While many trucking companies still use paper checks and automated clearinghouses, some are adopting a cheaper and more convenient way to send their money to truckers. Branch offers a free digital payment process that gives drivers quick access to their earnings.
The app provides inclusive financial services to W-2 and 1099 workers by functioning as a digital wallet allowing drivers to access their funds in seconds.
Many trucking companies are still seeing revenue percentages in the 90s. Branch offers them the opportunity to attract and retain more talent by creating more attractive working conditions with better tools and processes.
“We are enabling workers to improve their cash flow by getting faster payments from the companies they work for and on top of that we want to create a suite of financial services to help them through the process,” said Atif Siddiqi. , founder and CEO of Branch .
Siddiqi believes there is a financial technology void in the freight industry that Branch can fill.
“In freight and logistics, payment delay could be more than bi-weekly, it could be up to 60 days,” Siddiqi said. “Getting the money faster helps truckers grow their business and meet their needs on the road.”
Drivers have access to the Branch Wallet, a digital wallet backed by a no-fee checking account, all from their smartphone. Besides Apple Pay and Google Pay, drivers have the option of using a tangible debit card.
“Our payout time has reduced the payment wait time for drivers by 99%,” said Siddiqi.
Branch recently added a new feature to the digital wallet: fuel rewards. This allows drivers to get a reward for the money spent on diesel fuel.
Regarding security, Siddiqi added that normally truckers would have to enter their DOT numbers in order to make purchases at truck stops, especially fuel, which would require them to drive to gas stations rather than staying at truck stops. the pump. The Branch card can be swiped at the fuel pump while Branch secures this purchase by performing biometric verification at the time of purchase, allowing for an overall secure and convenient process for drivers.
“We wanted to create a frictionless experience for drivers and of course safety has always been a priority,” Siddiqi said.
While it is important to invest in fintech in sectors like freight, Siddiqi added that there are some challenges.
“We really want to maintain the user experience and challenge the status quo simultaneously. We want to make sure we’re talking to those in the industry who are still stuck in old processes and haven’t quite caught up with new technologies. “Siddiqi said. “It’s important to educate not only why this is important, but also how it can reduce costs for the business by reducing overhead through digital methods.
Click for more FreightWaves content by Britni Chisenall.
More from Taking the Rental Road:
Veterans and Learners with Fastport
CDLLife Summit: Improve Your Branding and Advertising
When recruiting meets compliance