Convoy QuickPay™ is a program that pays qualifying carriers for the loads they haul through Convoy within two business days, with zero fees. Compare this to other companies, who on average pay carriers within one to five days after the load is completed, plus fees ranging from 1% to 3.5%.
What is Quick pay in trucking?
“Quick pay” is when a broker advances the trucking company for an invoice in exchange for a small fee. Quick pay is convenient because both the dispatched load and pay come from the same source. In addition, most brokers can get the trucking company paid anywhere from 1-7 days after the load is delivered.
How much does convoy load board cost?
Convoy offers access to its loads free of charge with no monthly subscription fees or service charges.
How many carriers does convoy have?
The model has proven successful so far. The company amassed over 35,000 trucking companies as well as 500 shippers on its platform. Convoy's valuation skyrocketed to $2.75 billion with annual revenues for 2018 exceeding $300 million.
How does QuickPay work with trucking?
“Quick pay” is when a broker advances the trucking company for an invoice in exchange for a small fee. If the trucking company cannot wait out the load's pay term, the company may be forced to pass on that load and take a lower paying load from the quick paying broker.
How do you use convoy app?
https://www.youtube.com/watch?v=Iwa7nUEVz7Q
What is a convoy trucking?
Convoy is the nation's leading digital freight network. We move millions of truckloads around the country through our connected network of carriers, saving money for shippers, increasing earnings for drivers, and eliminating carbon waste for our planet.
How does Quick Pay work for truckers?
Quick pay is a quick pay option that puts money in your account as early as the same day the Broker has approved payment. It offers four different payment options: fuel card, next day ACH, same day ACH, and wire transfer.
What are quick pay fees?
Quick Pay is a payment offered by all brokers in the transportation industry. Brokers using Quick Pay offer accelerated payment terms directly from the broker in exchange for a processing fee, which is a percentage of the agreed-upon load rate. The percentage varies by broker but usually ranges from 1% 5%.
How do freight brokers pay drivers?
Some freight brokers earn a base salary plus commissions and others are paid on commission only. According to FreightWaves 2019 freight brokerage compensation survey, the median entry-level salary for a freight broker is $40,000 per year with an average commission of 13% to 15% of gross margin on loads.
How fast do load boards pay?
Typically, it should take anywhere from three to four weeks to get paid from a load board. When you agree on the price, you should also discuss payment.
How do I pay someone using QuickPay?
- Sign in to the Chase Mobile app.
- Select either “Send Money” or “Request and Split Money” in the “QuickPay with Zelle” tab of the navigation menu.
- Choose an existing recipient from your contacts or add a new one.
- Check the payment information for accuracy.