LoadPay is the new system that gives owner-operators more control with the method they choose to receive payment from a broker, thus avoiding the factoring services that usually accompany them. The system is available for use directly on the website at loadpay.com or via the smartphone app for iOS and Android.
LoadPay charges the owner-operator a maximum of 4 percent of the load payment he receives. The truck driver's bank account is connected directly to the system and the payments are completed a day after the request. This process facilitates a trucker's payment for the loads contracted via Truckstop.com. This helps the carrier decide when and how they want to get paid for a load and avoid the annoying need to call a broker to request a payment.
On the other hand, the trucker can feel secure about the broker they are working with because the ones registered in the system are already certified by Truckstop. At this moment, around 1,500 agents/brokers are registered to use the service with the expectation that more will sign up soon.
Brent Hutto, head of marketing at Truckstop, affirms that LoadPay´s system simplifies the organization of a trucker's finances, aside from giving owner-operators higher control over the cash flow from their loads.
Signing up for a LoadPay profile is completely free and the payment terms work on a sliding scale. If a trucker is scheduled to receive a payment from a broker in 28 days, but needs his money right away, he will be charged four percent of the payment's amount. That means every seven days before an upcoming payment, the trucker will be charged a one percent fee of his total payment amount. The minimum rate for advance charges is one percent. The transaction fee for each received payment is $0.85.
In order to register for the system, the trucker is only required to complete a few easy steps such as providing basic information about his business and bank account data to receive future payments. After that, the trucker can haul a load, fulfill it, and submit an invoice to the broker. When the broker has completed the payment, the truck driver will receive a scheduled payment notification via LoadPay. Then the trucker needs to log-in to the platform and choose the date he prefers to receive the payment on, the method, and transaction rate.