[00:49] Please tell us about you and your company.
- I’m Robin Gregg, CEO of RoadSync. We are a payments company located in Atlanta, Georgia.
- Our goal is to make payments faster and simpler for the logistics industry.
- I grew up in West Virginia and went to Washington and Lee University. After, I got my MBA from Harvard Business School.
- My career started at Capital One and have worked with several fintech startups.
- I had been advising a company in Atlanta that was focused on helping warehouses invoice and accept payments from truck drivers. I saw the product and was struck by how paper-based the process used to be. There was a huge opportunity, so I rebranded the company and we’ve been growing ever since.
[04:27] Tell us a little bit more about fintech (financial technology) in Atlanta.
- All the big payments processing giants are in Atlanta. 80% of payments processing is here.
- It’s a fantastic place to be in this business. The talent pool is excellent and there are lots of tax advantages.
[07:45] While we were prepping for this interview, I said that I thought everyone was using some sort of technology or automation for payments, but you explained that is not the case. So, what’s so wrong about using a paper process?
- It’s a slower workflow because, for example, you might have to hand write things. It’s slow to process, and drivers can get stuck.
- There are more opportunities for errors.
- More opportunity and instances of employee theft/fraud.
- The extra work and disorganized process can cause cash flow problems
- Using paper can hurt your company’s perception because the industry is undergoing a technology makeover.
- Many carriers, 3PLs, and digital freight brokers have upgraded to faster, easier payments through technology.
- The technology products in the logistics industry have gotten a lot better over the last few years. The experience is much more user friendly, but that’s a relatively new innovation.
[12:20] Why isn’t everybody just upgrading right now?
- There are so many challenges that companies in this industry are grappling with.
- Automating some of their business processes can’t always be the top priority because owners are focused on their main objective.
[15:19] What is the process a warehouse or food distribution center needs to go through to get set up with RoadSync?
- We typically get them to see a short demo. This helps them internalize how they can use it and how it fits into their business process.
- We also configure the rate schedule based on how they charge for things, as well as setting up the desired payment methods.
- The system can be up and running in about thirty minutes.
- There is no crazy upfront charge; just a monthly fee and then a percentage of each payment.
- It’s easy to see a return on investment. We have clients who were previously losing 4-10% due to negligence.
[19:59] I really like that you specialize in transportation and logistics.
- We think it’s important to customize our service offering towards logistics.
- This industry operates uniquely, and we think it’s important that the products which serve the industry understand that.