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Trucking Industry Payment Solutions Roadmap

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Over the last few decades, payment processes have seen a gradual yet incremental evolution, with consumers pushing companies to put in place more innovative methods.art-artistic-background-251287

The Evolution

  • In the 1950s, payments were completely cash-based.
  • In 1971, Comcheck was introduced, a document that resembled a physical paper check. The driver had to retrieve an express code via telephone.
  • Checks gave way to the fuel card system which provided a high level of control, security and the possibility of tapping the data streams that came with every transaction.

The Data, Security and Mobilization Future

  • Data is now captured across various mediums like ELDs, GPS systems, track-and-trace and through sensors that monitor the 360-degree health of a truck while on the road.
  • Integrating this data can improve security, i.e. if a vehicle drives X number of miles, the fuel tank level can be calculated and the gallons needed for the next transaction can be estimated, preventing fraud.

This apart, industry experts believe mobilization is critical – and expected – in the era of e-commerce trucking companies “must realize, accept and use the desktop banking experience and functionalities of cell phones, and most importantly, design their systems in ways that are easily accessible to fleets and drivers a like.”

SOURCE: freightwaves.com, 4/4/19

 

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