The program is designed to unlock money for carriers upfront at a rate of 0.99% for loads completed with Transfix, along with access to an online cash flow management tool.
To power the program, Transfix partnered with BAMFi, a financial technology solutions provider. Users will be able to access BAMFi’s online platform to 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.
In addition to receiving faster payments at a factoring fee much lower than the industry standard rate, Transfix’s carriers will have insights to their invoice status and cash flows as well as 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,” said Drew McElroy, chief executive 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.”