Trucker Path’s InstaPay factoring service allows owner-operators to upload their bills of lading and rate confirmations to the company’s Truckloads app to receive payment in one to two days.Trucker Path announced last week it has secured $30 million through Flexible Funding to boost its in-app factoring services for owner-operators.
The company’s InstaPay factoring service, which launched in 2016 and is available in its Truckloads mobile app, allows drivers to upload photos of their bills of lading and rate confirmations to get paid within one to two business days at a 3.5 percent flat factoring rate.
“Carriers often are required to complete tons of paperwork and sign exclusivity to then wait 30-60 days or longer before getting paid. Trucker Path helps carriers get paid faster with just a few clicks on the mobile app,” said Ivan Tsybaev, CEO and founder of Trucker Path.
InstaPay is a non-recourse factoring service, which means owner-operators don’t absorb any unpaid invoices.
