sennder, Europe’s leader in the digitalisation of road freight transport and JITpay, a German-based provider of accounting, claims management and financing solutions to the logistics sector, have announced a new partnership.
Through this partnership, the two companies have developed a new invoice-factoring product for carriers in Germany and Poland that simplifies the invoicing process and pays carriers within 24 hours of them submitting an invoice.
sennder is already offering a fast payment option to carriers when they are driving directly for sennder. But, many carriers in the industry are faced with long, manual processes to onboard new customers to their factoring arrangements – often requiring in-person meetings with numerous third parties.
Now, sennder and JITpay are providing a fully digital invoice-factoring solution that gives carriers the ability to register their clients to a centralised invoicing system in only 15 minutes.
The service is low cost, cutting down on third party expenditure, and has no minimum amount or shipping volume.
Many small and medium-sized transport companies often operate with long payment terms and with the risk of customer defaults, so cutting payment times is an attractive proposition. Strong financial liquidity and access to cash is vital for small and medium-size businesses, particularly in the current economic environment.
The ability of sennder and JITpay to provide access to invoice factoring through an entirely digital process and in less than 24 hours is a unique offering to the logistics sector.
Felix Hellmann, head of services at sennder, said: “We are delighted to offer our carriers greater flexibility over their payment terms at such a critical time. The industry has gone through a turbulent time over the past five months. The digitalisation of the industry is now more important than ever.”
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