Gone are the days when the trucking industry was full of agents who used to be active mediators between shippers and motor carriers. If you see the statistics as per industry estimates, you will find that previously most freights used to move on a contractual basis where the spot market illustrated nearly 30% to 40% of this freight market. But with the evolution of this industry in the digital world and the introduction of freight load boards, the association between the 2 has become more simplified.
Check out this information that will help you know everything about load boards.
What are load boards?
Load board or in most cases known as freight board is similar to a digital bulletin board. It is an online matching system which allow freight brokers and shippers to choose a carrier or loads as per their requirement. With the help of this online system, after finding your appropriate match, you can enter into an agreement and start moving your freight.
4 essential information regarding freight load boards
1. Different services
Before moving on to the various services offered by these boards, it is essential for you to know that most of the services depend on board type and definitely on the company. A good company providing trucking boards can offer you:
- Large number of load options
- Message boards
- Effective load matching
- Credit information
- Easy access (utilization of any device like tablets, smartphones, etc.)
- Payment on per day basis or as per contractual basis
- Utilization of factoring for financing pre-approved loads
- FMCSA verification
2. Advantageous for freight broker
Few important factors make this online matching system highly beneficial for a majority of brokers. Few of them are:
- Good communications that will help you share your requirement with the list of brokers that is sent to you by these load board companies.
- Information about dispatchers and drivers are kept confidential and are only provided to potential customer fulfilling the category provided by them.
- Freedom to negotiate for not only a single load, but also for a future business prospect as well.
- As its availability is on the online platform, you can contact them anytime and avail their service.
3. Factoring invoices
There are certain truck load boards providing companies who offer their clients freight bill factoring. This system gives you the facility to finance freight bills and make the payment slowly. It is highly beneficial if you are low on funds or you have just started with your business.
4. Paid or free
As this trucking market is exceedingly competitive, you can find truck load boards companies to provide you their services either free of cost or with a certain charge. The variations in prices are mostly dependent on the plans.
- If you select free service, it is advisable to see their market review and the services they offer.
- If you wish to go for the paid service, you should remember that a monthly charge of nearly $30 is enough to access a good load board.
These are few important information regarding freight load boards that will help you to know and understand better about this platform and its procedure. With this platform, you can strategically utilize its services to acquire good profit margin. But it is only possible when you avail the service from a reputed company. So it is better to do a thorough research and then settle for a load board.