Uber Freight partners Marqeta and Branch to bolster payments for the logistics and transportation industries. The partnership is to expand its offerings and extend the speed, control, and transparency to the carrier payment experience.
Uber Freight’s driver-centered carrier tools empower and ease trucking companies and drivers way of booking loads and management of their businesses. Marqeta’s modern card issuing platform and Branch’s digital wallet will enable Uber Freight make payment to carriers faster (two hours after approved proof of delivery, a 99.7% reduction in wait time) with no additional cost than the industry standard where there is a long wait of 30 days or more for the traditional accounts payable process.
“We’re seeing growing demand for faster payments that better reflect the real-time nature of today’s workers,” said Renata Caine, SVP of International, Strategy and Planning, Marqeta. “Uber Freight is a leader in the transportation industry and their deep knowledge of logistics makes them a fantastic partner to bring our modern card issuing and Branch’s accelerated payments to a new market.”
According to the press release, the American Trucking Association observed that the U.S. trucking industry is responsible for transporting 70% of all goods in the country and the industry’s total revenue reached $879 billion in 2020 but the pandemic, with its mass jump in eCommerce purchases, has put more pressure on shipping companies to satisfy customers and improve the experience for carriers in an increasingly competitive industry.
“We started Uber Freight with a commitment to empowering carriers of all sizes to get the most out of their workday. We were first to market with transparent pricing and have grown to support the world’s largest network of digital carriers,” said Lior Ron, Head of Uber Freight. “This partnership allows us to continue building our suite of carrier-first tools and offer the small carriers on our platform — the mom and pop shops and new authority carriers just starting their businesses — the opportunity to take advantage of lightning-fast payments, fuel discounts, and other benefits typically reserved for larger carriers. We’re proud to give underserved carriers this competitive edge and help them grow their businesses.”
In addition to faster payments, Branch’s digital wallet features a suite of financial services to help carriers grow their businesses including a fee-free, FDIC-insured checking account and a commercial card specifically designed to enable the fastest carrier settlements in the trucking industry. The Uber Freight Card powered by Branch provides Uber Freight carriers a free-to-use card to easily spend funds from the Branch Wallet, and fuel rewards to support drivers on their biggest expense.
Uber Freight is setting a new standard in the payments experience for the trucking and logistics industry. “With more independent owner-operators than ever, we’re thrilled to partner with Uber Freight and Marqeta to empower a new generation of entrepreneurs with faster payments, increased cash flow, and financial services tailored to carriers’ and drivers’ unique needs.” said the CEO of Branch, Atif Siddiqi.“
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