NEW TO THE INDUSTRY? HERE ARE DEFINITIONS TO TERMS USED IN THE INDUSTRY.
Less than load (LTL) freight is the transportation of products or goods that does not require a full truckload due to the smaller nature of the parcel.
Full Truckload (FTL) which means you hire the entire shipment for your goods — whether or not your goods occupy the entire space in a semi-truck carrier.
A full truckload that takes advantage of the entire volume of the vehicle can weigh 20,000 pounds or more.
Certificates of Insurance (COIs) are documents containing all the essential details of an insurance policy in an easily digestible, standardized format.
COI is intended to prove a policy’s status, provide quick access to its coverage details, reduce exposure to risk, and protect against third-party liability.
User onboarding is the process of vetting a new user before approving.
This involves looking at everything from compliance, safety, accountability (CSA) scores, risk assessment, insurance and liability, and up-to-date operating authorities.
This is our load offering/contracting system.
It provides 3 different ways to make an offer on and contract a load.
This is the option to make a higher offer for a load that a carrier feels is too low to haul.
The load is contracted only when the shipper decides they are willing to raise the maximum price.
This is the option to make a lower offer for a load in a kind of auction/reverse bidding style.
Carriers can place lower offers in competition, and when the load posting expires, the lowest offer gets the load.
This system can automatically make lower offers based on a carrier preset low price as needed.
This is the option to simply contract a load at a lower price with the option to pick up the load immediately instead of making an offer, and/or waiting for the later pickup date.
This option reduces wait time and reduces uncertainty of having a load.
This helps shippers get better rates on loads
This is the system brokers will use, allowing them to use our software on their website.
Brokers choose a subscription plan.
Brokers will now recruit new shippers and carriers to use the CashFreight system on their website.
All paperwork, workflow, negotiations, documentation, payments, and disputes will be handled automatically by Cashfreight.
Brokers earn a commission for each load.
Commissions are automatically paid to brokers.
Liability, workers comp, and Cargo Insurance is automatically monitored for shippers and carriers.
Need for Broker BMC-84 surety payment bonds can be eliminated
This is our search function which:
Allows carriers to search loads based on pick up location, radius, destination, trailer type, weight, date, etc.
Allows carriers to view basic information or to click on and view more detailed load information.
Allows carriers to see more information than in other systems.
Allows carriers to view required safety information, load details and load requirements.
This is our payment process. Recommends payments based on an algorithm using average price per mile, fuel costs, and additional expenses.
Load prices are automatically upgraded for items that require additional or hidden costs. (i.e., Lumper fees, pallets, scale)
The payment for the load is automatically collected from the shipper when it is contracted.
Payment is held in our trust account.
A percentage is charged to both the shipper and the carrier as a freight brokerage fee, for the benefit of the software/system and involved brokers.
Payment is automatically paid to the carrier when load is delivered and approved.
ZoomBroker fee is automatically paid to broker when load is delivered and approved.
Load listing upgrades are charged as they are applied. In the case of a dispute, funds will be distributed as disputes are resolved.
This payment process eliminates terms, credit checks, collections, factoring, and reduces the time, risk and overhead involved in the current payment process.
Terms can be given to shippers on credit approval, and finance charges are automatically adjusted and collected depending on payment date.
Payments are automatically collected on the dates shipper chooses. Phase 2 will have direct UI connection with Quickbooks.
This is our documentation process.
Automates paperwork needing to be filed between shippers and brokers, and brokers, carriers, and receivers etc.
Simplifies the process so that all needed documentation is electronic and automatically generated.
Provides the option for uploading of in-house paperwork in case a company wishes to use their own internal documents.
All documents can be processed and accessed electronically giving a wider range of access to everyone involvedHelps to reduce miscommunication.
Photos of loads, paperwork, hardcopy BOL, and load damage can be uploaded and stored easily.
Emails are automatically generated and sent out
This is our small claims/disputes resolution process.
In the case that there is a dispute on a load that is less than or equal to the amount earned by the carrier, all parties involved can chat about the problem, upload pictures, and documents and come up with a settlement amount to be distributed as agreed.
In the case that the amount is greater than the amount earned by the carrier, any information including the chats between parties, pictures, and other documentation, can be sent directly to insurance companies to help in the resolution process.
This process takes the brokers out of the middle of the dispute and allows shippers and carriers to solve the issue.
Cashfreight can direct the dispute chat if needed as a third party but are NOT part of the dispute.
Creates a safe environment for shipper/carrier dispute interaction and resolution.
This is the ability for shippers and carriers to rate each other on a 5-star scale.
Reminders to submit a rating on all loads will reduce only being rated when someone is upset.
Users can provide both public and private written feedback on top of the star rating.
Shippers can limit which carriers can view and bid on loads based on their ratings.
Shippers can save favorite carriers to invite them to loads they want them to haul.
Carriers can view shipper’s ratings and can choose whether or not they want to haul loads for certain shippers based on those ratings.
The FMCSA’s Safersys System rating is also monitored and updated allowing users to limit offers on loads based on the governments safety rating system.
Only carriers with the required insurance limits can see and make offers on loads based on limits approved by the shippers.
Insurance requirements are monitored on Safersys, and from agents to ensure adequate insurance is maintained.
Certificates of insurance are collected and maintained with Cashfreight.com named as additional insured along with users of cashfreight.com.
Certificates of insurance are collected on each load, using the automated request system set up by Cashfreight.
In case of dispute unresolved by DisputeSolver, Insurance certificates will be forwarded to contract participants to be forwarded to insurance companies for resolution