More than 70% of freight in the U.S. is moved by trucks. That's a lot of loads and a lot of money to be had if you're in the freight business.
As a freight broker, you may be wondering how you can reach more available loads and drivers, and ultimately how you can increase your shipments and bottom line.
Well, there is an easy way to do that: load boards. Signing up for load boards will give you real-time access to thousands of loads, carriers, and more.
Keep reading to learn why your company should be using load boards.
How Does a Load Board Work?
A load board is an online system in which shippers or freight brokers post loads that they need to be carried. Load boards include information about the load, including pick-up and drop-off location, the due date for delivery, the type of trailer or vehicle needed, and the weight of the load.
Some load boards already have set a price they will pay carriers. Others, like ours at Comfrieght, allow brokers and carriers to bid on the load.
Everything is done within the online board or app, including the bidding and contracting. However, many companies include contact information so that calling is another option.
Once a carrier or broker accepts the job and the shipper accepts the bid, both parties are made aware and the truck is directed to pick up the load.
How Can Freight Brokers Benefit from Load Boards?
Freight brokers can benefit from using load boards in numerous ways. Load boards allow brokers to match loads to drivers and trucks, stay up-to-date with available shipments, increase efficiency and profits, and keep drivers happy.
1. Loads in Real-Time
Load boards are updated quickly and constantly. This means freight brokers have constant real-time access to available loads. You can get alerts when new loads are posted.
In addition, load boards include updates on available drivers. As a broker, you have unlimited truck and load posting and the ability find owner-operators and match them to loads quickly and easily. You can even sign up for alerts that tell you when a truck match is nearby.
Plus, loads are available 24/7 and all across the country. This means you can keep drivers running at all times in various locations.
2. Low Cost, High Reward
Most load boards are free to use (like ours) or charge a low monthly/annual fee.
If the load board allows for bidding, this could greatly benefit you and your drivers. Bidding means brokers can request a price that is competitive and loaders can accept the best offers.
With the market rates included in the load board app, you can make sure your bid or charge matches the market trends. This will keep your company from over- or under-bidding.
If you have carriers that are close to the load, you can bid a lower price because less travel is needed. Also, strict delivery deadlines can allow you to bid higher if you know you can get the job done the quickest.
Using a load board is one of the best ways to improve your bottom line. It keeps your trucks full and on the road, meaning more profit for your business.
Load boards also make it easy to track shipments and invoices, ensuring money doesn't fall through the cracks.
3. Convenient Tracking and Pay
Load boards are easy to use for all parties. Drivers especially benefit from the ease of use and access on the road.
Everything is electronic meaning no more paperwork and the hassle of it. Plus, load boards uses a type of built-in freight factoring, which makes payments simple and quick.
After a carrier or owner-operator delivers the load, they pull up the Haul Pay tool. This tool is part of the load board app and lets the shipper put in the invoice amount and company information for payment.
The signed bill of lading and load details are added to the payment tool and submitted.
The best part? Payments are freely deposited within 24 hours. Or, you can choose to get same day pay for a small fee.
This fast payment turnaround will make both your freight-brokerage company and your drivers happy.
These online and app tools also make it easy to track invoices and payment. This will come in handy when tax-time comes and keep payroll easy.
The system also allows freight brokers to track load pickups and deliveries.
4. Trucks are Kept Full, Deadheading Eliminated
The biggest profit losses in trucking are downtime and deadheading. Deadheading is basically when you drivers are sent on the road without any freight. This happens when drivers don't have anything to haul back from or to a location.
With a load board, you can prevent this. A load board lets you find loads nearby drop off locations. So, once the driver drops off a load to its delivery location, they can pick up another nearby.
Similarly, if you need to send a driver to a location, look for a drop off nearby.
Again, load boards let you find drivers that are already nearby shipment locations. So, you don't have to send drivers far with an empty trailer.
Using load boards can seriously lower downtime and make sure your carriers and owner-operators are kept on the road. With the user-friendly system, the load search tool and alerts will help you find load matches to haul.
Sign up for ComFreight Today and Improve Your Business
Convinced yet? You should be.
As a broker, your job is to pair loads with drivers. There is no better or easier way to do that than a load board.
Our load board allows unlimited posting and job acceptance, real-time alerts, fast pay with no reserves, and many benefits for brokers and drivers.
Take the next step in improving your business and sign up for ComFreight for free today.