Freight Payments

Cass acquires ocean, airfreight invoice audit platform

Cass Information Systems announced Thursday the acquisition of Acuitive Solutions’ freight audit platform for ocean, air and drayage shipments.

The AcuAudit platform is an extension of Chattanooga, Tennessee-based Acuitive Solutions’ supply chain software offering. The fully automated platform validates and rerates invoices, ensuring freight bills are correct.

Financial terms of the transaction were not provided.

“Today, with a best-in-class solution for every mode as well as full global coverage,...

https://www.freightwaves.com/news/cass-acquires-ocean-airfreight-audit-platform

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...

https://www.freightwaves.com/news/outgo-commits-to-4-hour-factoring-speeds-announces-15m-capital-raise

C.H. Robinson joins TriumphPay’s payments platform

Triumph Financial announced Monday that C.H. Robinson has joined its freight payments platform. The strategic partnership opens the menu of transportation finance solutions on the TriumphPay Network to C.H. Robinson’s 450,000 contract carriers.

“By joining forces, we have the ability to deliver financial payment offerings that streamline processes, improve efficiencies and foster growth with and for carriers,” stated Michael Castagnetto, president of North American surface transportation at C.H....

https://www.freightwaves.com/news/c-h-robinson-joins-triumphpays-payments-platform

PayCargo,  fintech for freight, lands $130M from Blackstone Group

Front close up of a large jet with cargo being loaded on the side and stacks of dollars superimposed on the side.

Freight payment platform PayCargo said Wednesday it has secured up to $130 million from  the Blackstone Group, one of the world’s largest private equity firms, to support rapid international expansion, new product development and potential acquisitions.

The series C investment from funds managed by Blackstone Growth represents the largest funding round for 13-year-old PayCargo, which landed $125 million from private equity firm Insight Partners exactly one year ago. Blackstone considers the...

https://www.freightwaves.com/news/paycargo-fintech-for-freight-lands-130m-from-blackstone-group

Transportation spend management proves critical in volatile market

Shippers often find themselves operating on razor-thin margins. This is especially true during times of extreme market volatility, like those seen during the coronavirus pandemic. Right now, every dollar matters, and it is important for companies to up their game when it comes to transportation spend management. 

It can be difficult to visualize where transportation spend is actually going. Carrier data is often complicated, disparate and incomplete, making it virtually impossible for shippers...

https://www.freightwaves.com/news/transportation-spend-management-proves-critical-in-volatile-market

FOSC chat: Mastercard and Transcard talk freight payments

This fireside chat recap is from Day 1 of FreightWaves’ Future of Supply Chain live event in Rogers, Arkansas. For more information and content from the event, click here.

FIRESIDE CHAT TOPIC: The importance of payments technology in the freight industry.

DETAILS: In the freight industry, plenty of emphasis is placed on things like speed, accuracy and flexibility. But at what cost? Payments have traditionally been something of an afterthought in the freight space, at least when it comes to...

https://www.freightwaves.com/news/fosc-chat-mastercard-and-transcard-talk-freight-payments

AFS Logistics acquires DTA Services, combines freight auditing platforms

AFS Logistics announced Tuesday the acquisition of DTA Services.

Freight audit, payments and consulting company AFS Logistics announced Tuesday the acquisition of Canadian peer DTA Services.

Based in Toronto, 102-year-old DTA is the second-biggest freight bill auditing, cost management and analytics outfit in Canada. The company primarily advises manufacturers, retailers and consumer packaged goods companies on managing their transportation spend. In addition to growing AFS’ Canadian footprint, the deal will add parcel, less-than-truckload, freight brokerage...

https://www.freightwaves.com/news/afs-logistics-acquires-dta-services-combines-freight-auditing-platforms

Relay for LTL Carriers starts to speed up payments

Relay Payments launches a new service for LTL carriers

When it comes to payments, less freight can sometimes mean more problems. That’s especially true for less-than-truckload carriers, which are required to manually reconcile payments for each load on their trucks, which of course vary wildly in shape and size.

Fintech provider Relay Payments is hoping to make the lives of its LTL customers easier. The Atlanta-based company on Monday launched a payments solution, Relay for LTL Carriers, that automates the allocation of lumper fees across multiple...

https://www.freightwaves.com/news/relay-for-ltl-carriers-starts-to-speed-up-payments

Shifl releases fintech product for instant payments

International freight forwarder Shifl announced Thursday it is releasing a fintech solution, shifl.capital, to enable the sending and receiving of instant and free digital payments.

Founder and CEO Shabsie Levy told FreightWaves that providing this service will help eliminate another obstacle that challenges global shipping, as many payment processes can take up to five days to be processed for freight to be released.

“Our industry revolves around payments,” said Levy. “Sometimes they get an ETA...

https://www.freightwaves.com/news/shifl-releases-fintech-product-for-instant-payments