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Relay Payments Unveils Automated Freight Payments Tool

Relay Payments, a FinTech company specializing in modernizing payments for the logistics and trucking industries, has introduced RelayDirect, an automated freight payments tool for brokers.

The tool aims to streamline the payment process for brokers, enabling them to automate carrier and factor payments, offer flexible payment terms, improve cash flow and reduce administrative burdens, Relay said in a Tuesday (Oct. 17) press release.

“Moving money in the trucking industry has always been unnecessarily complicated,” Relay co-founder and CEO Ryan Droege said in a statement. “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 allows brokers to offer flexible payment terms, generate additional revenue streams and improve cash flow management. The tool also simplifies the payment process to existing factoring companies, reducing operational inefficiencies and administrative burdens.

RelayDirect handles over $1.5 billion in annual freight payments, according to the company. The tool allows carriers to receive instant payments, which can be immediately used within Relay’s network. This feature provides carriers with increased financial flexibility and convenience, Relay said.

Relay Payments initially introduced its digital payment solution in 2019 to address the long delays that drivers faced in receiving payment approvals and authorizations. Since then, Relay’s payment network has grown, allowing fleets nationwide to make fast and secure over-the-road payments, including diesel fuel and unloading fees.

In December, Relay Payments announced a partnership with refrigerated trucking company Travis Trucking.

The trucking company deployed Relay’s contactless payment technology throughout its fleet of 55 refrigerated trucks, which deliver food to grocery stores and restaurants. The firm makes more than 150 payments each month.

Travis Trucking said at the time that the partnership increased the firm’s savings, attributing it to the faster turnaround times on docks and guaranteed reimbursements enabled by automating its over-the-road payments.

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