While many trucking companies still use paper checks and automated clearing houses, some are moving to a more cost-effective and convenient way to send truckers their money. Branch offers a free digital payment process that gives drivers quick access to their earnings.
The app provides inclusive financial services to both W-2 and 1099 workforces by functioning as a digital wallet for drivers to access their funds in seconds.
Many trucking companies are still seeing turnover percentages in the 90s. Branch provides them the ability to attract and retain more talent by creating more attractive working conditions with better tools and processes.
“We enable workers to improve their cash flow by getting payments from companies they work for faster and on top of that, we want to build a suite of financial services to help them along the way,” said Atif Siddiqi, founder and CEO of Branch.
Siddiqi believes there is a financial technology void in the freight industry that Branch can fill.
“In freight and logistics, the delay in payments could be more than just biweekly, it could be up to 60 days,” Siddiqi said. “Getting the money faster helps those in trucking to grow their business and meet their needs on the road.”
Drivers have access to the Branch Wallet, a digital wallet backed by a fee-free checking account — all from their smartphones. Along with Apple Pay and Google Pay, drivers have the option for a tangible debit card.
“Our payment time has a 99% reduction in payment wait time for drivers,” Siddiqi said.
Branch has recently added a new feature to the digital wallet — fuel rewards. This allows drivers the ability to get reward for money spent on diesel fuel.
Regarding security, Siddiqi added that normally truckers would have to enter their DOT numbers in order to make purchases at truck stops, specifically fuel, causing them to have to go inside gas stations rather than staying at the pump. The Branch card can be swiped at the fuel pump while Branch secures this purchase by conducting a biometric check at the time of purchase — allowing for a secure and convenient process overall for drivers.
“We wanted to create a frictionless experience for drivers and of course, security has always been top of mind,” Siddiqi said.
While investing in financial technology is important in industries like the freight industry, Siddiqi added that there are some challenges.
“We really want to maintain the user experience and challenge the status quo simultaneously. We want to make sure that we are speaking to those in the industry who are still stuck in old processes and haven’t quite caught up with new technologies,” Siddiqi said. “It’s important to educate not just why it’s important but also how it can save costs for the company by reducing overhead with digital methods.”
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