Trending

    Fantasy sports supply chains and double-brokering bandits – WTT

    August 19, 2022

    Drivers unable to get fuel on TCS fuel cards

    August 19, 2022

    Tesla Semi going through some changes?

    August 19, 2022
    Facebook Twitter Instagram YouTube TikTok
    Facebook Twitter Instagram YouTube TikTok
    Back The Truck UpBack The Truck Up
    Subscribe
    • Home
    • Blog
    • Videos
    • Shows
    • Pods
    • Home
    • Blog

      Fantasy sports supply chains and double-brokering bandits – WTT

      August 19, 2022

      Drivers unable to get fuel on TCS fuel cards

      August 19, 2022

      Tesla Semi going through some changes?

      August 19, 2022

      Will ocean rates sink below $4K? – WTT newsletter

      August 18, 2022

      What will peak freight season look like?

      August 18, 2022
    • Videos

      Fantasy sports supply chains and double-brokering bandits – WTT

      August 19, 2022

      Mo’ money, less problems? WTT Live from Supply Chain Meets FinTech – WTT

      August 17, 2022

      Importers digging themselves deeper holes – WTT

      August 15, 2022

      Uber Freight’s road map to autonomy

      August 10, 2022

      Earn up to $0 a mile – WTT

      August 8, 2022
    • Shows
      1. WHAT THE TRUCK?!?
      2. America On 18 Wheels
      3. Get Loaded
      4. Back The Truck Up
      5. View All

      Fantasy sports supply chains and double-brokering bandits – WTT

      August 19, 2022

      Will ocean rates sink below $4K? – WTT newsletter

      August 18, 2022

      Mo’ money, less problems? WTT Live from Supply Chain Meets FinTech – WTT

      August 17, 2022

      Importers digging themselves deeper holes – WTT

      August 15, 2022

      The Future Of Supply Chain Part 3: Driving On Demand – A18W

      May 26, 2022

      FOSC22 Part 2: The Philanthropic Side Of The Road – A18W

      May 19, 2022

      The Future Of Supply Chain Part 1: Friends Old And New – America on 18 Wheels

      May 12, 2022

      Convoy and Starlight Transportation: Together For the Long Haul

      April 14, 2022

      Get Loaded in Indianapolis w/The Dude

      August 12, 2022

      Cinci has loads and rates!

      August 5, 2022

      Charleston, SC has freight and does NOT suck

      July 29, 2022

      Get Loaded in Seattle?

      July 22, 2022

      How to start a business right! – BTU Podcast

      August 17, 2022

      Billy Randel: Organizing a movement to address the strife port truckers face – BTU Podcast

      August 11, 2022

      Rachel Premack: From courtesy clerk to Editorial Director – BTU Podcast

      August 4, 2022

      Trucker independence with NJ port driver Richie Resek – BTU Podcast

      July 28, 2022

      Fantasy sports supply chains and double-brokering bandits – WTT

      August 19, 2022

      Will ocean rates sink below $4K? – WTT newsletter

      August 18, 2022

      Mo’ money, less problems? WTT Live from Supply Chain Meets FinTech – WTT

      August 17, 2022

      How to start a business right! – BTU Podcast

      August 17, 2022
    • Pods
    • Home
    • Blog
    • Videos
    • Shows
    • Pods
    Back The Truck UpBack The Truck Up
    • Home
    • Blog
    • Videos
    • Shows
    • Pods
    Home » Blog » MasterCard throws down the gauntlet in trucking payment services 
    FreightTech Trucking

    MasterCard throws down the gauntlet in trucking payment services 

    Near-instant post-delivery payments! And no, it’s not factoring
    RoosterBy RoosterMay 10, 2022No Comments4 Mins Read
    Facebook Twitter Pinterest Reddit Telegram LinkedIn Tumblr VKontakte WhatsApp Email
    Mark Brousseau, Product Marketing Consultant for Transcard and Paulo Fernandes, Vice President of Strategic Partnerships for Mastercard Worldwide
    Mark Brousseau, Product Marketing Consultant for Transcard and Paulo Fernandes, Vice President of Strategic Partnerships for Mastercard Worldwide Photo: Jim Allen | FreightWaves
    Share
    Facebook Twitter Reddit Pinterest Email

    BackTheTruckUp Exclusive: 30 Minute Sit-Down Interview with FreightX

    FreightX, a new “near-instant” payment solution for drivers and trucking companies, debuted during the Rapid-Fire Demo sessions on the second day of the Future of Supply Chain. 

