum charges / No hidden fees — Many programs charge minimums from $25-50. For example, participating in a 2% program with a $25 minimum, a load must pay over $1,200 before the 2% charge would be applicable. If a carrier's invoices average $800 per load, CRST Logistics' Quick Pay charge would be only $20, versus $25 (or 3.1% of invoiced amount) from a program with a minimum.
- Direct deposit — CRST Logistics also offers the ease and efficiency of direct deposit with Quick Pay at no charge, instead of our sending a paper check via U.S. mail. This gives you access to your money even faster — no more out-of-your-control postal delays, processing slowdowns in accounts receivable, or time lost going to the bank.
Depending on your bank, the time from when we receive your paperwork to when the funds are deposited into your account can be as short as 72 hours. That level of "average days out" on your receivables can have a big effect on your profitability. In addition, you can view and print all settlement information directly from our Carrier HUB Web page the day the funds are sent from our bank. All information on Carrier HUB is confidential and password protected.
For more information, contact Sheryl Gates at (800) 868-5373, Ext. 6212 or sgates@crst.com