Question about a Quick Pay option

RochLogist

RochLogist

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Nov 1, 2011
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at what percentage would you consider taking a quickpay option?
quick pay refers to being paid in 24hrs with direct deposit into you account.
 
5% for 24 hrs, with signed B/L. 3% for 7 days. With most carriers accepting direct deposit thereby eliminating the delay with mailed cheques, we are experiencing a reduced number of requests for "quick" pay. I quess it's a toss-up between who makes me more nervous, a carrier who continually requests quick pay, or a shipper or broker who continually drags out their payments beyond 30 days (or agreed terms). Either way, it might indicate a cash flow problem that can result in a service failure or non payment.
 
It's funny never had to worry about quick pay (luckily still don't) but I'm thinking of starting to use it with new customers if they offer it just to save the hassle of collecting later.
Loaders it is definitely a cash flow problem they are making sure they get paid before they pay the people who actually do the work then after a few years and the business grows there is no way they can move from a 45 to 60 day payable to 30 day payable.
 
EricG said:
I posted on this thread.. http://www.insidetransport.com/index.php?threads/question-about-a-quick-pay-option.16907/#post-56219
Click to expand...
yeah I wasn't sure where to post this question so I posted it in 4 different places.

here's the copy/paste of what I answered:

we clear out everything we owe every 2 weeks so it averages 14-21 days to pay, but sometimes guys want to be paid in 24hrs. So we're looking to see where the sweet spot is for people to be happy about getting paid faster and be willing to give back a certain amount to make it happen.

p.s. the quick pay thing is a lot of work to setup too for the person paying the bill
 
Same here. I pay my bills on the day I get them. It's simple, and most people can work with receiving their money in 3 to 10 days (depending on how fast the mail is). For those who want quicker pay I refer them to a factoring co.
 
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