Marqeta is a platform where companies can issue and manage personalized card programs. Recently, it has decided to become partners with Branch, a reputable platform for workforce payments. Uber Freight is partnering with these two giants of the finance industry to streamline its payment process. The reliability and swift payments will bring carrier-first financial services to the transportation and logistics industries through Uber Freight.
Uber Freight provides tools to shippers and carriers. Those tools empower trucking companies to manage their business and their drivers for booking loads. Uber Freight partnered with Branch and Marqeta to broaden its services and increase the pace, control, and visibility of its carrier payment experience.
Through Marqeta and the digital wallet of Branch, Uber Freight will be able to pay the carriers faster compared to others, while avoiding unnecessary expenditures. Usually, the payable process for accounts is 30 days or more. However, carriers on the Uber Freight platform will get the payment 2 hours after receiving the approval, which is a 99.7%-time reduction.
According to Renata Caine, SVP of International, Planning and Strategy of Marqeta, the demand for faster payments is increasing, which shows the preference in payment style for the current workforce. He also stated that Marqueta is well aware of the position of Uber Freight in the industry of transportation. The in-depth logistic knowledge of Uber Freight provides an attractive expansion avenue to Marqueta. It will help them bring their newly issued cards and the accelerated payments of Branch into the logistics and transportation industry.
American Trucking Society has stated in their terms of rules and regulations that the trucking industry of the U.S has the responsibility for the transportation of seventy percent of the country’s goods. In 2020 they earned a profit of up to $879 billion. Driver experiences have remained the same despite the technological advances in the industry.
The purchases made during the COVID-19 pandemic through e-commerce reached a high of $792 billion, based on the sales data reported by retailers. It puts a tremendous amount of pressure on the companies dealing with the shipping as they are responsible for satisfying their customers. They also have to make improvements in the experiences for carriers delivering their goods.
This partnership is a great solution to work with the rapid increase in the small carriers. It will help provide the carriers a continuous cash flow and give them confidence to make bigger investments. This will support them financially, allowing carriers to run their business smoothly and grow efficiently..
Quoting Lior Ron, Uber Freight’s Head, the purpose behind its existence was to support carriers of all sizes. By doing this, Uber Freight will allow carriers to get the most out of their workday. They have transparent pricing and have reached a point where they can support the most extensive digital carriers of the world. They are the first logistic company in the market to have such a level of transparency.
They realized that this partnership would enable them to build more tools for carriers as well. This allows them to offer their platform small carriers and businesses, including the small shops and startups. This will give them the benefits of fuel discounts, faster payments, and other benefits which are usually reserved for larger carriers and businesses. Uber Freight has touted their ability to provide small carriers a competitive edge and to allow them to grow their businesses rapidly.
The digital wallet of Branch helps facilitate faster payments. It offers secure financial services, which is excellent for carriers because it helps their business grow. It also includes a checking account insured by FDIC. Branch issues a commercial card made especially for enabling the most rapid settlements in the trucking industry for carriers.
The Branch-powered Uber Freight Card is free to use by the company’s carriers. It will allow them to access funds in the Branch digital wallet with ease and reward drivers with fuel bonuses to help them with their largest expense.
The CEO of the Branch, Atif Siddiqi, said that Uber Freight is doing a great job in creating high standards for logistics and trucking industries. He was satisfied with the considerable visibility and customization it offers carriers in load booking. Atif Siddiqi believes that entrepreneurs will benefit significantly from these new partnerships and technologies. It will enable faster payments and improve cash flow for both carriers and drivers within the system.
Branch’s optional cards and digital wallets assist companies in making payments to contractors on the spot and helping them bring access relevant information in a convenient manner. These optional cards and digital wallets enable users to have a more consistent and streamlined experience with payments.
There are several benefits for contractors that will sign up directly with Branch. They will get access to their zero-fee account, receive payments on the completion of their job instantly, and get finance tools to manage their cashflow.