As the U.S. faces extended disruptions in its supply chains and driver shortages, Uber Freight has launched a new solution to pay carriers significantly faster than the industry standard. Since launching in 2017, Uber Freight has over 70,000 carriers in its network and thousands of shippers as customers.
The problem: The traditional accounts payable process has carriers waiting 30 days or longer to get paid for a delivery. That puts a strain on cash flow for a small business that has upfront costs like fuel and vehicle upkeep. Plus, at a macro level, the driver population in the U.S. is aging — the current strain on the supply chain requires more drivers and better financial solutions for them to run their businesses.
The solution: Rather than waiting 30 days or longer for the traditional accounts payable process, carriers on Uber Freight can now get paid two hours after approved proof of delivery. The new payments products and rewards come via a partnership with Branch and Marqeta that was announced at last week’s Money 20/20 Conference.
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