DAT Freight & Analytics has entered the payments business with its acquisition of Outgo.
Outgo provides factoring and automates invoice payments and other back-end functions for trucking companies. DAT says the acquisition allows it to not only help carriers find the best loads and book them quickly, but also to get paid almost instantly.
“Cash flow is the lifeblood of small carriers, and at the heart of any great high-trust marketplace is the payment connection between the buyer and seller,” said Jeff Clementz, president and CEO of DAT. “Outgo sets the industry standard for funding speed, transparency, and flexibility.”
Outgo automates broker setup, invoicing, factoring, and collections without long-term contracts or minimums. It claims to approve unpaid invoices within four hours, with many processed in as little as 15 to 90 minutes.
DAT One customers will have access to Outgo’s AI-enabled payment services. Loads on DAT’s platform eligible for factoring will display a blue checkmark.
“Acquiring Outgo paves the way for DAT to embed payments and financial services into our DAT One freight platform,” Clementz said. “We can bring more value to our customers and build on our position as the industry’s most trusted marketplace by offering a smarter, faster path to payment that’s fully integrated into the customer’s workflow.”
“We’re relentlessly focused on transforming how carriers get paid so it’s faster, more flexible, and puts them in control of their finances,” added Marcus Womack, CEO and co-founder of Outgo. “Joining a company with the reputation and trust that DAT has earned will allow us to continue to develop payment innovations at a greater scale for the benefit of both carriers and brokers.”
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