From gold to paper to finally cashless, the way we make payments has undergone various changes. The trucking industry, which is mostly in the cash and paper-based sector, is adopting digital payment systems. This change comes as a result of the impact caused by COVID-19 on the global transportation and logistics market. Today, we'll delve into the increasing use of remote payment systems in the trucking industry and its consequent effects.
Contactless Payment System in the Trucking Industry
Contactless payment is a secure method to complete a transaction using a digital payment system that utilizes near-field communication (NFC) or radio frequency identification (RFID). This mode of payment is also known as tap-and-go. A digital payment system includes two components: a point-of-sale (POS) terminal with contactless payment technology and a payment device (a card, smartphone, etc.).
Let's take a quick look at how these systems work. When a merchant has a payment to collect, he enters the requirement in the electronic transaction system. The POS system prompts the payment request. The customer can now bring the card close to the system, and the terminal will process the payment using the electronic transmission of information. Therefore, the customer won't need to swipe or enter a PIN to complete the transaction.
The use of contactless payments is visible in various segments and industries, with the trucking and freight industry leading the revolution. The coronavirus pandemic has adversely impacted the logistics industry across the globe. As a result, there's an evident rise in mobility-based contactless payments for a touchless experience.
Large scale trucking industries run hundreds and thousands of transactions per day. And several transit systems have experienced hefty losses due to increasing costs of safety and cleaning procedures. Hence, transit systems are under immense financial pressure.
Amid such a crisis, virtual payment systems have emerged as a safe point of connection between the suppliers and consumers. Trucking companies worldwide are implementing EMV contactless solutions, and the digital boost is pushing this adoption faster than ever before.
Types of Contactless Payment Systems
The concept of contactless payments isn't new. It dates back to the 1990s, but back then, only a few companies were using the technology. Besides, the technology was underdeveloped and limited to cards only. Since then, contactless payments have come a long way. Here are the different types of contactless payments available now.
Contactless Smart Cards
A contactless payment card utilizes RFID technology to communicate with a payment terminal. Every card comes with a built-in antenna that interacts with a reader. Contactless smart cards fall under three categories: Low frequencies (below 150 kHz), Smart Contactless Frequency (13.56 MHz), and Microwave frequencies (2.45 GHz).
Read more on contactless payment system in the trucking industry
Now we are entering a period of dynamic digital changes in the logistics industry that dramatically transforms the way companies produce their strategies and business processes.
Thanks to the new innovative technologies, companies will dramatically change the way they serve their customers.Today’s business owners have a great number of digital logistics technologies to choose from.
If strategically implemented, they can unlock significant value and deliver customer-focused solutions.
Not only can technologies help to increase brand awareness, but they also come in useful to outperform competitors.
Those prudent executives who recognize this changing landscape and invest in process change will gain profit.
That’s why you should read our article to learn more about factors that drive digitalization in logistics, discover the hottest technologies that will transform the logistics industry and how to benefit from them in 2019.
In the logistics sector, lean logistics is a process that eliminates any inefficient and wasteful activities from the supply chain.
Lean logistics is all about improving the product flow with efficient results by removing delays.Improved service and effective workflowLean logistics are used in the supply chain to cascade the speed of the work with the customer service for the speedy delivery of the product to the customer without any delay.
To perform lean logistic in the supply chain the following things are included:• Reduced inventory risk and management• Cutting supply chain waste for better service• Improve the profitability with greater efficiency• Reducing the operational costs• Reduce the hiring staffsReverse logistics entailThe ultimate aim of lean logistics is to improve the service with effective workflow and provide excellent performance to the customers and companies.
The process of moving goods or products from the final destination to the origin point is called as reverse logistics.After the delivery of the commercial goods or consumer products, however, the things may be less satisfactory or replaced or any damage occurs from the production side will be returned to the consumption point through reverse logistics.
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It is a challenging task to find reliable logistics transportation services.
There is no hard and fast rule to find one because the success and reputation of the company define its reliability.
The transport and logistics services must be competitive in your areas to meet your requirements.
If your company transports electronic items, so your shipping requirements are different from the company transporting food items.
You should look out for services that have experience in different types of transportation.
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