ControlPay announces a new financial solution for carriers and shippers

Thu, 02/04/2010 - 16:07

ControlPay announces that in the next few months it will offer innovative financial services for carriers and shippers using its global freight audit platform. This financial solution enables ControlPay's clients and their carriers to optimize their working capital and cash flow. ControlPay's financial solution offers carriers to receive up to 100% of their outstanding, by ControlPay, processed freight invoices, immediate after approval by ControlPay.

This means in reality that a carrier has the possibility to receive the payment not later than 5 days after unloading against a discount, instead of waiting 60 — 90 days or even 120 days for payment.

In the mean time ControlPay can also extend the shipper's payment terms.

With ControlPay's Freight Receiveble Finance, carriers can automatically or manually select receivables to discount and decide how and when they wish to receive payment. This service is optional for every shipper and carrier, working with the ControlPay freight audit service.

Carriers receive payment from ControlPay of a discounted price for the invoices purchased, along with comprehensive remittance data. At maturity, the shipper will settle all confirmed invoices that were delivered to ControlPay's platform.

"We expect that more than 30% of the carriers using ControlPay's freight Audit system will use this unique finance solution to optimize their cash management while their banks are very unresponsive to help them out their financial problems", so said Mr. Bram Wegh, the Supply Chain Finance director of ControlPay.

Which financial partners ControlPay will be using was not disclosed.