Relay Payments Revolutionizes Freight Payments with RelayDirect

Relay Payments, a prominent player in the FinTech arena, dedicated to modernizing payments within the logistics and trucking industries, has recently unveiled an innovative tool known as RelayDirect, as highlighted in PYMNTS news. This automated freight payments solution is designed specifically for brokers, marking a significant step towards streamlining the payment processes within this sector.

In a press release on Tuesday, October 17, 2023, Relay Payments explained that RelayDirect is set to transform the way brokers handle payments. By automating carrier and factor payments, providing flexible payment terms, optimizing cash flow management, and reducing administrative overheads, RelayDirect is poised to bring a new level of efficiency to the logistics and trucking industry.

Ryan Droege, co-founder, and CEO of Relay Payments, emphasized the importance of simplifying financial transactions in the trucking sector, stating, «Moving money in the trucking industry has always been unnecessarily complicated. 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.»

RelayDirect empowers brokers to offer adaptable payment terms, creating additional revenue streams and improving overall cash flow management. The tool also benefits existing factoring companies by eliminating operational inefficiencies and reducing administrative burdens, ultimately leading to a more streamlined payment process.

Remarkably, RelayDirect already manages a staggering $1.5 billion in annual freight payments. Carriers using this tool can enjoy the added advantage of receiving instant payments, which can be seamlessly integrated into Relay’s network. This feature not only provides carriers with increased financial flexibility but also enhances overall convenience in their operations.

Relay Payments originally introduced its digital payment solution back in 2019 to address the lengthy delays drivers often encountered when awaiting payment approvals and authorizations. Since then, Relay’s payment network has witnessed substantial growth, enabling fleets across the nation to make fast and secure over-the-road payments, encompassing expenses such as diesel fuel and unloading fees.

In December, Relay Payments made headlines with its partnership with Travis Trucking, a refrigerated trucking company. Travis Trucking successfully deployed Relay’s contactless payment technology across its fleet of 55 refrigerated trucks, responsible for delivering food to grocery stores and restaurants. The partnership resulted in significant savings for the firm, attributed to faster turnaround times at docks and guaranteed reimbursements facilitated by the automation of over-the-road payments.

Donald Hickman, Driver Manager at Travis Trucking, praised the partnership, saying, «Because our loads have multiple stops, we lose time and money each time we get stuck on the docks. Relay’s solution makes it easier to get in and out of warehouses so drivers can get to their next load.»

Relay Payments’ RelayDirect promises to reshape the way payments are handled in the logistics and trucking industry, offering brokers, carriers, and factoring companies a more efficient and streamlined payment solution for the future.

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