Truckers Need to Get Paid Faster:
A History of Electronic Payments in Trucking
Truckers need to get paid faster, especially during these trying times. That means electronic payments because paper checks are rapidly becoming a relic in today’s world of instant gratification and fast-moving money.
The new blynk™ digital payment system from Apex Capital Corp allows Apex factoring clients to get paid in minutes with speed, ease, and security after their freight invoices are processed. This makes Apex Capital the first factoring company to offer this type of proprietary payment service to clients.
With blynk™, Apex is helping to revolutionize B2B payments in trucking, which has been slow to adopt more modern methods. For example, fuel card checks are still prevalent, but even with some improvements over the last few years they still lag other technologies in adoption and convenience.
blynk™ Now Part of the History of Digital Payment Systems
blynk™, designed specifically for truckers who are Apex factoring clients, is a recent addition to the history of digital business-to-business (B2B) payment systems. Let’s take a walk down memory lane and check out digital B2B payment platforms through the years.
DDA transfers – A demand deposit account (DDA) is essentially a checking account and it dates all the way to the 1500s. This concept of needing immediate access to funds led to the paper check in the 1700s, and eventually to the electronic process of moving money from one DDA to another.
Wire transfers – In 1871, Western Union debuted the electronic fund transfer and the following year the first widely used wire transfers were launched on the company’s existing telegraph network. Today bank-to-bank wire transfers are common and federally regulated.
ACH – The Automated Clearing House (ACH) was developed in 1972 to batch process large volumes of transactions. Today, ACH is frequently used for direct deposits from business-to-business and business-to-customer. Also, if your employer direct deposits your regular pay, chances are it is through an ACH transaction.
PayPal – Founded in 1998, PayPal initially began as a money transfer service for auction website Ebay. In fact, Ebay acquired PayPal in 2002 until 2015. Now, with more than 100 million users, PayPal is perhaps the most widely known electronic payment platform.
Venmo – Launched in 2009, and owned by PayPal, Venmo is a mobile phone app that allows users to transfer funds to each other. Both the sender and receiver must live in the United States. So, the original concept behind Venmo was friend-to-friend, user-to-user. In the first quarter of 2018, Venmo handled $12 billion in transactions.
Zelle – A mere three years ago, in 2017, the Zelle payment system and mobile app joined the electronic funds club. Owned by Early Warning Services, Zelle allows users to send, request, or receive money, which moves directly into bank accounts within minutes. In its first year, Zelle moved $75 million in money transfers.
blynk™ Is the Future of B2B Electronic Payments in Trucking
There’s no doubt that digital payment systems are the way that money travels from sender to receiver in our technology-conscious society. The numbers don’t lie. And blynk™ is the best electronic payment option for truckers. blynk™ is the wave of the future for electronic payments in the trucking industry.
Need your money in minutes? Apex freight factoring gets you paid faster with blynk™. No more waiting hours or days for money to show up in your bank account. We are here to make sure your trucking company cash flows faster than the blynk™ of an eye. Check out our website as or give us a call at 844-204-8654.