Truckstop launches LoadPay – a payment network designed to simplify the load payment process.
LoadPay offers carriers more control over their payments and cash flow, and offers brokers a way to generate revenue and streamline their back-office work.
“We are constantly searching for ways to strengthen the connection between those who move loads and those who need them moved,” Truckstop Chief Executive Officer Paris Cole said. “LoadPay is exactly that — a tool to allow carriers and brokers to be more successful and more profitable at what they do.”
LoadPay offers a simple, valuable, and transparent service for both carriers and brokers with upfront transaction costs and a single financial institution collecting, storing and issuing payments. LoadPay allows carriers to decide when and how they are paid, including a PayMeNow™ instant payment feature, based on their cash flow needs. Eliminating the need to call brokers or shippers to follow up on payments, LoadPay also gives carriers more control over their payments without using a factoring service.
For brokers, LoadPay offers the ability to generate more revenue with a customizable, turn-key program that eliminates payment inquiry calls. It also allows brokers to streamline their back-office work by eliminating checks, ACH deposits, wires and advances to carriers and increases security by ending the need to store sensitive banking information.
Farid Zaffar has joined Truckstop as the new general manager of LoadPay.
Zaffar comes to LoadPay after a long stint with Finxera Inc., a payment processing company situated in the Silicon Valley of California, and will use his skills to build LoadPay into a top operating business. While Zaffar will spend time at Truckstop’s headquarters in New Plymouth, his office will be located at the Truckstop facility in Phoenix, AZ.
“I understand what it takes to move a product from Point A to Point B,” Zaffar said. “I enjoy being part of a company when it has just been launched. This is my back yard and I look forward to the challenge of making LoadPay the premier load payment processing network in the country.”
Zaffar, who joined LoadPay in March, possesses a domain knowledge of payment processing, a strong understanding of the transportation industry, and is fluent in the operations and technology surrounding LoadPay.
“We are excited about having Farid on board,” Cole said. “Farid has co-founded other businesses and understands what it takes to get a business up and running. His experience and expertise in payment processing make him the perfect person to lead LoadPay.”
Zaffar earned his Bachelor of Science degree from the University of California-Berkeley. He is married and has two children.