Since the start of the COVID-19 pandemic, inefficiencies have emerged across industries. In the trucking industry, payment systems have been in the spotlight. Truckers – who have proven to be the backbone of a moving and functioning economy – are often left at the bottom of the pay system by processes such as paper checks or mailed invoices, limiting their access to cash flow .
While many trucking companies still use paper checks and Automated Clearing Houses (ACHs), 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.
“A lot of research has shown that slow processes and outdated technology have had an impact on driver turnover, especially late payments,” said Jeremy Langness, Director of Partnerships at Branch.
Businesses have the ability to retain drivers by offering real-time payments through the Branch app.
“Inefficient payment methods affect both the business and the driver,” Langness said. “We make it easy to solve these problems by being a free solution that enhances and improves payment technology and processes.”
Branch also has the ability to support businesses in other relevant areas, such as streamlining 1099 compliance and reporting.
While there are other digital payment systems on the market, Branch prides itself on offering instant payments any time of the day. In the event that a truck driver finds himself in an emergency situation, it helps to have payment as soon as possible. If payments take longer than necessary, it can put drivers in a bind while they’re on the road. With real-time payments, truckers can see funds in seconds, eliminating the stress or hassle of paying.
“In the industry, it seems like people talk a lot about ‘instant payouts,’ but they usually mean one to two business days,” Langness said. “Our instant payments arrive in seconds.”
Unlike standard ACH payments, payments through the Branch app can also be processed outside of business hours, including weekends and holidays. The app also has the ability to support W-2 and 1099 drivers, which many similar tech companies can’t compete with.
“We help businesses replace slow and outdated payment methods, including legacy payment cards, paper checks and standard ACH,” Langness said.
Once a company partners with Branch, they gain access to the payroll administration tool, where the company can not only enter their drivers, but also manage their information and payment history. The company is able to send a link to the driver’s phone, which automatically grants access to the application. After a 90-second onboarding process, drivers gain access to the Branch Wallet, a digital wallet backed by a free checking account, all from their smartphone. Besides Apple Pay and Google Pay, drivers have the option of using a tangible debit card.
“Companies are often surprised by how incredibly fast and easy the setup process is,” Langness said.
As technology evolves, the Branch is constantly finding ways to stay ahead by staying abreast of payment trends and needs and listening to the market and customers.
“You can definitely feel the industry moving away from the antiquated systems it was built on 30 to 40 years ago. It was fun to be part of that change,” Langness said.
Branch remains focused on maintaining a user-friendly experience within the app and finding new ways for workers to grow financially. The company recently received Series C funding to help it continue to achieve its goals even faster.
“We are committed to staying ahead of the game,” Langness said. “By partnering with Branch, you will always have a forward-looking partner.”
Learn more about how Branch works with trucking and logistics companies.
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