Online freight marketplace provider Transfix has expanded its product suite with the Transfix Factoring Program, offering carriers money up front and improved rates.
Screenshot via Transfix
Online freight marketplace provider Transfix has expanded its product suite with the Transfix Factoring Program, offering carriers money up front and improved rates.
The financial management program offers carriers a factoring rate of 0.99% for loads completed with Transfix, along with access to online cash flow and management tool to help streamline operations.
The program expedites the typical payment process that trucking companies face, which can take up to 30-90 days to complete, according to Transfix.
Transfix partnered with BAMFi, a financial technology solutions provider, on the new factoring program. Users of the program will be able to access BAMFi’s online platform to upload invoices and receive payment. Payments can be received on the same day through a wire transfer or the following day through ACH.
In addition to receiving faster payments at a lower factoring fee, Transfix’s carriers will be able to optimize daily time from having more accurate insights into their invoice status and cash flows in real-time. Carriers will also receive personalized service from an assigned account representative at BAMFi.
“Beyond just matching shippers to carriers, we’re constantly trying to find solutions to help our customers grow,” commented Drew McElroy, CEO and co-founder, Transfix. “With the delay time in payment that a lot of trucking companies deal with on a daily basis, we think this offering addresses a huge pain point in their journey. Truckers should be able to deliver a load, receive payment, and have real-time insights into where their cash is going so they can move on to the next trip. Now they can.”
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