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Transportation
Problem:
Transportation businesses that have expenses such as tolls, curbside parking, or fuel cards need to fund transportation accounts to keep their fleets on the move. Often legacy payment methods are not fast enough for some transactions where fuel is needed or tolls need to be paid.
Solution:
Real-time 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 or check. Even though these methods are the most common, they come with many limitations. ACH transactions take days before the transaction settles and is not available on weekends. Checks may take even longer, potentially resulting in insufficient funds in the transportation/toll account. Real-time payments over the RTP network eliminate these areas of friction and allow for instantaneous pay.
For example, Conduent Transportation, a service provider to transportation companies, offers the ability to make real-time payments on the RTP® network. The instant availability of funds sent over the dependable RTP® network makes this method a better way to for tolling providers and other companies involved with the transportation industry to receive payments, and 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.