LOUISVILLE, Ky. — Carriers looking for an online platform for transactions can turn to LoadPay, the new payment service launched by Truckstop.com at the Mid-America Trucking Show here March 31.
LoadPay, accessible via loadpay.com or on smartphone applications, connects bank accounts to set up online profiles for directing payments.
“Truckstop has always wanted to be everywhere in transportation,” said Roxanne Bullard, director of research at Truckstop.com. Speaking to Transport Topics, Bullard explained the firm launched LoadPay to assist carriers with managing their cash flow and gaining a clearer picture of upcoming payments.
LoadPay also assists brokers in myriad ways. For instance, when it comes to carriers, LoadPay offers control over payments without relying on a factoring service, and it offers visibility of transactions. For brokers, LoadPay streamlines accounting work by doing away with checks, wires and advances to carriers. The system also decreases fraud and enhances security.
“With upfront transaction costs and a single financial institution collecting, storing, and issuing payments, we believe LoadPay offers a simple, valuable and transparent service to both carriers and brokers alike,” the firm noted.