Transportation Factors should monitor their clients to make sure they maintain their operating authority, insurance and keep a good safety rating. Why should you care about this?
If your clients fail to maintain operating authority and/or are hauling freight without insurance, their customers i.e. your debtors, will use that reason to not pay the clients invoices. This means if you fund your clients and they don't have insurance or authority you may never get paid back those funds.
If your clients safety rating begins to deteriorate you will know that they run the risk of the DOT shutting them down. If they get shut down you most likely will lose some money. Monitoring their rating with the Government allows you to know which clients are too risky to continue working with. This is also a great due diligence tool since you may not want to take on clients that risk being shutdown.
We believe that knowledge is power you can use to limit your risk. Accessing the power of our Carrier Monitoring System is easy. Simply enter the MC's of your Factoring clients into the Carrier Monitoring module and every day our computer will hit the FMCSA site and verify that your clients all have active insurance and operating authority. Monthly, Carrier Monitoring gets updated safety information. As we get the updates we will notify you if any of your clients are getting poor ratings.
Carrier Monitoring is complimentary to members of FactorsNetwork who participate in our CreditExchange service.
If you don't want to participate in our CreditExchange but still want to use our Carrier Monitoring contact us and we can work out pricing depending on your needs.