Fintech services company Business Factors & Finance launched Freight Payment Shield, a payment protection service for trucking and transportation companies, as well as for small and medium-sized enterprises (SMEs) sending and receiving shipments throughout North America.
Freight Payment Shield offers due diligence protection from the risk of commercial credit loss to protect businesses from common oversights, such as entering into service agreements with high-risk payment processing agents, as recently exposed by the shock bankruptcy of IPS Worldwide back in January.
The alleged misappropriation by IPS ensnared some of the largest U.S.-based and international businesses, including ArcelorMittal, Colgate-Palmolive and Stanley Black & Decker, along with a host of SMEs – precisely the sort of client base serviced by Business Factors & Finance via its new platform.
“With yet another freight payment provider declaring bankruptcy, now is an ideal time for shippers, trucking companies and logistics providers to take a closer look at the way they utilize payment vendors – and whether they are doing business with a trustworthy enterprise,” said Ryan Gabriel, executive vice president at Business Factors & Finance. “Our Freight Payment Shield solution is specifically designed to protect our clients from commercial credit write-offs.”
Business Factors & Finance provides non-recourse disbursements (factoring) of up to 96% of the principal payment (invoiced) balance and a fast, 24 to 48-hour turnaround even on the most challenging commercial credits. The company uses sophisticated software that tracks payment trends and alerts credit executives in real time in the case of a billing delinquency.
