Small carriers are the backbone of the freight industry, with 94% of all trucking companies operating with fewer than 11 trucks, according to FMCSA and Uber analysis. This has become even more apparent throughout the pandemic as record-high rates and readily available technology have driven a surge of new-authority carriers into the market. At Uber Freight, we’ve seen a year-over-year increase of more than 300% in new-authority carriers joining our platform.
But starting a trucking company can be expensive, and the costs of running a business add up fast. These challenges, coupled with slow payments on loads, can prevent such small businesses from growing and thriving.
Today Uber Freight is announcing a partnership with global modern-card-issuing platform Marqeta and leading workforce payments platform Branch to bring speed, control, and transparency to the carrier payment experience.
Uber Freight was already leading the industry in timely carrier payments, but by partnering with Marqeta and Branch, we’re enabling carriers to get paid just 2 hours after uploading an approved proof of delivery. This is a 99.7% reduction in wait time from the over-30-day industry standard.
In addition to faster payments, this digital wallet features a fee-free, FDIC-insured checking account and a commercial card specifically designed for faster carrier settlements. The Uber Freight Card, powered by Branch, provides carriers with a free-to-use card to easily spend funds from Branch Wallet, plus fuel rewards to support drivers on their biggest expense.
Our new solution allows us to help small carriers take advantage of benefits typically reserved for larger companies. It’s another milestone in our journey of transforming logistics for businesses of all sizes.
Learn more about the latest features on Uber Freight’s carrier platform here.