Transfix, a leading digital freight marketplace and one of Forbes’ Next Billion Dollar Startups, today announced the latest expansion to its product suite: the Transfix Factoring Program powered by BAMFi, designed to unlock money for carriers upfront, at a best-in-class rate. The new financial management program will offer carriers a factoring rate of just 0.99% for loads completed through Transfix, along with access to an online cash flow management tool to help streamline operations.
The factoring program is part of Transfix’s ongoing commitment to its carriers, and its mission to create efficiency and transparency in logistics. To celebrate the launch, Transfix is offering a $500 gift card to carriers who sign up for factoring by September 30, 2019.
To power the program, Transfix partnered with BAMFi, a premier financial technology solutions provider. Users of the program will be able to access BAMFi’s online platform, where they can upload their invoice and receive immediate payment. Payments can be received on the same day through a wire transfer, or the following day through ACH.
Transfix’s program dramatically expedites the typical payment process that trucking companies currently face, which can take anywhere from 30-90 days to complete. In addition to receiving faster payments at a factoring fee much lower than the industry standard rate, 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, ultimately helping fuel overall business growth. They 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, of 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 onto the next trip. Now they can.”
Transfix is a leading digital freight marketplace connecting shippers to a national network of reliable carriers. Transfix drives the future of logistics by using cutting edge technology to pair shippers with trusted carriers while reducing empty miles to help eliminate waste. Transfix doesn’t just move freight— the expert team works hard to gather and analyze data with every load booked to help elevate and optimize the supply chain from start to finish. Based in the heart of New York City, Transfix was named one of Forbes’ “Next Billion-Dollar Startups” in 2018 and continues to change the world of transportation one load at a time.
BAMFi is a leading provider of cash management and working capital solutions for transportation, construction, oil and gas and temporary staffing service providers, committed to helping clients increase their financial performance through operational efficiency. BAMFi’s proprietary payment processing and cash management engine, BAMwire™, allows businesses access to capital more quickly, reducing days to pay, improving credit scores and building stronger vendor relationships while increasing cash flow. Unlike traditional bank lending or factoring arrangements, BAMFi uses proprietary technology to improve access to capital across industries and service providers and was recently named #121 on the 2019 Inc. 5,000 fastest-growing companies list.