{"id":3272,"date":"2024-04-30T19:59:46","date_gmt":"2024-04-30T19:59:46","guid":{"rendered":"https:\/\/freightcheckers.com\/?p=3272"},"modified":"2024-04-30T19:59:46","modified_gmt":"2024-04-30T19:59:46","slug":"avoiding-freight-debts","status":"publish","type":"post","link":"https:\/\/freightcheckers.com\/index.php\/2024\/04\/30\/avoiding-freight-debts\/","title":{"rendered":"Avoiding Freight Debts"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"font-weight: 400;\">How to Avoid Freight Debts<\/span><\/h1>\n<p><span style=\"font-weight: 400;\">Making sure that invoices and bills are paid is one of the most important tasks for any business, but it\u2019s especially important for freight forwarding businesses. Without a workable collection pipeline with actionable management tasks, it can be very difficult to keep cash coming in.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It doesn\u2019t matter how great your service is; any freight forwarding business must have cash to keep the business going. And that will only happen if you can avoid freight debts. Some of the things that you should be doing to avoid freight debts and keep your business growing are:<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Create A Credit Application Process That Mitigates Risk<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Improving your payment process starts with having a credit application process designed to minimize the risk of getting stuck with clients who don\u2019t pay or don\u2019t pay on time. Any credit application process that you create should include the following information:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Verify the freight forwarder<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Collection of the Company Registration Documents\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Try to sign a simple agency agreement\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Collect the ownership details\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Clarify the terms, credit limit, and credit period\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Conduct A Credit Check\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The next step is to conduct a complete and accurate company credit check. Check to see if it\u2019s listed on FDRS or the IFD Delinquent List. If the company applying for credit is on either of those lists, you should not extend credit to them. Do some online research as well to protect yourself before approving any company for credit.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Set Up Clear Payment Terms<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In this industry, most businesses use 30-day terms or net-30 terms. Make sure that the credit contract has very clear payment terms that spell out the length of the payment term, the methods of payment allowed, and elements like a credit limit, the interest rate for late payments, and any late charges. It is worth it to take the time to make the contract as specific as possible.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Invoice On Time And Collect On Time<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Your clients can\u2019t pay you on time if you don\u2019t invoice them on time. You have a responsibility to provide clear itemized invoices on the date specified in the contract. Make sure that your staff is getting invoices out on time to clients so that you can collect payment on time. You should also make sure that your staff understand the late payment policy. Create a system of reminders that can be sent to clients to remind them to pay before a late charge applies to increase your chances of getting paid promptly.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Get Expert Advice<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Get expert advice from Freight Checkers regarding freight collections and protecting your business. You can gain access to over 500,000 companies and stay up to date on reputable brokers &amp; shippers throughout the U.S. and Canada. <a href=\"https:\/\/freightcheckers.com\/index.php\/about-us\/\">Sign up with Freight Checkers<\/a> today and know exactly who you are working with. Give us a <a href=\"tel:6629323775\">call today<\/a> or fill out our <a href=\"https:\/\/freightcheckers.com\/index.php\/contact-us\/\">online contact form<\/a>!\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>How to Avoid Freight Debts Making sure that invoices and bills are paid is one of the most important tasks for any business, but it\u2019s especially important for freight forwarding businesses. Without a workable collection pipeline with actionable management tasks, it can be very difficult to keep cash coming in.\u00a0 It doesn\u2019t matter how great [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":3177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[20,23,5,14],"tags":[],"class_list":["post-3272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-freight-industry","category-news","category-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Avoiding Freight Debts - Freight Checkers Blog<\/title>\n<meta name=\"description\" content=\"Check out the Freight Checkers blog for some of the things that you should be doing to avoid freight debts and keep your business growing!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/freightcheckers.com\/index.php\/2024\/04\/30\/avoiding-freight-debts\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avoiding Freight Debts - 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