Corcentric and Riteload Offer Managed Payments for Carriers and Shippers

Procurement and finance solutions firm Corcentric teamed with Riteload, a trucking sector freight matching platform.

The partnership is designed to offer managed payments services for carriers and shippers, the companies said in a Wednesday (Nov. 29) news release.

“Partnering with Riteload, we are able to provide both carriers and shippers on their platform a fast and frictionless process by accelerating every step of the payment cycle,” Corcentric President and CEO Matt Clark said in the release. “Not only does it save time and effort, but it also helps control payment terms and unlock cash flow across the industry. With our company’s roots embedded in the trucking space, we’re proud to team with Riteload to bring these dynamic services to their users.”

Riteload offers the only freight matching platform that eliminates the broker model, offering more money for drivers and helping shippers save time and cost while controlling their own relationships, according to the release.

Under the partnership, Corcentric will manage guaranteed electronic payments to all carriers booking with Riteload’s platform and provide payment within two business days, the release said.

Corcentric’s managed payments solution and experience “expediting transactions between shippers and carriers makes them an ideal partner as we strive for more efficiency, transparency and equality in the trucking space,” Riteload founder Matthew Kane said in the release.

The partnership is happening as many of the existing payment methods designed to keep the trucking sector trucking have fallen short, as PYMNTS reported last week.

“Freight companies encounter various issues that can disrupt the payment process, including inaccuracies in documentation, such as duplicate payments or miscalculated charges resulting from manual methods,” PYMNTS wrote. “These legacy payment processes can impede compliance, as accounting staff must keep up with various payment terms for shippers, carriers and regulatory bodies.”

In addition, manual payment processes can hinder bookkeeping, a crucial aspect of making sure companies are complying with regulators.

However, newer technologies like embedded payments and automation are vital to ensuring the uninterrupted flow of money and keeping the trucking industry and the economy at large moving.