Just like with any other industry, dump truckers drivers are paid a certain rate depending on what type of business they work for. If you’re interested in learning more about these rates, head on over to our article “How Much Do Dump Truck Drivers Get Paid?” In this article, we’re diving into the benefits of getting haulers their payments fast.
Understandably, dump truck owners are frustrated by slow payments. Right now, most truckers need to wait 60-90 days to get paid. Many truckers feel this hasn’t changed in the past 30 years.
Because you have to wait a long time to receive your payments, you don’t have access to your working capital. This makes it harder to pay for things like tires and inspection in a timely matter, so oftentimes, you have to tackle these expenses reactively.
With weekly payments, cash flow comes to you consistently. You can proactively manage your day-to-day operations. Bringing you your pay quickly establishes better, more fluid cash flow.
Combat Vehicle Operating Expenses
Truckers have expenses to operate vehicles, typically these include:
- Road Side Assistance
Read more detail about trucker expenses in our article “How Much Does a Dump Truck Cost?”
In order to pay for these items, you need cash flow. When you are offered a job, you have to weigh whether the cost of gas and wear & tear on your truck is worth the rate, for the type of work. You won't be likely to go through the hassle of gassing up your truck and hitting the road if you aren't likely to make a profit.
However, it makes a difference if you know you’re going to get paid right away. Even if you spent the gas to do the job, you know the cost was worthwhile if you can pick up a haul and get paid for it quick.
On top of that, you can better predict your income over the scope of a week or even a month. If you’ve got long-term business goals, knowing your budget is important. You can’t tackle smaller expenses in your day-to-day operations if you don’t have the bigger picture.
Better Visibility Eases Flow of Communication
It’s hard to know which jobs to accept when you don’t know all the jobs in your area. Transparency is an issue when it comes to payment with the current means of accepting work. However, with new technological tools, like viewing jobs in a marketplace you can:
- View jobs
- View rates
- Accept jobs
Truckers can rely on logistic platforms to better streamline communications. Truckers no longer have to track down contractors or material producers for their payments. You can rely on software to keep track of your payments. By setting up a direct deposit, you can ensure you’re going to get paid for the job you did. Period.
Better Frequency of Job Fills
You know you’d take on more jobs if you knew when you were getting the payment. In getting payments quicker, you can move on to other jobs. When you have more jobs, more frequently, you’re sustainable in your operating expenses because you’re making more money.
TRUX: Reducing Trucker Payment Pain Points
Logistics software platforms like TRUX allow for a trucker to get paid weekly. Plus, you can view jobs in a competitive marketplace, which means you can be selective.
There’s a better flow of receiving payments on TRUX too. By enabling direct deposit, you’ll receive your payment weekly.
Interested in seeing this in action? Schedule a call today!