Electronic payments processing provider Relay Payments has entered into an agreement with less-than-truckload carrier Old Dominion Freight Line (NASDAQ: ODFL) to streamline payments for its more than 10,000 drivers as well as its customers.
Relay’s platform will automate the payment process for Old Dominion, digitizing reimbursements and eliminating paper receipts. The Tuesday press release said the agreement will also cover the 800 new drivers the carrier is adding to its network.
“Working with Relay Payments has allowed us to remove tedious and manual steps throughout the payment process and modernize the way we do business with our customers,” said Todd Polen, VP of pricing at Old Dominion.
The relationship allows the carrier to process millions of dollars in payments each year, realizing “millions in savings through data integration, digitalization of receipts and simplified reimbursements,” Polen added.
Venture-backed Relay’s payment network provides electronic lumper payments for the transportation, logistics and supply chain industries. The platform processes more than 150,000 payments monthly for many of the industry’s largest carriers and brokers.
The company recently closed on funding rounds equaling $43 million.
“Old Dominion is a leading LTL carrier in the U.S. who, like many of its peers, was challenged with manual payment processes that created a suboptimal experience for its customers. Our goal was to design an end-to-end solution which eliminated the use of paper-based payments and introduced operational efficiencies and increased revenue for the organization,” said Spencer Barkoff, Relay co-founder and president.