80% of Truckers Cite Convenience as Instant Payments Preference

Who doesn’t like getting paid instantly? According to PYMNTS Intelligence data, roughly a third of all U.S. consumers now select instant payouts when they are available, and even more tellingly, 78% would choose instant payments if given the option.

But for some U.S. consumers, getting paid instantly is more than just nice to have; it’s practically a necessity.

Take truck drivers, for instance. Not only are they tasked with delivering goods across the U.S.’s vast network of highways and backroads, but in many cases, they are expected to supply their own vehicles and pay maintenance and fuel costs out of pocket. This puts a financial burden on them in-between paychecks — one that can be alleviated by instant payments.

This certainly explains why 2 in 5 truck drivers now use instant payments to receive their income and earnings, and why 93% would opt to get their payments instantly if they had the choice.

These are just some of the findings included in the PYMNTS Intelligence report “Generation Instant: How Truckers Use Instant Payments to Support Their Lifestyles,” a collaboration with Ingo Payments that examines the growing appeal of instant payments among truck drivers.

For the report, we surveyed approximately 7,800 consumers and discovered the leading reason truckers prefer instant income disbursements is having quick access to funds. In fact, 91% of truckers who get their payments instantly say speed and a guarantee of good funds drove their preference. Meanwhile, 75% cite convenience as the reason they prefer instant payments, while more than half say security was a factor in their choosing instant methods.

What drives the need for speed?

As the accompanying figure illustrates, 80% of truck drivers say convenience is the main reason truckers want immediate access to their funds, which is understandable given their always-on-the-go lifestyles. Finding time to physically deposit paychecks can be a challenge for them, and digital instant payments help eliminate the hassle of having to make deposits while on the road. In fact, 59% of truckers say not having to make trips to banks or ATMs was the primary appeal of getting paid instantly.

Nearly that same percentage — 58% — say they take comfort knowing their money is in their account, not someone else’s. Similar sentiments likely inspire the 38% who say quick payments minimizes the sorts of issues that can come up when trying to collect money from others. Financial management is another big factor for drivers wanting immediate availability of their funds, while 38% say getting paid instantly means they can pay their bills on time.

Any delay in receiving a payment can impact truckers’ financial stability. It is no wonder then that instant payment options are especially popular among these workers. For executives and merchants who are dependent on truck drivers, paying them instantly can help ensure they remain team players.