    No more waiting 72 hours on a factoring service to send your funds. No more missing paying a bill on time due to slow banking services, since you can build a digital billing file that generates your terms and FreightX can pay it out for you. 

    Get you money for a job well done, now

    I had the opportunity to sit down with Mark Brousseau, Product Marketing Consultant for Transcard and Paulo Fernandes, Vice President of Strategic Partnerships for Mastercard Worldwide.

    We had a 30-minute discussion about the platform and how FreightX can be a huge benefit to drivers. For the last few years, freight payments have been led by factoring services such as Thunder Funding, Apex Capital and OTR Capital. Folks, one of the biggest financial technology companies in the world has dropped a big gauntlet. 

    Hopefully, no more getting short changed by unscrupulous individuals. Any attempt to do try the ‘ol switcheroo in rates while you’re being unloaded won’t fly. FreightX has representatives and automation monitoring the transaction. Having Mastercard’s fraud protection service on call might make some think twice about pulling a fast one.

    It’s the same system we use now, but no waiting on the factoring

    FreightX pulls from TransFlo, Pegasus and other scanning solutions. They have the rate contract (ratecon), the GPS data to prove detention, and the bills of lading (BOLs). As soon as the signed BOL is entered into the application, FreightX will pay out to the companies and drivers as a neutral third party.

    On the flip side, drivers that drag around getting to docks an hour late and have bad attitudes might want to clean up their acts. It’s not just your business credit that FreightX will be looking at. They’re looking at your carrier work performance and reviews. Want a boost to your credit line for new equipment? Making on-time deliveries, submitting paperwork as soon as the ink is dry, and keeping a clean company image are just as important as your Experian business credit rating. Whereas most credit reports are updated every three to six months, FreightX’s work rating will be up to the day.

    Drayage drivers rejoice, one less headache for you guys

    And FreightX is not just for the OTR crowd, it is building for the port drayage industry (rejoice @NJPier). Anything to help make the madness of the drayage experience faster, I think all would welcome. 

    FreightX is working on the billing side (and hopefully that darn container scheduling problem) to get payouts to drivers as soon as they drop the container off. I mean literally as soon as the container leaves the frame. FreightX is using the massive Dubai Port as the test case. If they can make it work at one of the world’s largest freight hubs, they can’t get it to LA/Long Beach and the Port of NY/NJ fast enough. 

    In closing, I’m damn impressed with what Mastercard/FreightX are creating. It’s a simple, no-nonsense interface built on a modern platform. There is no reason in this digital-everything age that instant financial transactions cannot occur. It brings memories of old cash-in-hand transactions, without the need to drop off a check to the company. You can move on to the next shipper knowing you were paid fairly and completely. No haggling over detention pay since  your location is verified and time logged! 

    I’ll check in with the team at FreightX in a couple of months for an update and see how the operation is going.

    Read more by Rooster and follow me LIVE at Future of Supply Chain

    driver pay FinTech FreightX Mastercard
    Share. Facebook Twitter Pinterest LinkedIn Reddit Email
    Previous ArticleAmazon Freight talks about the struggles of COVID and maintaining workflow
    Next Article Wait times drop 17 minutes in 2022
    Rooster
    • Website
    • Facebook
    • Twitter
    • Instagram
    • LinkedIn

    Rooster is a 15 year trucking veteran, farm boy, writer, and adventurer. I bring a mix of absolute chaos and down to Earth reasoning to the table. Known to be a little eccentric and have a dire need to get his point across. Beware of flying "Giga-Chugs" and lab coats!!!

    Related Posts

    Drivers unable to get fuel on TCS fuel cards

    August 19, 2022

    Tesla Semi going through some changes?

    August 19, 2022

    Will ocean rates sink below $4K? – WTT newsletter

    August 18, 2022

    What will peak freight season look like?

    August 18, 2022
    Add A Comment

    Leave A Reply Cancel Reply

    This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

    © 2022 Back The Truck Up.
    • Home
    • Blog
    • Videos
    • Shows
    • Topics

    Type above and press Enter to search. Press Esc to cancel.