Meadow Lark Agency has partnered with OTR Solutions on carrier payment systems.
The strategic partnership will allow OTR Solutions’ back-office services to support Meadow Lark’s carrier payment process, giving Meadow Lark carriers access to favorable terms, the companies said in a Friday (July 7) press release.
“This carefully curated partnership with OTR Solutions allows us to enhance our operations with their precise plan for carrier invoice management,” Meadow Lark CEO Amanda Roth said in the release. “It is a cornerstone in our strategy to reinforce operational excellence and financial resilience, starting with ensuring our loyal carrier base that they will be brought up to date on all payments owed.”
With the availability of OTR Solutions’ factoring program, Meadow Lark carriers will gain access to 21-day payment cycles for new invoices, 3% two-day Quick Pay options and other terms, according to the release.
This program from OTR Solutions, which is a factoring and trucking technology company, will be added to the complete array of integrated services Meadow Lark offers as a third-party logistics (3PL) firm, the release said.
“The transportation industry, especially carriers, are no stranger to difficult times,” OTR Solutions CEO Fritz Owens said in the release. “The Meadow Lark family of companies are a staple in this industry. We are excited to bring Meadow Lark’s capabilities to the next level and allow their business to continue moving forward.”
As PYMNTS reported May 24, uncertain consumer demand and retailers pulling back on orders from manufacturers and suppliers have caused ripple effects through the middle and last mile.
For truckers, the prospect of better cash flow visibility through instant payments may prove a key tool amid this volatility.
There’s a compelling case for digital innovation in a trucking industry that is run largely by small operators and that nearly every other business in America depends on, BasicBlock CEO and Co-Founder Taylor Monks told PYMNTS in an interview posted in February 2022.
One challenge these trucking companies face is that they often don’t get paid for 30 to 45 days, Monks said.
“Trucking is a pretty cash-intensive business, so they just can’t do that,” Monks said. “Factoring is not anything new, candidly. It is a very simple business; it’s time value of money.”
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