Top Freight Broker Software Solutions: Boost Your Business
Shippers have freight in need of moving — and if they don’t have a private fleet at the ready, they’ll need to work with carriers to get it delivered. But there are times when shippers don’t have easy access to a carrier. That’s where brokers come in. Serving as middlemen between shippers and carriers, brokers go a long way toward facilitating smooth operations.
Without brokers to handle communication and keep loads moving, the trucking industry might just grind to a halt. Of course, brokers don’t have to take on everything on their own. Turning to TMS systems and other powerful broker software can change the game for freight brokerages, making connecting shippers and carriers faster and easier than ever.
The basics of being a broker
Freight brokers are intermediaries between shippers and carriers. While they help connect shippers with loads to qualified carriers, brokers are never actually in possession of the freight themselves. Instead, they facilitate the process and make a profit by charging shippers more than what they pay carriers.
There is a relatively low barrier of entry to becoming a freight broker, but there are still a few requirements all brokers need to meet. Brokers require:
- Operating authority: All brokers need authority from the Federal Motor Carrier Safety Administration (FMCSA). There is a non-refundable $300 application processing fee and a processing time of four to six weeks.
- A surety bond or trust: All freight brokerages need a surety bond or trust worth at least $75,000.
- Process agents: Brokers must also file Form BOC-3, designating their process agents. These process agents can then accept court documents on the broker’s behalf.
- Insurance: Brokers don’t technically need insurance, but it’s always better to be safe than sorry! For example, insurance coverage for errors and omissions, workers’ compensation, or property and general liability is always a great idea. Check out the do’s and don’ts of insurance for brokers to get a better idea of which insurance plans you may want to get to offset risks.
Enter DAT Authority.
DAT created DAT Authority to make obtaining your broker authority easier and faster than ever. Instead of jumping through hoops and filing paperwork on your own, you’ll have a team of experts who are more than familiar with the process of applying for a broker authority. With their help, you can avoid expensive delays on your way to earning your authority. Plus, DAT Authority’s experts will ensure you don’t wind up paying any unnecessary registration fees so you can begin operations as cost-effectively as possible.
DAT’s broker authority package starts at $685 and covers federal fees, Form BOC-3s, USDOT numbers, MC numbers, and Unified Carrier Registration. You’ll also receive a free DAT load board trial; if you love it and decide to sign up, you can take advantage of an exclusive 10% discount.
Essentially, DAT Authority takes some of the paperwork and stress off your shoulders, so you can concentrate on searching for carriers, posting loads, and connecting with shippers. Then, once DAT Authority has helped you obtain your broker authority, it’s time to get to work!
As a freight broker, you’ll need to find shippers and carriers as well as work to build long-term relationships with them. Brokers are also responsible for verifying and onboarding carriers, tracking loads, managing documents, invoicing shippers, paying carriers, and more. Clearly, you have a lot to keep track of! That’s where freight broker software and TMS systems come in.
Top freight broker software solutions
If you’re a freight broker looking for a quality TMS solution, any old freight broker software won’t do. You need the best of the best to simplify your operations and ultimately grow your business. Instead of settling for subpar TMS systems or load boards, it’s worth investing in top-of-the-line TMS systems and other software.
If you’re not sure where to look, don’t worry! We’ve rounded up our top four freight broker software solutions to get you started!
1. DAT One
DAT One is a top freight broker software worth having on your radar. With multiple subscription offers based on your brokerage’s needs, you’ll be able to post and search for loads on the industry’s most comprehensive load board without any limits. Our subscription plans (DAT One Express, DAT One Select Broker, and DAT One Office Broker) were designed with brokers in mind and are ready to support your brokerage’s unique needs, whether you’re brand new or have a thriving business and years of experience. With more than 500,000 transportation companies using DAT, you’ll always be able to match quality carriers and loads. Whether you’re posting one load a day, twenty, or a hundred, DAT One will have you covered.
However, having access to DAT One won’t just allow you to create and find posts without limits — it will also give you the means to contact any promising shippers or carriers directly. Plus, you’ll be able to view up-to-date market conditions and freight rates, making the negotiation process smoother than ever.
2. DAT RateView Analytics
Freight brokerages must also stay on top of current spot and contract rates. After all, it’s impossible to properly serve as the middleman between carriers and shippers if you don’t know the going freight rates. The good news is that DAT RateView Analytics can provide you with all the relevant information you need, allowing you to liaise successfully between carriers and shippers.
DAT RateView Analytics’ insights for brokers span lanes across the country and are based on the deepest and broadest data available in the entire trucking industry. RateView Analytics takes over $150 billion in real transactions into account each year to create reliable market insights on more than 68,000 lanes, meaning you can accurately price lanes in seconds and more easily navigate market volatility.
