Businesses that embrace new technologies thrive in any industry and those that don’t, risk becoming outdated. While the physical transportation of goods across cities, state lines, countries, and continents is unlikely to be replaced by digital processes, technological innovations can help the freight and logistics industry address some of its unique challenges and thrive through times of adversity.
We recently published a white paper in collaboration with FreightWaves outlining how this can play out and the role digital accounts payable (AP) tools will have in it. You can sign up to receive the full white paper here or read on to hear more about it.
The unique pains of freight
The freight and logistics industry has its fair share of challenges, and requires unique tech solutions.
Challenge #1: it’s long-distance
In freight, you’re either working on the road or working with people who are on the road. This makes direct contact tricky, as relying on papers or even phone calls across geographies and time zones is not always realistic, especially when time-sensitive deliveries are at stake.
Challenge #2: personnel shortage
Not enough people are willing to embrace the physically and emotionally demanding lifestyle of living on the road. Excellent terms and special incentives are crucial to encouraging people to choose this career path.
Challenge #3: small businesses are big
While freight has its share of massive players, most of the industry is still made up of small and medium-sized businesses (SMBs). These smaller players are more prone to cash flow issues and are especially vulnerable to delays and price hikes.
How new payment solutions can help anyone in freight
Recent technological developments in payments and finance can help businesses in the freight industry overcome significant hurdles and thrive even during challenging times.
Whether you’re a broker, a forwarder, or a truck driver, digital payment solutions offer something for every professional in freight.
Here are some features to look out for:
- Instant payments
- Fast pay
- Flexibility and choice
- Visibility and control
- Compatibility with any device
- Credit card payments
- All-in-one platform
Want to learn more about the future of freight and the role digital payment tools will play in it?
Sign up to get access to the full white paper by Melio and FreightWaves.