Road Grit! Should Truckers Use ACH (Automatic Withdrawal) for Truck Payments?

Complete "Should Truckers use ACH" Video

I received a fantastic question from Danny via email:
“I have six trucks and would like to have at least 10 by the end of the year! Should I put my truck payments on ACH?”

I think the answer is yes. You should do it and here’s why I believe that. Remove all check writing from your operation. I know that’s going to make some people crazy and freak them out, but here’s why I want you to do it. When you’re sitting there and writing out those checks, watching your expenses, and writing them out by hand or completing them in QuickBooks, that work is taking you away from the most important part of your business: revenue growth. It’s got you focused on reviewing expenses, but I want you focused on making money. Just go to your finance company or the bank and set up your payments to be paid out every month via ACH. I think it’s a smart move.

Here’s the second reason I recommend it. It’s an insurance policy for you if things get slow. If things get tough, and you don’t have the cash flow to pay everyone on time, that could hurt your credit requirement in the future. The lender may come back to you and say you paid us late. But when your payments are on ACH, your lenders love the way you pay them. Therefore, they’re willing to issue you more credit. By paying your lenders in a timely fashion via ACH, you’re building an insurance policy that will allow you to borrow from them again in the future. 

Think about it. If you pay the finance company for your trucks slowly, either because you’re writing everything out by check or you don’t have the cash flow, they’re going to see multiple late payments on your records. If your payments are on time, they’re going to be willing to go for another deal. You’re buying another truck. You’re growing your business in tough economic times. Or, if you’d like to downsize and get rid of your old equipment, you can replace it with lesser, newer items. You have this flexibility now because you were diligent. 

Go for ACH. It’ll force you to focus on making revenue instead of documenting expenses.


Matt Manero combines his business brilliance with more than 20 years of hands-on experience in transportation equipment finance. Today, he is a CEO leading four companies that generate over $100,000,000 per year in business with a base of more than 10,000 clients.

Matt launched his first business, Commercial Fleet Financing, Inc., in 1995 with a phone, a folding table and the  unyielding confidence of a single client, a trucker. Fast forward 20 years: Commercial Fleet Financing, Inc. made Inc. magazine’s Top 500/5000 list of fastest growing companies in America in 2014. Matt is the creator and personality behind CFFnation.com, the first and only online video network featuring original programming for and by innovators, operators, movers and shakers of the transportation industry.

His companies have been recognized in trade publications such as OverdriveTransport TopicsCommercial Carrier Journal, and Dealer Solutions MagazineMatt hosts his own weekly Radio Show aptly named, “The Grit” which airs on lifestyletalkradio.com and also on CFFnation.com. In addition to “The Grit,” Matt has authored a series of quick read books entitled “Tower, Mover and Construction Co. Need to Know NOW”, and also a forthcoming book, “I NEED MORE MONEY,” which reflects his battle to build his business and guides readers in creating their own future and financial success.

Reach Matt at his offices in Dallas, TX via email at mmanero@cffnationwide.com and on twitter @mattmanero. Learn more at cffnationwide.com and cffnatiion.com