Carriers that work with 50 different brokers must often learn 50 different ways to communicate and get paid. Each broker may or may not offer a QuickPay option, and each broker might be offering that option at a different rate.
To this end, TriumphPay set out to solve this complexity with a program designed to provide a consistent and competitive QuickPay rate across the TriumphPay network. By opting into the program, a carrier no longer has to worry about managing payment terms on every broker relationship. As an added bonus they will be eligible for additional benefits from TriumphPay and their industry partners.
“We want to provide a consistent and professional level of service so carriers don’t have to learn something new every time they haul for a new broker,” said Garret Wolfe, VP of product management at TriumphPay. “We do the work to make sure that we are providing an amazing experience and QuickPay program to carriers of all sizes.”
Each day over the past few months, 100 carriers have been joining the Select Carrier program — and for free. Over 6,500 carriers have joined and gotten paid using QuickPay on every load through TriumphPay brokers.
While the Select Carrier discount rate starts at 2%, larger fleets may be eligible for a lower rate depending on the number of loads they haul for TriumphPay brokers. Alongside discount rate consistency, carriers also gain access to a dedicated support team.
The new feature creates a win-win situation for carriers and brokers as it increases brokers’ monthly QuickPay revenue and bolsters carrier satisfaction and loyalty. Receiving one consistent discount rate makes it easy for carriers to choose QuickPay over their factoring options.
“It’s pretty attractive compared to factoring as an alternative,” said Wolfe. “There’s no chargebacks. It’s a guaranteed payment if they’re on our platform, and they’re going to get it for 2% or less. They don’t have to do anything for it. This is very much a set it and forget it model.”
As more carriers join the Select Carrier program, they are automatically on a broker’s QuickPay program without additional legwork from the broker. All 270+ TriumphPay brokers benefit from the combined network effect of marketing QuickPay to carriers together.
When TriumphPay released the Select Carrier program in its beta phase, a small team offered it to hand-selected carriers and requested feedback regarding the program’s value, usability and whether it makes their lives easier.
“As soon as we felt comfortable with how resounding that ‘yes’ was, we opened this up and allowed anybody that’s registered on TriumphPay to sign up for it with just two clicks,” said Wolfe. “They can start taking advantage of it immediately.”