The American Trucking Association reportsthat 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. Driversdo not have immediate access to their funds, and they are not as secure carrying cash or checks. TheMIFunds Disbursement platform holds the solution for those 3.5 million driversand their companies.
How does it work?
The driver is linked to a registration page branded to yourcompany, and upon entering the required information; the card is created andshipped to the new cardholder for their respective disbursements. When the account has been created, theplatform provides instant Driver profile access to authorized companyadministrators responsible for disbursing funds.
From here, funds can be disbursed on an individual basis, oras a part of a group payout. Authorizedadministrators are also able to seamlessly view disbursement statuses andreverse or edit payouts.
Benefits to Drivers
By partnering with MI using our DisbursementPlatform, companies are able to streamline the payment process to drivers,and create an overall more positive experience. MIFunds allows for immediateaccess to their funds and eliminates the hassle of cashing or depositingchecks. In addition, drivers can createsub-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 amountof time. MIFunds also provides zero liability fraud protection, and a moresecure way to use funds.
Benefits to Companies
Our model provides significant benefits to companies, aswell. The costs associated with check processing, disbursement, andadministration are greatly reduced. Companies save time, money and stress byhaving Marketing Innovators manage 1099 preparation, issuance, and submission. Theplatform is user-friendly and provides on-demand usage and reporting for yourcompany.
If you are looking to modernize and streamline disbursement,and you believe your company could benefit from the MIFunds DisbursementPlatform, contact us today.