Trax, Raistone Team on Bill Payment Extensions
Transportation expense management firm Trax Technologies and FinTech Raistone Capital have partnered to deliver what the companies said is “a joint solution designed to create improved cash flow for carriers and expanded working capital for shippers.” “, according to a Friday (February 18). Press release.
As part of this agreement, Trax customers will be able to obtain terms allowing them to pay invoices 150 days after the dates requested on the invoices. Trax will make payment to cover the discrepancy, the statement said.
“As a result, carriers’ on-time payment needs are met, while internal working capital mandates are sufficient for the company shipper,” the statement said.
Trax President Josh Bouk said in the release, “Most of our corporate customers already use various forms of supply chain finance to manage working capital. However, most of these programs struggle to meet global logistics expenses, which increase the cost of goods sold by an average of 7-9%. …we can now help our customers grow their working capital programs and improve shipper and carrier cash flow.
Trax uses cloud-based technology to help manage complex supply chains to customers in North America, Latin America, Asia and Europe, the statement said.
“Buy now, pay later has been an unprecedented success with consumers, and it’s time the same financing flexibility was extended to all businesses, including freight services,” said Raistone CEO Dave Skirzenski, in the press release. “With Trax, Raistone is focused on providing much-needed working capital to a critical part of the global supply chain.”
Raistone “enables billions of dollars worth of transactions to be funded each year,” the statement said.
In May 2020, amid the cash flow crisis facing small and medium-sized enterprises (SMEs), Skirzenski told PYMNTS that SMEs face “a variety of challenges when directly assessed as a counterparty. credit risk”.
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