Even better, DAT RateView Analytics isn’t solely concerned with the past and present. It can also highlight seasonal trends you should pay attention to and provide accurate insights into future freight rates. In fact, RateView Analytics’ add-on forecasting model is more than 95% accurate on its seven million+ daily predictions. It’s a powerful addition to any broker’s toolbox!
The spot market is a great place for brokers to start, but once you’re ready to start going after long-term contracts, you might need a tool like Ratecast on your side. Offering an accuracy rate above 95% for its 7 million daily predictions, Ratecast provides the most accurate freight rate forecasts, meaning you can confidently bid on RFPs and better plan ahead for the future.
3. CarrierWatch and Onboard
Growing a carrier network can be a tricky and time-consuming process, but DAT’s CarrierWatch and Onboard can change the game. With these solutions in your toolbox, you can save time, energy, and stress as you build a group of trusted carriers the right way.
With CarrierWatch, you can qualify carriers with ease. Not only will you gain access to a searchable database with over 500,000 transportation companies to choose from, but you’ll also be able to view carriers’ information. Whether you’re curious about their safety ratings, insurance, status, or MC authority, you can find the information you need with CarrierWatch. On top of that, CarrierWatch can help you monitor carriers and stay on top of any changes to their authority, safety rating, DOT profile, insurance, and more.
On the other hand, Onboard simplifies and accelerates the process of bringing on new carriers. Instead of spending hours onboarding new carriers, you can streamline the onboarding process, allowing carriers to get on the road even faster. Plus, Onboard will allow you to say goodbye to piles of paper. Instead, you and your carriers can sign contracts electronically from anywhere in the world!
If you’re starting a new brokerage, there’s good news! For a limited time, DAT is offering all of these solutions in one package to help get startup brokerages off the ground. StartRite includes DAT One, RateView, CarrierWatch, and Onboard, providing all the tools you need to get your brokerage up and running smoothly.
4. DAT Broker TMS
DAT Broker TMS is a great TMS for startup and growing brokerages, allowing you to grow your business without requiring you to expand your back office. Built specifically for freight brokers, Broker TMS can help streamline all your operations. Whether you need to find loads or carriers, track a shipment, or manage invoices, you can do it all from Broker TMS’ single integrated system.
More specifically, DAT Broker TMS can help with finding and selecting carriers, a traditionally time-consuming, yet essential, process. Not only can your system help you gather essential information, but it can also integrate with other tools that make connecting to qualified carriers quick and straightforward. For example, your TMS might locate carriers that have previously moved similar loads, or it may even integrate with a load board service, meaning posting a load could be as easy as hitting a button right within your single Broker TMS platform.
And that’s not all. Once you find the right carrier, you’ll need to ensure they’re qualified. After all, an unqualified carrier is a major liability. Luckily, Broker TMS is compatible with CarrierWatch, simplifying the enforcement of carrier qualification procedures. With Broker TMS and CarrierWatch, you can check that a carrier has the right insurance, authority, and safety rating to do the job. You and your shipper clients will be able to work with trustworthy carriers and gain additional peace of mind.
Broker TMS can also simplify the carrier confirmation process. Not only can this brokerage software help you generate rate confirmations, but it can also send those confirmation to carriers, getting you one step closer to delivery and giving you more time to focus on other essential business tasks, such as finding new carrier or shipper partners and keeping up with current rates.
But Broker TMS’ uses don’t end with finding, qualifying, and confirming carriers. DAT Broker TMS can also help with tracking loads, making a traditionally tedious and time-consuming task a breeze. Broker TMS enables drivers to quickly input their location and can also integrate with existing tracking services, placing it a step above many other TMS systems.
Additionally, Broker TMS can streamline customer invoicing by integrating with accounting software and interfacing with accounting systems as well as carrier payment systems. It can also help you make better business decisions, as it provides transportation demand forecasts, profitability reports, and historical data, covering everything from lane rates to visibility into the logistics process.
Take your business further with top freight broker software
Find all the tools you need to optimize operations and succeed with DAT! DAT’s suite of software solutions empowers you to earn your authority, find carriers and shippers, and even gain valuable insights across your entire operations as well as the overall market in an instant. DAT’s broker software can help you save significant time, money, and energy while boosting productivity and, potentially, profits.
Explore our software solutions for brokers today to find the perfect fit for your business!
Simplify your life and grow your business!
DAT Broker TMS goes beyond other TMS systems, allowing you to grow your business instead of your back office! Built for freight brokers, Broker TMS can help streamline your entire operation, allowing you to handle accounting, carrier discovery, load tracking, and more from a single system.
