Speeding Up Truck Payments: A Look at Instant Payment Tech

In the world of trucking, getting paid quickly has always been a challenge. The freight industry often relies on factoring to ensure carriers get their money fast. But this process hasn't changed much over the years, and it still faces delays, especially over weekends and holidays. One company, Outgo, is trying to change that. They've combined banking and technology to make payments happen in seconds, not days. "When banks transfer money between each other, it can take a while, " says Marcus Womack, Outgo's CEO. "But if we keep everything within our own banking system, it speeds things up. " Outgo uses automation and AI to cut down on the steps needed to approve and disburse payments. Their system is designed to understand trucking documents quickly, allowing for faster decisions. But Outgo doesn't stop at speed. They've also introduced Smart Factoring, which lets carriers factor only the amount of money they need from an invoice. This means carriers save money and can access their funds instantly with a debit card, 24/7. The future looks bright for these instant payment technologies. As Outgo continues to innovate, carriers can expect even more tools to manage their cash flow better.