Truckers are the lifeblood of the national supply chain and transportation companies. Yet, they have been unfairly pressured and taken advantage of concerning the industry-wide standard of per-mile payment. The recent push for reform and a move toward fast cash for truckers has emerged as a new payment option. According to a FleetOwner article, driver compensation has long made up the most significant chunk of a fleet’s cost-per-mile fees and rates. Early 2020 analysis showed that private fleet drivers were paid approximately $1.35 per mile while for-hire drivers were paid only 69.3 cents per mile. Yet, inflation throughout the market makes it harder for truckers to maintain positive cash flow. Perhaps the most significant indicator of such inflation is rising on-highway diesel fuel prices. According to the Energy Information Agency (EIA), are at least $1.17 more in March 2022 compared to March 201. To keep the supply chain moving, improve freight broker relationships, and keep drivers from leaving for better-paying jobs.
Why Do Carriers Need Fast Cash for Truckers?
Driver income and company benefits continue to rank among the highest operational costs for commercial carriers. It likewise is an ongoing issue of concern for drivers, especially considering the growing shortage and driver capacity limits. The shipping and transportation industry’s standard per-mile compensation structure is often inconsistent, confusing, and unfair for drivers to further compound the already pressing problem. The concept of fast cash for truckers aims at providing a fair and unified pay scale for all supply chain drivers with a more equitable and balanced approach to transportation and freight finance and payments.
- Take a moment to think about all the problems that may arise from poor cash flow:
- Inability to take on additional loads.
- Limited view of total profitability versus costs.
- Failure to determine which loads are best suited for availability.
- Poor managing of fuel expenses.
- Failure to pick up and deliver on time and in full due to constant worry over the books.
- Rising costs of meals, parking, and maintaining a CDL.
Of course, these are only a few ways inflation affects truckers. Without quality options for fast cash for truckers, the issue with inflation and staying profitability will only worsen. Further, limited insight into costs and poor profitability will push more trucking companies closer to the endgame decision, shutting down operations entirely. If the industry hopes to avoid a repeat of 2019, boosting cash flow today is the only solution.
What Are the Benefits of Quick Pay for Truckers?
The relatively new payment concept of fast cash for truckers can improve broker-carrier agreements, lessen the hassle of invoicing, and improve driver relations in many ways:
- Shorter turnaround times on loads and deliveries of all types.
- Increased access to multiple shipping and transportation modes.
- More driver loyalty for long-term contractual partnerships.
- Increase in the number of drivers entering the market and remaining.
- More expansive talent pools of drivers that want quick pay for truckers.
- More profits for drivers that are equal to their actual workloads.
- Increased productivity and collaboration in the network.
- Higher yields and lower expenses across the supply chain network.
Tap the Value Quick Pay Programs With Integrated Load Board and Freight Payment Services of ComFreight
Fast cash for truckers is a new payment concept that could revolutionize essential processes for transportation companies across the market. Better pay for drivers means better services and better results across the board. Improving working conditions for drivers can have a far-reaching effect on the supply chain network. Discover the value of quick-pay programs with a more integrated and collaborative payment service. Request a demo of ComFreight’s HaulPay today to get started.