If the transportation industry is the heartbeat of the United States economy, accounting for 536.4 billion as of the second quarter of 2022, then truck drivers are the backbone.
With so many of the nation’s truck drivers being independent owner-operators leveraging less than five trucks, margins are important. In fact, margins are tightening. In an effort to get more qualitative and quantitative data about the effects that these margins are having on truck drivers, TriumphPay recently conducted a survey of over 650 truck drivers. In this survey, two results stood out above the rest.
When asked, “Have you (truck drivers surveyed) made more money in 2022 than 2021?”an overwhelming 78% said no. With average invoice declining, freight slowing, fuel costs rising, and other influential variables, this result was not surprising to our analysts here at TriumphPay.
We also asked drivers, “How quickly do you typically get paid post-freight delivery”? Of the 650+ drivers surveyed, 38.6% said they were paid nearly instantly. This result is encouraging because if we had conducted this survey ten years ago, this percentage would have been close to zero.
The remaining percentages, however, are concerning for several reasons.
The results showed that 61.4% of truck drivers are still engaged in a payment cycle that can take anywhere from 7 – 91+ days.
Waiting this long for payment can cripple an owner-operator’s business. Payment delays, compounded with out-of-pocket expenses like truck loans, fuel, repairs, and insurance, have created a dire situation for truck drivers and carriers.
Margins are tight, and truck drivers need to be paid faster. TriumphPay’s QuickPay can help.
What is QuickPay?
QuickPay from TriumphPay empowers truck drivers and carriers to get paid in less than 24 hours once an invoice is approved. On our platform, drivers and carriers can connect with over 80 brokers on TriumphPay, complete their paperwork, manage invoices, track payments, get paid quick.
Why Should Truck Drivers Consider QuickPay Through TriumphPay?
QuickPay helps carriers and drivers take control of their cash flow to help keep them on the road.
Drivers can elect to get paid with QuickPay on an invoice-by-invoice basis or sign on as a Select Carrier to take QuickPay for all their invoices. Select Carrier helps carriers receive the best available discounted QuickPay rate on all their loads with participating brokers.
How Can You Sign Up for QuickPay?
To register for QuickPay, visit TriumphPay.com and create your carrier profile. If you already have an account, visit TriumphPay.com/login.
When the carrier profile is completed, users can begin to leverage the TriumphPay dashboard. On the dashboard, users will be able to access a list of their brokers. Carriers will be able to enroll on a default basis with each of their brokers. You will also be able to enroll with Select Carrier, helping you expedite the payments process with QuickPay.
The best way to expedite payment using QuickPay is to ensure you complete your payment preferences and input your preferred payment method within TriumphPay.
Users who join the Select Carrier program will often receive payment as soon as their broker approves their invoice.
