Redwood Logistics on Tuesday announced it has added payment processing capabilities from TriumphPay.
As Redwood’s primary payment partner, TriumphPay will handle all carrier payments, allowing trucking companies to manage their transactions from one central location. The partnership also will allow the Chicago-based Redwood to expedite payment processing.
“Maintaining Redwood’s vast carrier network is at the core of our strategy and this partnership provides a great opportunity to continue fostering strong relationships with our valued carriers,” said James Liakos, Redwood’s chief financial officer, in a statement.
Liakos added that connecting carriers to TriumphPay is “another example of Redwood introducing innovative technology to our key stakeholders that simplifies their processes and increases efficiencies across the board.”
TriumphPay enables drivers to manage their own payments from any device. Leveraging customizable options, carriers can enter their preferred payment details one time and receive payments how they want and when they want.
Carriers also can set up payments from Redwood in TriumphPay, select their default payment terms, including QuickPay or Standard Pay, and choose from industry-standard payment methods.
“We are extremely pleased to be able to partner with an organization the size of Redwood that allows us to stay on our accelerated growth trajectory,” said Jordan Graft, president of TriumphPay, in the statement.
The company’s technology will enable brokers like Redwood “to do what they do best instead of worrying about payment data security and back-office movement of funds,” Graft said.
Tim Higham
In 5 years or so TriumphPay will have 80%+ of the entire 3PL / brokerage freight payment market. Why anyone would process payments themselves is now a mystery to me.
TriumphPay will process all your payments for free AND the quickpay take-up by carriers rises by something like 30% (I can’t remember the exact number).
Our brokerage, 3PL and shipper customers (at AscendTMS) love it so much that they’ve pretty much closed down their AP departments on the payments side.
Well done to Redwood and TriumphPay!!! This is great progress for the industry.
Tim Higham
CEO
AscendTMS