Funds disbursement for services engaged is an exhaustive process for both the payers and the payees, as there are a lot of regulatory processes to be contended with – costing people time and energy. Though the technology surrounding instant payments have evolved in the last decade, a lot of companies still remain bogged down by red-tape and middlemen, hampering relationships and clouding cost visibility.
TransCard, a SaaS-based funds disbursement and management platform has introduced a new incentive payout platform, which allows 3PLs, drivers, and carriers to pay their representatives instantly when they achieve their incentive goals. The company’s platform simplifies payment processes for organizations by fostering a direct relationship with financial institutions and creating transparency in revenue and cost.
“We digitally process payments and enable a very cost-effective and easily manageable platform for disbursers and a flexible self-service option for our recipients,” said Chris Fuller, President of TransCard. The company’s solution can automate the payout and can be integrated with an existing TMS, while reporting to the company and its employees seamlessly.
“The incentive payments are real-time and could be for anything, like for example, getting a load on time. It could be the dispatcher, truck driver, or the shipper – there are many different use-cases, but the key is to drive open API platforms to utilize real-time incentives,” said Greg Bloh, CEO of TransCard.
When TransCard was founded in 2012, it looked broadly at the then-prevalent disbursement methodologies and realized that a lot of businesses were heavily reliant on cheques and other antiquated methods for the process. “An underlying trend in the industry now, both from corporations and recipients, is to look at electronic ways to facilitate and receive funds,” said Bloh. “That was the genesis of our platform – to look at the business requirements, both from the disburser’s perspective and the recipient’s perspective.”
With the collective knowledge and insights about the trucking industry and the unique demands that exist in the same, TransCard understood that incentives are key to keeping the employee and driver satisfaction levels up and this led the company to create a platform that specializes in funneling incentives out to the truckers.
Over the six years of being functional, TransCard has evolved to having high functionality and currently operates a large volume of payments across its platform, making it very scalable. The company is fully compliant with the financial regulations and also the federal and state regulations dealing with the disbursement of funds.
“We have about 1600 different applications of our platform over different industries, that cut across everything from insurance casualties, pharmaceutical manufacturing, automotive company incentive payments, all the way to the hospitality industry,” said Bloh. “We have over 250 issuing banks, 1000 clients of which many are blue-chip clients, and we process about $1 billion worth transactions a year.”
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