Relay Payments’ new offering for LTL carriers streamlines complex processes
Relay Payments, a venture-backed fintech company transforming transportation payments, launches a new solution to streamline complex processes and provide time-saving automation for Less Than Truckload (LTL) carriers.
Relay for LTL Carriers is tailored to meet the intricate needs of LTL customers, which include five of the top 10 LTL carriers in the United States (1). This offering illustrates continued innovation from Relay Payments, whose mission is focused on modernizing payment processes in the underserved transportation, logistics, and supply chain industries, which are still heavily reliant on cash and checks to conduct day-to-day business.
Relay President, Spencer Barkoff explains, "Our LTL carriers have specific, complex workflows that can be time-consuming, causing lost revenue and failed reimbursement. Working directly with our customers we were able to build technology to create operational efficiencies and increased revenue. This resulted in reduced driver time on dock and increased hours of service."
Traditionally, LTL carriers must manually reconcile payments for each load on their trucks. Relay for LTL Carriers automates this process, allowing for the automatic allocation of fees across multiple shipments for LTL loads. With simplified reconciliation, Relay is providing a much needed service that not only saves time and hassle, but by eliminating unreconciled fees, delivers a return on investment.
“Relay enables LTLs to be more efficient by simplifying payments and streamlining reconciliation. Relay has been a great partner to work with. They listen to our feedback and requirements to ensure what they build meets our needs,” said Webb Estes, VP - Process Improvement, Estes Express Lines.
Relay’s announcement today coincides with its participation at supply chain industry conference SMC3 Jump 2022 in Atlanta. This event brings together key players in the logistics industry and focuses on exploring new trends and innovations.
(1) 2021 Essential Financial and Operating Information for the 100 Largest For-Hire Carriers in North America. (n.d.) Transport Topics. Retrieved January 17, 2022, from https://www.ttnews.com/top100/ltl/2021
About Relay Payments
Relay Payments is a venture-backed fintech company building a modern, instant, and secure payment network in the transportation, logistics, and supply chain industries. The company creates value for its customers and partners by providing direct, instant payments in an industry heavily reliant on cash and checks to conduct day-to-day business. Focused on a customer-centric approach, Relay streamlines the payment process of industry partners including Coyote Logistics, Estes, Old Dominion Freight Lines, and Southeastern Freight Lines.
Trusted to process more than 300,000 transactions every month, Relay is spearheading the modernization of payments, ensuring America continues to run during the pandemic and well beyond. Relay works with the largest carriers, freight brokers, and 3PLs in the United States ensuring their products quickly get to shelves for consumer consumption.
Please visit www.relaypayments.com