Even the most seasoned collections professionals experience issues with nonpayment. At Armstrong Transport Group, we understand that when coupled with a recession caused by a pandemic, the need to collect becomes even greater. Not staying on top of collections will affect an organization's cash flow. The older an invoice gets, the less likely it is the debtor will pay.
Even for experienced individuals working in the transportation and logistics industry, there may be some confusion about what is a freight agent? There are a wide variety of companies and programs out there promoting opening your own freight agency, but what does that actually mean?
Receive a weekly update of the newest trends in the transportation, logistics, technology industry. We promise to never spam you but to only provide the best resources to help drive your business forward.
Recently we’ve all witnessed what a crisis or an unforeseen disaster can do to our economy and businesses. Larger companies tend to have the cash and infrastructure in place to weather the storm. A quick and unprecedented downturn in the economy, as we have seen with COVID-19, can destroy small businesses.
Transportation and Logistics as an industry is no stranger to change and disruption. Historically, these issues have been related to weather events or even changes in legislation. There are usually some things the transportation industry can count on: tight capacity out of California and Florida during the spring produce season, fuel rates spiking in the summer, and a slowdown of shipping in December each year.
Less-Than-Truckload, or LTL, is the transportation of relatively small shipments, meaning it is under 10,000 pounds, usually six standard pallet positions or less, and does not require the entire space of a trailer. When shipping LTL, shippers pay for the area on the trailer their shipment occupies. The other occupants of the trailer’s space pay for the remainder of the cost.
Many freight brokerages are currently facing new roadblocks while continuing to keep their business running during the COVID-19 pandemic. As an agent-based logistics company, Armstrong is no different, but we remain productive and running smoothly with all of our employees now working remotely.
As a freight broker, your busy days are spent servicing multiple customers, carriers and loads. The last thing you want to worry about are dishonest people trying to take advantage of the hectic nature of this business. As the country deals with the COVID-19 pandemic, fraudulent activities are increasing to scam brokers, carriers and customers in order to collect immediate funds.