SEATTLE--(BUSINESS WIRE)--Convoy, the nation’s leading digital freight network, today announced an enhancement to its Convoy QuickPayTM service that allows every eligible carrier to get payments delivered directly to their bank account within eight hours of load completion, freeing up cash flow to keep their businesses running. With this expansion, carriers now have the flexibility to get paid within two days for free, or within eight hours for a 1.5% fee, directly through the Convoy app with no new contracts, specialized credit cards, or new bank accounts to open.
This year, carriers have faced unprecedented market conditions, with record-breaking inflation increasing over 9% and diesel prices rising 64%, all the while their rate per mile has decreased 28% year over year. Cash flow is more important than ever for carriers to stay in business, and quickly accessing cash is challenging. Carriers typically wait 30 days to be paid or have to commit to long-term contracts with factoring companies that require them to spend up to 4% of the total shipment value just to secure the capital they need. Other companies that offer same-day payment services only make funds available through digital wallets or specialized credit cards.
With today's new QuickPay option, the time carriers spend waiting to get paid for their work is reduced from 30 days or more down to eight hours or less, with funds deposited directly into any bank account a carrier chooses on any day, including weekends and holidays, at any time, including outside of business hours.
“I’ve seen firsthand how much it costs carriers just to keep their trucks moving, very often spending over $1,000 to fill up their tank,” said Grant Goodale, Convoy co-founder and CXO. “Carriers shouldn't be penalized with high fees and unfair contracts just to get paid quickly. With this QuickPay expansion, they get just that; no hoops to jump through and no commitments, just the money they have earned, in their bank account of choice, quickly and without hassle.”
Every month more than 75% of shipments hauled by carriers in Convoy’s network are paid with the free, two-day QuickPay option. With today's enhancements, Convoy now gives eligible carriers, regardless of size, two different QuickPay options to choose from:
- Get paid in two days for free
- Get paid in 8 hours or less for a 1.5% fee
“I love what I do, but I have to admit this year has been really hard,” said Chris Blake, of LVL UP Transport LLC. “I had a big repair bill come in right before the holiday weekend. I was looking at my options and I would have had to borrow money for a crazy fee or stop operating for a few days until I got paid. Convoy QuickPay got me paid in just a few hours. Without a doubt they helped keep my business running when things got tough. It’s a game-changer.”
Both QuickPay options are now available to every eligible carrier on any load hauled with Convoy. To qualify for QuickPay, carriers simply need to assign the driver to the load, have the driver turn on their location services for the Convoy app during the entire trip, and upload documents within 24 hours of delivery.
To learn more about Convoy QuickPay go to https://convoy.com/quickpay/.
About Convoy
Convoy is the nation’s leading digital freight network. We move thousands of truckloads around the country each day through our optimized, connected network of carriers, saving money for shippers, increasing earnings for drivers, and eliminating carbon waste for our planet. We use technology and data to solve problems of waste and inefficiency in the $800B trucking industry, which generates over 87 million metric tons of wasted CO2 emissions from empty trucks. Fortune 500 shippers like Anheuser-Busch, Procter & Gamble, Niagara, and Unilever trust Convoy to lower costs, increase logistics efficiency, and achieve environmental sustainability targets.
