Blockchain Logistics Startup Fr8 Network Announces Partnership with PayMachine
Fr8 Network, a blockchain-based logistics technology provider for the US trucking industry has partnered with PayMachine to provide rapid, low cost payment services to truckers on the Fr8 Network marketplace.
SAN FRANCISCO, May 9, 2019 /PRNewswire-PRWeb/ -- On Monday May 6th, Fr8 Network Inc - a revolutionary blockchain-based logistics technology company - entered into a partnership with PayMachine, a leading provider of enterprise payroll services.
The goal of the partnership is to integrate PayMachine's on-demand payroll services to improve the experience of shippers and truckers operating on Fr8 Network's marketplace.
Currently, truckers who choose to factor their invoices in the United States, a process whereby the trucker will sell the payment obligation to a 3rd party financier, will expect to lose from 2-5% of the invoice's value. In exchange, the trucker will be paid in a much shorter time window.
90% of the US trucking market is small owner-operators who suffer cash-flow issues when customers pay 30-90 days after the shipment is complete.
Sloane Brakeville CEO of Fr8 Network adds, "Most truckers have come to expect that working with digital-first brokerages means they get paid fast. PayMachine helps us take that to the next level and pay truckers immediately upon delivery."
By using the Fr8 Network Marketplace, trucking companies will be exposed to tools that record the major transactions in a shipment. As designed, receipts of bills of lading, digital proofs of delivery, and real-time IoT data from trucks are available to financiers on the Fr8 Marketplace.
This rich data set allows PayMachine and other financiers to make confident decisions on the likelihood of the invoice being paid on time - or if an exception will occur and delay the settlement.
"Proof of delivery technologies and the transparency of smart contracts within the Fr8 Network provide the assurances required for PayMachine to pay Truckers upon delivery," said David Howitt, Head of Business Development at PayMachine. "The Fr8 Network and PayMachine partnership will have an instant impact on the trucking industry."
ABOUT PAYMACHINE
PayMachine is leveraging technology to accelerate payday. They are bringing user-friendly automation, financial capital, and smart contract data access to unblock the payday process and provide earned income to ALL of your workforce, on-demand.
ABOUT FR8 NETWORK
Fr8 Network is transforming global trade through blockchain-enable solutions. Lead by CEO Sloane Brakeville, an Ex-IBM Blockchain Labs Founding Member, the unique design of the Fr8 Marketplace gives Fr8 Network's applications and 3rd party marketplace members unprecedented data access. The first application on the marketplace is live. Visit Fr8 Network's website to learn how you can make sure you're only working with the world's best carriers.
SOURCE Fr8 Network
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