RelayDirect streamlines over $1.5B in freight payments for brokers, enabling their carriers to instantly use funds for over-the-road expenses
ATLANTA — Oct. 17th, 2023 — Relay Payments, the fintech company modernizing payments for the logistics and trucking industries, is unveiling its freight payments solution for brokers: RelayDirect. The new solution lets brokers automate their carrier and factor payments, offer flexible payment terms, improve cash flow, and reduce administrative burdens. Initial customers have already increased revenue and reduced operational inefficiencies by moving their carrier settlement process to RelayDirect.
“Prior to RelayDirect, the payment process for our carriers and factors was dated and outgrown due to our rapid growth, and had become a cumbersome and time-intensive process for our accounting team,” said TransLoop CEO Nicholas Reasoner. “By automating our payment workflow, we now have greater transparency over projected cash flow and improved our carrier experience, which enhances our customer service and leads to repeat business.”
To date, RelayDirect customers represent more than $1.5 billion dollars in annual freight payments. Brokers integrate RelayDirect into their existing workflow, allowing them to offer flexible payment terms, generate additional revenue streams, and streamline their payments to existing factoring companies. Carriers also benefit from instant payments and the ability to immediately use those payments within Relay’s network.
“Moving money in the trucking industry has always been unnecessarily complicated,” said Relay co-founder and CEO Ryan Droege. “Brokers are paying carriers billions of dollars each year, and RelayDirect modernizes these transactions. Brokers can better manage their cash flow while carriers receive payments instantly and securely. It’s a win-win.”
Relay first introduced its fast, secure digital payment solution in 2019 to eliminate long delays that forced drivers to wait hours for payment approvals and authorizations. Fleets eagerly adopted the industry-leading platform, gaining increases to hours of service as well as efficiencies throughout the supply chain. Relay’s payment network has continued to expand rapidly, allowing fleets nationwide to make fast and secure over-the-road payments including diesel fuel and unloading fees. Relay is now trusted by more than 300,000 drivers, 90,000 carriers, and 1,500 truckstops across the US.
For more information about Relay Payments and RelayDirect, visit relaypayments.com.
About Relay Payments
Relay Payments is building a modern digital payment network to revolutionize the trucking and logistics industries. Trusted by more than 300,000 drivers, 90,000 carriers and 1,500 truckstops nationwide, Relay has brought efficiency and automation to an industry historically reliant on cash, checks and cards. Relay has joined forces with industry leaders like Pilot Company, AMBEST, J.B. Hunt, Schneider, Coyote Logistics, Lineage Logistics, and others to provide secure, reliable over-the-road transactions. Founded in 2019, the Atlanta-based fintech includes more than 150 team members and has won awards for product innovation, customer service, and organizational culture. For more information about Relay, visit relaypayments.com.