This year should be good for trucking companies.
According to a January blog post published by FinTech Logistics RoadSync.
For truckers on the road, however, this means a lot more paperwork. They are constantly transacting with other businesses, scheduling work, and making or receiving payments from warehouses, brokers, repair shops, towing companies, and others. The time they spend invoicing, receiving payments and keeping records is time they don’t spend driving.
Half of drivers surveyed by RoadSync, for example, said they work with a new shipper, carrier or broker every week, so they have to spend time interacting with different payment platforms and preferences.
To help increase the speed, accuracy and efficiency of these transactions, several companies are offering digital tools that turn truck drivers’ mobile devices into payment solutions.
For its part, RoadSync this week rolled out a new expense management app for truck drivers, according to a press release. Called RoadSync Driver, it supports transparent payments and equips drivers with tools that help them manage their expenses, digitize paper trails and streamline communication.
Maintaining efficiency and profit margins
Another solution provider, Trucker Tools, offers a pilot app designed to make life easier for truckers and the brokers who pay them. The app offers real-time truck location visibility, document upload capabilities, digital freight matching, and automated load booking.
Because the driver app automatically prompts the carrier to upload the necessary documents upon arrival at the consignee’s premises, paperwork is reduced and payment is expedited for the broker and carrier.
Truckstop.com also offers an app that lets hauliers control how and when they get paid. Its Truckstop Pay app allows drivers to book and deliver loads, submit documents to the broker, get a confirmation email from the broker, and receive an automated clearing house (ACH) payment to their account. banking.
Delayed checks, calls to brokers and hidden fees are common challenges for truckers that can be solved with digital payments, Truckstop.com said.
Record keeping with photo receipts
Bookkeeping and accounting is another part of the job, and another actor called Young And Healthy Marketing offers a Trucker Expense Reports app it makes things easier. In the trucking industry, the company explained, company drivers must track their personal expenses and owner-operators must track their business expenses.
The Truckers Expense Reports app makes this record keeping easy by allowing drivers to view expenses with photo receipts, view expense report summaries, and share their company balance sheet via email or upload to Excel.
Funding to meet e-commerce requirements
The demand for solutions for the trucking industry was exemplified by the January 24 announcement that BasicBlock, a FinTech that provides financing to the industry, had raised $78 million in funding and debt.
Read more: FinTech BasicBlock Truck Funding Raises $78M
The company started as a trucking document capture tool that allows drivers to scan and submit loading documents and has since evolved into a payment platform for carriers.
“Ninety-six percent of commercial trucking companies in the United States have fewer than six trucks, and one of their biggest issues is access to capital,” said BasicBlock CEO and co-founder Tayor. Monks.
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