Factoring

TriumphPay records progress on profitability in tough quarter

Although some of the metrics at TriumphPay weakened in the second quarter, the trucking-focused Triumph Financial said that segment — which management sees as the key to its future — continued to move toward EBITDA profitability.

The management at Triumph Financial (NASDAQ: TFIN), which operates the TriumphPay payments and audit network as well as its traditional factoring activities, has repeatedly invoked earnings before interest, taxes, depreciation and amortization as the measurement of...

https://www.freightwaves.com/news/triumphpay-records-progress-on-profitability-in-tough-quarter

Triumph’s open-loop system hits a milestone, even as payments’ EBITDA loss widens

In a quarter in which Triumph Financial recorded a better-than-forecast performance by some measures, the company’s open-loop network also hit a milestone of another sort.

According to SeekingAlpha, Triumph’s (NASDAQ: TFIN) GAAP EPS was 67 cents per share, and that beat consensus by 3 cents. Fourth quarter revenue of $112.84 million beat forecasts by $2.68 million. 

The company’s stock, down about 47% in the last year, responded positively, moving up from about $52 at the close Wednesday, when...

https://www.freightwaves.com/news/triumphs-open-loop-system-hits-a-milestone-even-as-payments-ebitda-loss-widens

Wells Fargo lowers stock rating amid wait for TriumphPay’s profitability

Triumph Financial’s shares are down near a 52-week low, and now Wells Fargo has lowered the company’s rating.

But in doing so, the Wall Street bank appeared to affirm Triumph’s strategy that focuses on its open-loop payments system serving the trucking market with less attention given to its traditional factoring business.

Wells Fargo’s rating was cut to Underweight from Hold. Wells Fargo says in its documentation that Underweight is tantamount to a sell rating.

Triumph Financial (NASDAQ: TFIN)...

https://www.freightwaves.com/news/wells-fargo-lowers-stock-rating-amid-wait-for-triumphpays-profitability

Expedited carrier utilizes factoring partner to ensure drivers remain top priority

The transportation industry has truly been founded by families. 

While many companies have left those familial roots behind, others are holding on strong. Time and again, it has become clear that drivers — and customers— find serious value in companies that continue to embrace their heritage.

C5 Expedite started out as — and continues to be — a family-owned and operated expedited transportation business. When C5 President and Co-founder Clayton Ramsden started the company with his father, he was...

https://www.freightwaves.com/news/expedited-carrier-utilizes-factoring-partner-to-ensure-drivers-remain-top-priority

Ransomware target Apex Capital declares systems ‘back up and running’

A laptop keyboard with a yellow "ransomware key" Multiple companies in the Canadian supply chain have been targeted by ransomware attacks including Manitoulin Transport.

A week after Apex Capital Corp. and its subsidiary, TCS Fuel, were targeted in a ransomware attack that knocked its computer systems offline, a company executive said Monday that it’s business as usual.

“Our networks for Apex and TCS are back up and running,” Sherry Leigh, chief product and marketing officer at Apex, told FreightWaves. 

Ransomware gang BlackByte claimed responsibility for infecting the operating systems of Apex Capital, headquartered in Fort Worth, Texas, which, in turn, shut...

https://www.freightwaves.com/news/ransomware-target-apex-capital-declares-systems-back-up-and-running

Carriers unable to pay drivers, buy fuel after CoreFund Capital closes

Truckers waiting to fuel at truck stop

Hundreds of small-business truckers who use CoreFund Capital to factor their accounts receivable are struggling to stay afloat after the Weatherford, Texas-based company abruptly closed its doors 10 days ago and fired its entire staff over a legal spat between two brothers.

However, late Thursday, Parker County, Texas, District Judge Graham Quisenberry appointed a receiver on behalf of CoreFund, which may help truckers gain access to funds more quickly.

Attorneys, rival factoring companies and...

https://www.freightwaves.com/news/carriers-unable-to-pay-drivers-buy-fuel-after-corefund-capital-closes

ComFreight offers accessible factoring options for new, small brokers

A truck rolls down the highway.

Young brokerages and those attempting to rapidly scale their businesses often end up taking out loans to cover their costs and finance their carrier payments. The terms that accompany these loans — including high interest rates, strict payback periods and restrictive covenants — can become burdensome for brokers and may actually hamper rather than enable their growth.

Many brokers rely on these types of loans to help them pay carriers and staff when growing in the industry. 

“Carriers and...

https://www.freightwaves.com/news/comfreight-offers-accessible-factoring-options-for-new-small-brokers

TriumphX aims to make its mark streamlining trucking payments

Dallas-based Triumph Bancorp. announced Wednesday the launch of TriumphX, a business unit aimed at streamlining freight financing options for carriers, shippers and brokers that need liquidity in order to move goods. 

TriumphX is a division of TBK Bank, the primary operating subsidiary of Triumph Bancorp. TriumphX will support the execution of Triumph Bancorp’s venture in transportation fintech, the company said in a release.

“We see massive opportunities to reshape the future of payments in...

https://www.freightwaves.com/news/triumphx-wants-to-streamline-trucking-payments

Live demo preview: Show me the money

Axle logo on black screen with future of supply chain logo

Days to pay is a common problem for companies. How soon are carriers paid? What about shippers? Invoice processing and payment is a tedious, time-consuming process that is a necessary evil. Carriers want to be paid immediately and most shippers will pay eventually. Issues arise, extra charges appear on invoices and collections are a nightmare. 

A major attraction of FreightWaves’ The Future of Supply Chain live event in Northwest Arkansas on May 9-10 will be the 7-minute live demos. Here’s a...

https://www.freightwaves.com/news/live-demo-preview-show-me-the-money

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