RoadSync, a FinTech for the supply chain, has launched RoadSync Pay, a platform designed to modernize logistics payments for brokers and carriers.
With RoadSync Pay, brokers can schedule and automate payments to their carriers and factoring companies, according to a company press release Monday (Oct. 16). The platform offers features such as instant real-time payments, allowing payments to be made between bank accounts within seconds, regardless of the day or time. Other payment options include same day, next day ACH, checks, and fleet check.
This platform aims to bring payments technology to the historically underserved logistics industry. RoadSync Pay also offers brokers’ carriers and factoring companies access to a complimentary carrier portal and automated remittance emails, reducing the burden of communicating payment statuses to carriers.
RoadSync CEO Robin Gregg said, “By providing access to cutting-edge payment capabilities, we are fueling brokers and carriers with the speed, convenience, and security they deserve. Trucking hasn’t always been the focus of technology innovation, and our goal is to help it thrive in the digital age, ensuring that payments are as modern as the goods they transport.”
In the logistics industry, fleet and mobility companies are also seeking to modernize their working capital management. These companies are leveraging technology and payment solutions to optimize their operations and navigate the challenges of the constantly shifting delivery and logistics landscape.
According to the PYMNTS Intelligence and Visa Growth Corporates Working Capital Index, fleet and mobility firms have been using commercial cards, particularly virtual cards, more than other industries. About 19% of these companies use virtual cards, surpassing the 5% average across various industries.
The use of virtual cards in fleet and mobility companies reflects their pursuit of working capital management. Helen Jones, executive director of Visa Commercial Solutions Europe, highlighted the high card acceptance and continued growth in this space. For example, Torque by Ryder aims to move away from traditional payment methods such as checks and phone calls, adopting digital solutions to enhance efficiency.
BP has also introduced a digital payments solution for fleet management, simplifying and expediting the fuel payment process. The app-based solution allows drivers to refuel their trucks by confirming the fueling site through the app, unlocking the pump, and automatically paying for the fuel.
Connectivity plays a crucial role in improving fleet operations, including payments and virtual card usage. Research conducted by PYMNTS and American Express indicates that by 2025, 48% of all fleets will be connected, enabling vehicle tracking, maintenance, and payments functions.