Real-Time Payments Provides Competitive Advantage for Freight Factoring

In the transportation industry, freight factoring is a vital way for trucking and shipping companies to get paid on quickly for  freight and shipments that have been successfully delivered. These payments help trucking companies maintain positive working capital instead of waiting 30 to 90 days for an invoice to be paid by the manufacturer or supplier (the standard payment timeline in the trucking industry is 40 days or more). Lengthy payout times can break a freight company’s budget and force some companies to turn elsewhere to find the funds to cover operating costs. With factoring, a trucking or shipping business sells its accounts receivables (invoices) to a factoring company at a discount for payment within 24 hours. Now, over the RTP® network, freight, shipping and other companies that need to receive timely payment on invoices can benefit from factoring and receive payments instantly, cutting the time from days to seconds with the ability to receive a payment 24/7. In this podcast, hear how Quick Pay Funding, a factoring provider that helps provide a consistent cash flow to its clients, and Bank of America worked together to bring instant payments to Quick Pay Funding’s trucking, shipping, freight, and service industry clients. Juan Estrada, president & CEO of Quick Pay Funding, and Miyoshi Lee, head of U.S. Real-Time Payments at Bank of America, discuss how instant payments creates a competitive advantage for Quick Pay, and how Bank of America helps its clients take advantage of the benefits of real-time payments.
Payments Nerds is brought to you by The Clearing House, hosted by Greg MacSweeney, and produced by Earfluence.