HaulPay works at the junction of transportation and financial technology: We enable small and medium-sized companies in the transportation industry to work more effectively. We help them by improving their cash flow, automating their tasks, and taking them digital.
The majority of trucks on the US roads are owned by small trucking fleets. Sometimes the fleet is only 1 truck, commonly referred to as an owner-operator.
They find work by going on load boards (HaulPay has one that used to be called ComFreight) and bidding on freight that needs to be moved.
Once they win a bid, the trucker picks up the load and delivers it to the destination. At the destination, the signing of a proof of delivery document is used to confirm the shipment’s delivery. The trucker then sends an invoice to the shipping company that hired them and will usually get paid in 30-60 days. The trucker is responsible for following up with the shipping company if the payment is delayed, the paperwork was not correct, or bank details have been mixed up.
Our flagship HaulPay product helps the trucking company run their back office and ensure the fastest payment. HaulPay is a new and improved digital version of invoice “factoring”, where we purchase the freight invoice to the shipping company from the trucker for a small flat fee.
This means that the trucker gets paid in 1-2 days after they deliver the load. This makes it much easier for them to manage their finances and even helps them grow their business.
We can use our economy of scale to follow up on payments and interact with shipping companies. We also take on the credit risks of shipping companies that never pay or go out of business.
Additionally, HaulPay automates the invoicing process, credit checking, credit terms, data transmission, and reporting required to optimize a trucker’s back-office and day-to-day operations.
We also provide a load board website and app that enable our customers to streamline freight matching, bidding, and booking for loads. The HaulPay load board (formerly known as the ComFreight load board) also helps smaller trucking companies find new customers and network with other trusted parties in our platform’s logistics network.
It is not uncommon to see a message like “a customer on the line – that their driver’s truck broke down and they were wondering if we can wire this payment instead of a bank transfer”. We care about building a great team, where people feel comfortable, and supported, and there is always room for discussion and divergent thinking.
We use JIRA Kanban board to plan work, striving for balance between new features, frontend and backend work.
We use Postgres, AWS, HubSpot, CircleCI, Slack, and several common services to optimize our work. We buy before we build for all things that are not our core business.
We do friendly PR reviews and we have dedicated QA to help catch those corner cases.
We like direct conversations between our engineering team, our sales team (who onboard and help customers), and our ops team (who take care of the financials). We have a company meeting every other week and regular updates to the company.
It is a trope in startup land but our year over year growth speaks volumes. It is fun to see our product get better all the time and to see customers coming to us because they have heard good things.