Convoy Now Offers Carriers Faster Payments After Loads
In an effort to help carriers with cash flow, digital freight network Convoy is enhancing its payments service to add money to carriers’ bank accounts within eight hours of load completion.
The company is augmenting its Convoy QuickPay service, according to a Thursday (Sept. 8) press release.
“I’ve seen firsthand how much it costs carriers just to keep their trucks moving, very often spending over $1,000 to fill up their tank,” said Convoy Co-Founder and Chief Experience Officer (CXO) Grant Goodale in the release. “Carriers shouldn’t be penalized with high fees and unfair contracts just to get paid quickly. With this QuickPay expansion, they get just that; no hoops to jump through and no commitments, just the money they have earned, in their bank account of choice, quickly and without hassle.”
The new enhancements to Convoy QuickPay offer carriers the flexibility to get paid within two days at no additional charge, or within eight hours for a 1.5% fee. Everything is handled directly on the Convoy app, and there is nothing new to sign or accounts to open, the release stated.
The news comes five months after Convoy raised $260 million in new funding, bringing the value of the company to $3.8 billion.
Read more: New Funding Values Digital Freight Firm Convoy at $3.8B
The new funding was expected to help Convoy accelerate the development of its efficiency-focused technologies in response to surging customer demand within the nation’s $800 billion trucking industry.
Convoy’s platform applies machine learning models to more efficiently match carriers to loads and connects shippers and freight brokers to a national network of 400,000 trucks through its platform and smartphone app.
In 2020, PYMNTS spoke to Goodale about the shift to digital freight.