ATLANTA — Financial technology company Relay Payments, which works with the logistics and trucking industries, is unveiling its freight payments solution for brokers.
The new solution, dubbed RelayDirect, allows brokers to automate their carrier and factor payments, offer flexible payment terms, improve cash flow and reduce administrative burdens, according to a news release.
“Prior to RelayDirect, the payment process for our carriers and factors was dated and outgrown due to our rapid growth and became a cumbersome and time intensive process for our accounting team,” said TransLoop CEO Nicholas Reasoner. “By automating our payment workflow, we now have greater transparency over projected cash flow and improved our carrier experience, which enhances our customer service and leads to repeat business.”
To date, RelayDirect customers represent more than $1.5 billion dollars in annual freight payments, the news release noted.
Brokers using RelayDirect have the ability to offer flexible payment terms to allow for additional revenue streams and can work with their existing factoring companies, partner with Relay or build their own payment terms. Carriers also benefit from instant payments and the ability to immediately use those payments within Relay’s network.
“Moving money in the trucking industry has always been unnecessarily complicated,” said Relay co-founder and CEO Ryan Droege. “Brokers are paying carriers hundreds of millions of dollars each year, and RelayDirect modernizes these transactions. Brokers can now manage their cash flow while carriers receive payments instantly and securely. It’s a win-win.”
Relay first introduced its digital payment solution in 2019 to eliminate long delays that forced drivers to wait hours for payment approvals and authorizations.
Fleets adopted the platform, gaining increases to hours of service as well as efficiencies throughout the supply chain, the news release stated.
Relay’s payment network has continued to expand, allowing fleets nationwide to make fast and secure over-the-road payments, including diesel fuel and unloading fees.
Relay is now used by more than 300,000 drivers, 90,000 carriers and 1,500 truck stops across the U.S.
The Trucker News Staff produces engaging content for not only TheTrucker.com, but also The Trucker Newspaper, which has been serving the trucking industry for more than 30 years. With a focus on drivers, the Trucker News Staff aims to provide relevant, objective content pertaining to the trucking segment of the transportation industry. The Trucker News Staff is based in Little Rock, Arkansas.
