Relay Payments has expanded its digital network to empower brokers to automate freight payments and improve cash flow.
The Atlanta-based FinTech company has introduced RelayDirect to enable brokers to streamline freight payments, automate carrier and factor payments, provide flexible payment terms, enhance cash flow management, and significantly reduce administrative work.
This cutting-edge solution has already seen early-adopters reports a surge in revenue and a reduction in operational complexities, by transitioning their carrier settlement procedures to the unique product
The move has been made in response to the challenges caused by the the conventional payment process, which carriers have found to be outdated and cumbersome due to the rapid growth of businesses. This had resulted in a time-consuming, labor-intensive process for accounting teams.
By integrating RelayDirect into existing workflows, brokers can now address these challenges, and provide flexible payment terms, create additional revenue channels, and simplify payments to factoring companies. This modern approach to payments benefits carriers by providing them with instant access to funds through Relay’s network, which can be immediately utilised.
Relay Payments is revolutionising the trucking and logistics industries by building a modern digital payment network. Trusted by more than 300,000 drivers, 90,000 carriers and 1,500 truckstops nationwide, the FinTech firm has brought efficiency and automation to an industry historically reliant on cash, checks and cards. The company has over 150 team members and has won awards for product innovation, customer service and organisational culture.
Ryan Droege, Relay co-founder and CEO, said, “Moving money in the trucking industry has always been unnecessarily complicated. Brokers are paying carriers billions of dollars each year, and RelayDirect modernises these transactions. Brokers can better manage their cash flow while carriers receive payments instantly and securely. It’s a win-win.”
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