No more paper checks or payment delays

Since the COVID-19 pandemic began, inefficiencies have come to light across all industries. In the trucking industry, payment systems have been in the spotlight. Truck drivers — who have proved to be the backbone of a moving, functioning economy — are often left at the bottom of the pay system through processes like mailed paper checks or invoices, limiting their access to cash flow.

While many trucking companies still use paper checks and automated clearing houses (ACHs), some are moving to a more cost-effective and convenient way to send truckers their money. Branch offers a free digital payment process that gives drivers quick access to their earnings.

The app provides inclusive financial services to both W-2 and 1099 workforces by functioning as a digital wallet for drivers to access their funds in seconds. 

Many trucking companies are still seeing turnover percentages in the 90s. Branch provides them the ability to attract and retain more talent by creating more attractive working conditions with better tools and processes.

“A lot of the research has shown that slow processes and outdated technology have impacted driver turnover — especially delayed payments,” said Jeremy Langness, director of partnerships at Branch.

Companies have an opportunity to build driver loyalty by delivering real-time payments through the Branch app.

“Inefficient payment methods affect both the company and the driver,” Langness said. “We make it easy to solve these issues by being a free solution that enhances and improves technology and payment processes.”

Branch also has the ability to support companies in other relevant areas, like streamlining 1099 compliance and reporting.

While there are other digital payment systems in the market, Branch prides itself on offering instant payments at any time of day. In the event that a truck driver is in an emergency situation, having payment as soon as possible is helpful. If payments take more time than necessary, it can put drivers in a bind while they are on the road. With real-time payments, truckers can see the funds within seconds, eliminating payment-related stress or hassle.

“In the industry, it seems like people say ‘instant payments’ a lot, but they usually mean one to two business days,” Langness said. “Our instant payments arrive within seconds.”

Unlike standard ACH payments, payments through the Branch app can also be processed outside business hours, including weekends and holidays. The app has the ability to support both W-2 and 1099 drivers as well — something many similar technology companies cannot compete with.

“We’re helping companies replace slow, outdated payment methods — including legacy pay cards, paper checks and standard ACH,” Langness said. 

Once a company partners with Branch, it gains access to the pay admin tool, where the company can not only input its drivers but also manage their information and payment history. The company is able to send a link to the driver’s phone, which automatically provides access to the app. After a 90-second onboarding process, drivers have access to the Branch Wallet, a digital wallet backed by a fee-free checking account — all from their smartphones. Along with Apple Pay and Google Pay, drivers have the option for a tangible debit card. 

“Companies are often surprised by how incredibly fast and easy the set-up process is,” Langness said. 

As technology evolves, Branch is constantly finding ways to stay ahead by staying on top of payment trends and needs and listening to the market and customers.

“You can definitely feel the industry is moving away from the antiquated systems that it was built on 30-40 years ago. It’s been fun to be a part of that change,” said Langness. 

Branch remains focused on maintaining a user-friendly experience within the app and figuring out new ways for workers to grow financially. The company recently received series C funding to help it continue to reach its goals even faster.

“We are committed to staying one step ahead of the game,” said Langness. “By partnering with Branch, you will always have a future-focused partner.”

Learn more about how Branch works with trucking and logistics companies.

Source: freightwaves

No more paper checks or payment delays