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Transportation
Problem:
Transportation businesses have everyday expenses, such as tolls, parking, fuel, or repairs that need to be paid to keep their fleets on the move. Legacy payment methods sometimes are not fast enough for some transactions where fuel is needed or tolls need to be paid.
Solution:
Instant payments over the RTP® network allows transportation companies to pay for tolling, fuel accounts, and other transportation-related costs within seconds, removing delays and friction with legacy payment processes.
The most common way for most businesses to fund transportation accounts is ACH, check or push to card. Even though these methods are the most common, they come with many limitations. ACH transactions can take a day or more before the transaction settles and the funds are available for use. Also, ACH is not available on weekends or after normal banking hours. Checks may take even longer, potentially resulting in insufficient funds in the transportation company’s account. Instant payments over the RTP® network eliminate these areas of friction and allow for instantaneous pay.
For example, some service providers to transportation companies offer the ability to make instant payments on the RTP network. The instant availability of funds sent over the RTP network, which is available 24/7, makes this method a better way to for tolling providers and other companies involved with the transportation industry to receive payments. Transportation companies can even send bills to clients using the request for payment (RfP) capability that is part of the RTP network.
Now, with real-time payments over the RTP network, businesses can pay for transportation instantly, decreasing the amount of uncertainty and keeping vehicles on the road without having to worry about tolls, insufficient funds for fuel cards, or potential fines for unpaid tolls.