The American Trucking Association reports that in 2015 there were 3.5 million employed truck drivers in the US. Typically, risks and costs associated with paying these drivers include check cashing, bill payment, money orders, fraud, IRS compliance and remittance fees. Drivers do not have immediate access to their funds, and they are not as secure carrying cash or checks. The MIFunds Disbursement platform holds the solution for those 3.5 million drivers and their companies.
How does it work?
The driver is linked to a registration page branded to your company, and upon entering the required information; the card is created and shipped to the new cardholder for their respective disbursements. When the account has been created, the platform provides instant Driver profile access to authorized company administrators responsible for disbursing funds.
From here, funds can be disbursed on an individual basis, or as a part of a group payout. Authorized administrators are also able to seamlessly view disbursement statuses and reverse or edit payouts.
Benefits to Drivers
By partnering with MI using our Disbursement Platform, companies are able to streamline the payment process to drivers, and create an overall more positive experience. MIFunds allows for immediate access to their funds and eliminates the hassle of cashing or depositing checks. In addition, drivers can create sub-accounts in order to transfer money to their family or friends for free, which is a common need for drivers who are on the road for an extended amount of time. MIFunds also provides zero liability fraud protection, and a more secure way to use funds.
Benefits to Companies
Our model provides significant benefits to companies, as well. The costs associated with check processing, disbursement, and administration are greatly reduced. Companies save time, money and stress by having Marketing Innovators manage 1099 preparation, issuance, and submission. The platform is user-friendly and provides on-demand usage and reporting for your company.
If you are looking to modernize and streamline disbursement, and you believe your company could benefit from the MIFunds Disbursement Platform, contact us today.