Cuando las paradas de viaje de Love anunciaron un Nueva ubicación en Bakersfield, California En agosto, no fue solo una nueva parada de viaje en su red. Agregó 111 lugares de estacionamiento y fue descrito como uno de los puntos de venta más grandes de la red de Love’s. Pero también planteó una...
Factoring
Love’s in California: Gauging impact of Advanced Clean Fleets rule demise
When Love’s Travel Stops announced a new location in Bakersfield, California in August, it was not only a new travel stop in its network. It added 111 parking spots and was described as one of the biggest outlets in the Love’s network.
But it also raised a question: why build a travel stop that dispenses diesel fuel as a major part of its business in a state that had a pair of regulations in place, the Advanced Clean Truck (ACT) rule and the Advanced Clean Fleet (ACF) rule, that were designed...
The technology behind making carrier payments instant
The freight industry has long relied on factoring to ensure carriers get paid quickly. Despite its consistent presence in the industry, however, the factoring landscape hasn’t seen many meaningful changes since its inception.
Payments still regularly get held up on the way to carriers, with banking transfers often causing frustrating delays. This is especially true during weekends and holidays, when a transaction that should take minutes can stretch into days.
“Our financial system has a number...
https://www.freightwaves.com/news/the-technology-behind-making-carrier-payments-instant
TriumphPay expansion makes it easier than ever to do business in Mexico
Manufacturers have been actively moving their operations away from China for the past several years. This trend – fueled by shipping delays, rising costs and ongoing political tension – has helped spark an industry-wide enthusiasm for nearshoring and friendshoring.
In 2023, Mexico surpassed Canada to become the largest U.S. trading partner. The relationship between the two nations has continued to strengthen, with the U.S. Census Bureau reporting trade totals of $74 billion in August alone....
TriumphPay’s LoadPay a new tool in fierce battle to get drivers paid faster
TriumphPay is in the midst of a gradual rollout of LoadPay, a service aimed at owner-operators that will pull together the cross-section of services offered by the parent company, Triumph Financial.
“LoadPay at its core is a commercial bank account built for truckers,” Melissa Forman, the president of TriumphPay, said in an interview with FreightWaves. “We are a bank at our core that allows us to be able to do things that other providers might not be able to do, which means we can move money...
FreightWaves Infographics: Outgo commits to 4-hour factoring speeds, announces $15M capital raise
To view more FreightWaves infographics, click here
The post FreightWaves Infographics: Outgo commits to 4-hour factoring speeds, announces $15M capital raise appeared first on FreightWaves.
Outgo commits to 4-hour factoring speeds, announces $15M capital raise
Carrier-focused payments platform Outgo said Tuesday it has received a $15 million investment from venture capital investors and that it has secured a $50 million credit facility to be used for purchasing carrier receivables. It said the capital infusion has allowed it to become “the industry leader in funding speeds for carriers.”
The Seattle-based 2021 startup said the previously undisclosed funding round was led by Gradient Ventures and Construct Capital along with participation from other...
Preparing your trucking company if you have to file for Chapter 11 bankruptcy
The trucking industry has always been cyclical, but recent years have brought unprecedented challenges. The post-COVID era saw a perfect storm that led to extreme swings in freight demand, forcing many trucking companies to close their doors. The situation has only worsened as trucking rates have plummeted back to pre-COVID levels, leaving companies with inflated costs and debt burdens.
The current landscapeThe trucking industry’s boom during the height of the pandemic was unsustainable. High...
Freight factoring can alleviate challenges of shrinking margins
For freight and transportation companies, steady revenue streams are vital. Particularly for carriers with fleets of equipment and full-time employees, operating expenses are never-ending and can quickly drown organizations without consistent cash flow.
Shrinking margins tend to have a cascading effect in freight, with many brokers and carriers struggling to meet financial goals. Currently, it’s a shipper’s market with freight rates at historic lows. To make matters more difficult, carriers...
https://www.freightwaves.com/news/freight-factoring-can-alleviate-challenges-of-shrinking-margins
Triumph Financial staying course on growth targets despite weak earnings
A weak freight market led to a weak earnings report at Triumph Financial, the trucking-focused bank, but CEO Aaron Graft’s quarterly letter to shareholders continued to emphasize long-term strategy over short-term earnings.
Graft’s letter, which this quarter ran 11 pages of text, graphs and charts, opened by labeling quarterly earnings “anemic” and said the primary reason is that “expenses have risen while revenue has stagnated.”
But a possibly more important measure for Triumph Financial’s (NASDA...