Freight brokers can reduce operational inefficiencies, improve carrier loyalty, and increase revenue
The US Freight Brokerage Market is growing. And fast!
According to Verified Market Research, in 2020 the market size was valued at USD 1.164 billion and is projected to reach USD 13.78 billion by 2028.
Increased digitization in the freight brokerage process is helping brokers keep up with growing supply chain demands by eliminating operational inefficiencies. More and more brokers are adopting technologies for everything from digital freight booking and tracking through to digital payments
Relay has worked closely with brokers over the past few years to understand their payment challenges and to design solutions specific to their needs and the needs of their customers.
3 ways Relay helps brokers:
- Reduced operational inefficiencies
Relay’s automated payment solutions make a broker’s back office more efficient by digitizing receipts, invoices, and accounting processes. RelayDirect for Brokers is an accounts payable tool that helps streamline the process from carrier invoice to carrier payment, removing a number of steps for the broker. (The transaction is housed and executed inside the Relay network. Think Venmo for the freight industry.) This helps brokers avoid operational backlogs.
"There were plenty of sleepless nights before Relay started offering us solutions to pay our customers faster," says Martin Daigeau, Co-founder of MGM Freight Logistics.
- Increased revenue
Freight brokers save money with Relay’s instant digital payments for lumpers that get drivers off the docks without long delays. Digital receipts ensure easy reimbursements. By using Relay to replace fuel advances, brokers can help their carriers save money, improve route efficiency, and reduce fraud. That leads to repeat and referral business for the broker, driving revenue growth.
do you pay each week?
lumper fee cost?
Brokers also boost growth by tapping into Relay’s network of more than 275,000 carriers and drivers. Relay makes it easy to provide QuickPay options as well that provide cash-flow for carriers while potentially adding another revenue stream for the broker.
- Enhanced carrier loyalty
Having a base of loyal carriers helps brokers maintain sustainable capacity in a cyclical and often volatile freight market. Brokers can also scale their operations for growth when they know they have consistent capacity that comes from carrier loyalty and efficient operations.
Become a carrier’s brokerage of choice by providing cost-competitive and fully transparent QuickPay options that you can further tailor to reward carriers after a fixed number of loads delivered. Relay helps brokers enhance carrier loyalty by improving and customizing the payment experience for carriers.
“Relay improved the carrier experience and increased profit margins through guaranteed reimbursements,“ says Angela Nannenhorn, Vice President, Accounts Payable for Coyote Logistics.
"Treat carriers and owner operators right, and they’ll come back to you,” Daigeau says. “For me, it’s even more than that. I want to help our drivers succeed. That’s where Relay has been a huge blessing for us."
Speak to a Relay rep today about improving your freight brokerage.
