How do I set up my payment profile to get paid via Convoy?
Edited

There are two options for setting up payment in the Convoy app. Carriers can either choose to receive direct payments through the Convoy Platform or receive from through their factoring company. 

Please remember, uploading a bill of lading (BOL) in the Convoy app is always required, regardless of how your carrier is paid. 

Option 1: Set up direct payouts from the Convoy Platform

All payments through the Convoy Platform are sent through directly to your bank account. The standard payout is free payment 30 days after shipment completion and document approval. Your carrier can elect to get paid faster with two-day and same-day QuickPay options for a small fee. Discounts on QuickPay are available for carriers who meet specific qualification criteria. To ensure flexibility for your business, we’ve made it possible to choose the payout speed on every load – choose the speed that works for you. You may also adjust the payout speed from the time you book up until your BOL is approved. 

Set up direct payout in your carrier profile by following these steps:

  1. Open the app and tap “Profile” in the bottom menu.

  2. Tap “Payment Information”

  3. Select “Direct Payout”

  4. Fill out the requested bank information. This information is needed to facilitate direct payments.

  5. Don't forget to click "save payment profile" once you are done! You can return to this page at any time to edit your payment information.

Option 2: Set up a Notice of Assignment (NOA) with your Factoring Company

If you have assigned your payments to a factoring company, then you need to upload a NOA to the Convoy Platform in order to process past, present, and future payments to your factoring company. Please have your carrier or factoring company send a copy of your NOA to factoringsupport@convoy.com. The NOA should specify which broker it applies to.

To set up factoring in your carrier profile, follow these steps:

  1. Open the app and tap “Profile” in the bottom menu.

  2. Tap “Payment Information”

  3. Select “Factor” and fill out the requested information.

  4. Tap "Save payment profile" once you are done.

Please be aware that factoring agreements are all of nothing. If you factor one load with a broker, you’re stuck factoring all of your loads with that broker. If at any point you want to start receiving payment via Convoy for loads booked with that broker, we will need a letter of release (LOR) from your factoring company.