Transportation payment platform provider Comdata Inc. today launched a system to digitize and automate payment receipts for lumpers, cargo handlers who unload trailers for truck drivers.
According to Comdata, its new lump sum payment tool streamlines a time-consuming manual process that has frustrated fleets, drivers, merchants and shippers for decades by allowing warehouses to now digitally accept any of Comdata’s payment methods. , without interaction with the driver. Comdata based in Brentwood, Tennessee is a unit of Atlanta-based Fleetcor Technologiesa corporate payment company.
The platform is the latest in a series of new financial products developed for logistics applications, following the branch of the Minneapolis-based labor payment platform, which on March 9 announced it had raised $75 million in a “Series C” venture round. The company said it would use the capital injection to continue its momentum in trucking, logistics, last-mile delivery and catering, and expand into other new verticals. Branch offers expense management cards for large businesses such as trucking and logistics companies, allowing fleet operators to provide cards to their drivers as well as granular level expense controls to track spending on purchases frequent professionals such as fuel.
In another recent example, Dallas-based TriumphPay announced on March 3 that it had recently completed a beta test of its system enabling seamless payment transactions for carriers, brokers, shippers and postmen. The company, which is a division of TBK Bank SSB, said it concluded a series of transactions between two payers (a freight broker or shipper) and five payees (a carrier or its factoring company). According to TriumphPay, its open payment network will help truckers get paid faster and more securely than the current 30-day payment cycle that is bogging down the freight industry.
These moves also followed news in January that supply chain tech startup BasicBlock Inc. had raised $78 million in support of its platform support financing options for the trucking industry. The Nebraska company offers freight factoring, a process that quickly pays truckers for their loads and later claims the amount owed on the bill of lading invoice as a third-party collector.
“The trucking industry is moving forward and embracing digital transformation,” Eric Dowdell, president of Comdata’s North American Trucking division, said in a statement. “Our goal is to provide our customers with the most secure, reliable and efficient mobile payment capabilities that get drivers back on the road faster. Our solution minimizes the headaches and delays associated with manually processed old lump sum payments. Greater overall experience promotes driver retention and greater long-term profitability.