Pay4Freight Celebrates 10 Wonderful Years!Mar 30, 2018 / Posted in From Robert, Tell It Like It Is, Uncategorized
Pay4Freight turned 10 years old this month. We caught up with Robert to chat about the past 10 years and the next 10 to come.
Hi Robert, thanks for chatting with us.
- Please tell us a little more about why you started Pay4Freight?
Starting P4F was out of a desire I had to get carriers paid faster than anyone else. Pay4freight was one of the first factors to do just that, paying a carrier from a fax copy of the Bill of Lading. We continue to use this method of document delivery still today.
My other goal was wanting to simplify the carriers’ pricing so they knew what the exact percentage being paid was regardless of the time it took for the factor to receive payment. Also being non-recourse gave them the security that if the reason the customer they had hauled the load for didn’t pay was because of a financial issue, the invoice wouldn’t reappear for the carrier to repay.
- What has been the most rewarding thing about running the business?
Knowing that the funds we advance on a single truck operator’s invoices or a fleet of trucks are going to help take care of families is very rewarding. Hiring and training a staff of dedicated people who sincerely care about the carriers we have by providing great service means a lot to me. A large banner displayed in our main work area reads, “Our Mission is to assist each carrier’s success through a team committed to achieving excellence.” I really believe in that.
- What has been the most challenging thing?
Without a doubt surviving the first 2 years of operation. The company was started in the middle of the credit crunch in 2008. The tragic loss of a business partner within 6 months of existence, and just before Christmas losing a favorable lending relationship resulting from bank credit tightening upstream was very challenging.
- What do you look forward to in the coming decade?
Embracing all available technology so as to better assist each carrier in faster payment of their load proceeds and while at the same time being more efficient in how we handle our business so the carrier is always better served is my main goal.
- What advice would you give to anyone who wants to start their own business?
Never ever quit! And be prepared to experience some blood, sweat, and tears as your business may experience peaks and valleys along the way. I sure did. And I wouldn’t trade any of my experiences for anything.
- How do you like to spend your time when you are not working?
Enjoying boating, hiking, but number one, playing golf. I’m still a “hack” after 40 years, but working harder to become a better hack!
Thank you, Robert for taking time to talk to us today and for building a great company that we are all proud to work for.