Convoy now offers Convoy Factoring, a new payment service for carriers that provides same or next-day payment, without hidden fees or lock-in contracts.
Qualified carriers will have access to immediate payment at a rate of 0% with QuickPay for Convoy loads and 1- 2.99% with factoring for non-Convoy loads. Additionally, Convoy launched a new fuel card can save fleets an average of 63 cents per gallon, according to the company.
“The vast majority of carriers who work with traditional brokers are forced to wait up to 60 days following a job just to get the money they’ve earned, to cover their expenses and provide for their families,” said Dan Lewis, CEO of Convoy.
While QuickPay helps carriers to get paid the same day or the next, the no contract lock-in allows them to try the service without risk. The Convoy Factoring process has also been integrated into the mobile app. Convoy partnered with Apex Capital to provide carriers with the new services.
“Convoy was the first to innovate with free QuickPay, allowing tens of thousands of carriers to get paid in two days and with no fees when they drove for Convoy,” said Ziad Ismail, Convoy chief product officer.
The new fuel card will give customers fuel discounts by cutting transaction fees at more than 1,000 participating truck stops. The in-app integration includes an interactive map of truck stops and fuel prices along routes.