Corcentric, a provider of procurement and finance solutions, formed a partnership with Riteload, a freight matching platform for the trucking industry, to provide managed payments services for carriers and shippers. Corcentric will manage guaranteed electronic payments to all carriers booking through the Riteload platform and provide payment within two business days.

Riteload’s platform, which matches shippers with carriers, is a freight matching platform that eliminates the broker model completely.

“Partnering with Riteload, we are able to provide both carriers and shippers on their platform a fast and frictionless process by accelerating every step of the payment cycle,” Matt Clark, president and CEO at Corcentric, said. “Not only does it save time and effort, but it also helps control payment terms and unlock cash flow across the industry. With our company’s roots embedded in the trucking space, we’re proud to team with Riteload to bring these dynamic services to their users.”

Corcentric’s payments solution combines technology, financing and a managed services team aimed at providing meaningful business outcomes and optimizing how businesses pay and get paid. The solution also allows shippers to manage cash flow needs, including billing, collections, remittances, disputes and discrepancies, and provides carriers with their own set of payment terms.

“Riteload is undergoing massive growth at warp speed on our mission to match shippers with carriers directly, saving them money by eliminating brokers, providing the best pricing for both,” Matthew Kane, founder of Riteload, said. “Corcentric’s innovative managed payments solution and vast experience expediting transactions between shippers and carriers makes them an ideal partner as we strive for more efficiency, transparency and equality in the trucking space.”