Blockchain Logistics Company Fr8 Network to Use PayMachine for Payroll Service
The Fr8 Network went ahead to announce that they have gotten into a partnership with the PayMachine. The Fr8 Network is a company that is based on the logistics technology while the PayMachine is a provider for the enterprise payroll services.
The Partnership is Set to Make Things Much Easier
The aim of both companies to get into a partnership is to ensure they have integrated the PayMachine payroll services to improve the current experience of truckers and shippers that are operating within the Fr8 Network.
For the truckers who choose to factor in there within the United States tends to lose about 2-5% of the current value of the invoice. It is because the trucker would need to sell the existing payment obligation to 3rd party financers, but in exchange, the trucker will be able to enjoy a much shorter waiting period to get their payment.
It has been found that about 90% of the truck market is mainly for the small owner-operators, especially those individuals who offer cash flow problems as they tend to pay an invoice 30-90 days after the shipment has been completed.
But there is a solution that has been put in place; this is thanks to the Fr8 network Marketplace. As a trucking company, you will be exposed to the different tools that are able to record some of the significant transactions that are in a given shipment.
It has been designed in a manner that the digital proofs of delivery, the bills of lading, together with the real-time IoT data collected from trucks are made easily available to the financiers on the platform.
With such a data set in place, it will, in turn, help the PayMachine together with the other financiers in the market the confident decisions that the invoice present could be paid on time.
“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. The Fr8 Network and PayMachine partnership will have an instant impact on the trucking industry.’’
David Howitt, Head of Business Development at PayMachine.