Convoy Launches Payment Service & Fuel Card for Carriers Nationwide

Convoy, a national digital freight network, launched Convoy Factoring, a new payment service for carriers that provides same or next day payment, with no hidden fees and no lock-in contracts. Powered by Apex Capital, Convoy Factoring offers qualified carriers access to immediate payment at a rate of 0% with QuickPay for Convoy loads and 1% to 2.99% with factoring for non-Convoy loads. A carrier hauling half of their loads with Convoy sees an average rate of 1.45%, which is 57% better than the industry average, saving $7,000 in factoring costs and associated fees.

Additionally, Convoy launched a new fuel card which helps address the single biggest cost to carriers on the road. The Convoy fuel card saves carriers an average of 63 cents per gallon*, which is three times better than the industry average, putting up to $12,000 per truck per year back in drivers’ pockets.

More than 90% of the carriers in the U.S. are small fleets with 10 or fewer trucks. Some of the biggest over the road expenses for these carriers are fuel and factoring. Today, drivers hauling for traditional brokers face a tough decision, either wait up to 60 days for payment or use a factoring service that costs an average of 3.5% and can include hidden fees and lengthy lock-in contracts. A carrier can pay more than $9,000 of their take home pay in factoring and associated fees. Meanwhile drivers are at the mercy of fuel costs and typically pay another $52,000 a year just to fill their tanks.

“Driving a truck is one of the most important jobs across our nation. Yet the vast majority of carriers who work with traditional brokers are forced to wait up to 60 days following a job just to get the money they’ve earned, to cover their expenses and provide for their families,” Dan Lewis, CEO of Convoy, said. “Our continued focus is to help carriers earn more and keep more of their hard-earned pay, while removing many of the day-to-day hassles of the job. Extending Convoy QuickPay to cover non-Convoy loads, with low rates and a best-in-class fuel card, provides the industry’s leading option for savings.”

*63¢ per gallon is based on client transactions using participating truck stops for Q2 of 2020