Better Instant Payments Availability Could Keep America Truckin’
As the primary transporters of goods in the U.S., truck drivers play a crucial role in the country’s supply chain. Even so, the turnover rate among this group is high, and keeping them on the road is difficult. The result could be transportation shortages. One reason for the high turnover is that truck drivers often supply their own trucks and have to pay for maintenance and gas out of pocket while waiting to receive wages or earnings, putting a strain on their finances. Instant payments can improve this.
Instant payments offer speedy access to good funds and the ease of getting funds remotely. These features make instant options very appealing and present a viable solution to the challenges they face. Currently, 2 in 5 truck drivers use instant payments to receive their income and earnings. Those receiving instant payouts are 17% more satisfied than those using other methods.
Quick access to good funds and convenience are key factors driving truck drivers’ use of instant to receive earnings. Close to half report that immediately available funds help them manage their finances.
These are some of the findings found in “Generation Instant: How Truckers Use Instant Payments to Support Their Lifestyles,” a PYMNTS Intelligence and Ingo Payments collaboration. The report is based on two surveys. The first is a census-balanced survey of 3,903 U.S. consumers conducted between Aug. 28, 2023, and Oct. 4, 2023. The second is a census-balanced survey of 3,898 U.S. consumers conducted between Dec. 28, 2023, and Jan. 22, 2024. Both surveys looked at consumers’ growing interest in and satisfaction with instant payment methods when receiving disbursements.
Other findings from the report include:
If given the option, 93% of truckers would use instant payments to receive their earnings.
Though 41% of truck drivers received their income and earnings payouts instantly, not all senders offered them instant payments. When asked if they would choose instant payments when offered, 93% said they would. The report looks at the mismatch between senders’ expectations and truckers’ wants.
Truck drivers prefer instant more than the average consumer and are more willing to pay for it.
Thirty-seven percent of truck drivers would be very or extremely likely to pay a fee to receive earnings payouts instantly. In fact, truckers are 25% more than likely than the average consumer to be highly likely to pay a fee. This further highlights the importance of instant in helping this group manage their expenses, especially when they need funds urgently. Some examples of immediate needs are having the funds to pay for gas or maintenance.
Speed, guarantee of good funds and convenience are the key factors driving truckers’ use of instant payments.
Quick access to good funds is the top reason truck drivers prefer instant income payouts. In fact, 91% of truck drivers who opted to receive instant payments instantly noted this was central to their decision. Further, three-quarters of them say convenience makes these payments appealing. These facts suggest that their use of instant payouts would grow if more sellers offered them the option.
Instant methods help truck drivers manage their finances, which could help lessen their turnover rate. Transportation and logistics companies that provide an instant option could have a competitive advantage. Download the report to learn why truck drivers prefer instant payments when receiving their earnings.
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