according to the company. The new software product will be added to Innovative's line of enterprise software solutions.
The new system will collect data such as exact mileage, fuel consumption and negotiated rates from the carrier's enterprise software and use that information to validate invoices before they are sent for factoring.
"In today's economy, an increasing number of shippers are taking well over 60 days to pay invoices, which in turn leads many carriers to use factoring companies in order to get advance cash," said Ernie Betancourt, president of Innovative and named inventor of the patent. "And unfortunately, perhaps also attributed to the economy, many factoring companies are receiving fraudulent invoices. This product will put a stop to that."
"Our hope with this new offering is that factoring companies will give the customers utilizing our product a better percentage when paying out invoices. The primary goal is to get our customers a better deal."
More info: www.innovativecomputingcorp.com