Transfix Teams With BAMFi to Speed Money to Carriers
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Transfix, a digital freight marketplace, announced Aug. 19 the latest expansion to its product suite: the Transfix Factoring Program powered by BAMFi, designed to unlock money for carriers upfront.
The new financial management program will offer carriers a factoring rate of just 0.99% for loads completed with Transfix, along with access to an online cash flow management tool to help streamline operations, Transfix officials said.
The factoring program is part of Transfix’s mission to create efficiency and transparency in logistics, the company said.
To power the program, Transfix partnered with BAMFi, a 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.
“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,” said Drew McElroy, co-founder and CEO of New York City-based Transfix. “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.” — Transport Topics
