Trax now offers the ability for both shippers and carriers to take advantage of certified transportation invoices and flexible payment terms without the impact to their balance sheets
Trax Technologies announced that it has entered into a strategic partnership with Raistone, a world-leading fintech. Trax Technologies is the global leader in Transportation Spend Management elevating freight audit and payment through advanced technologies and premium solutions for global shippers and 4PLs with complex transportation logistics ecosystems. Raistone, based in New York City, is an international provider of working capital, leveraging cutting-edge technology to connect a marketplace of buyers, suppliers, business-to-business platforms, and financial institutions.
In today’s challenging global transportation logistics environment, shippers and carriers have opposing pressures for working capital and improved cash flow, which further adds to the stress on the global supply chain every day. Carriers operating a cash-intensive business need faster payment terms from their shipper partners. Conversely, enterprise logistics teams are given the mandate to improve corporate cash flow and access to working capital by driving extended payment terms on transportation services. Each side of this environment is left struggling to extract their needs away from the other side. However, the combination of Trax Transportation Spend Management with Raistone’s working capital solutions help both shippers and carriers to meet their working capital needs. Through this partnership Trax now offers the ability for both shippers and carriers to take advantage of certified transportation invoices and flexible payment terms without the impact to their balance sheets.
“‘Buy Now, Pay Later’ has been an unparalleled success with consumers, and it’s time for the same funding flexibility to be extended to all businesses, including freight services,” said Raistone CEO Dave Skirzenski. “Together with Trax, Raistone is focused on providing much needed working capital to an essential component of the global supply chain. Our solutions ensure ease and speed of access to finance, which is now more essential than ever to address mounting supply-chain bottlenecks.”
Trax customers, and their over $20 billion in transportation spend under management, can now achieve extended payment terms on their audited invoices up to 150 days beyond the invoice due date while Trax still makes payments to their carrier partners on time, every time, with no additional costs to carriers. As a result, carrier needs for on time payment remain a focus while internal working capital mandates are met for the enterprise shipper.
“Most of our enterprise customers already use various forms of supply chain finance to manage working capital. However, most of these programs struggle to address the global logistics spend, which is increasing to an average of 7% – 9% of COGS.” said Hamp Wall, CEO of Trax. “With this exciting partnership with Raistone, we can now help our customers expand their working capital programs and improve the cashflow of both shipper and carrier.”
Trax provides greater control and transparency over transportation spend, a growing cost of goods sold for all global enterprises, carriers, and 4PLs, through a robust software platform that elevates freight auditing, cost allocation, logistics data and analytics, payment automation, and supply chain financing. Trax offers end-to-end supply chain visibility, cost reduction, and working capital solutions for shippers, carriers, and 4PLs within the global multi-modal market, and the company is a trusted partner of many of the world’s largest and most sophisticated supply chains.
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