Carriers, freight brokers, and 3PLs rely on steady cash flow and efficient processes to keep their operations running smoothly and to meet growth goals. The best customer service, as any carrier will tell you, is quick and responsive with payments, claims, and solutions.
According to Bharath Krishnamoorthy, co-founder and CEO at Denim, freight brokers are seeing unprecedented operational strain and cash flow challenges as smaller margins force them to operate more efficiently, increase volumes and manage costs tightly.
Leveraging a freight factoring and payment service like Denim can help brokers cut down on manual procedures and simplify their operations.
“Denim is on a mission to advance the supply chain through the accelerated movement of money and data,” said Krishnamoorthy. “Our platform is a reflection of this mission and our ongoing innovation.”
Faster payments mean quicker growth for carriers and brokers. Denim supports this with Carrier QuickPay, ensuring payments within 1 to 2 business days at no additional cost.
Of course, this is an opportunity for independent brokers to add a 1 to 5% QuickPay fee for these expedited payments, which creates an additional revenue stream for their business. Because Denim doesn’t charge for this service, 100% of the profits go to the broker.
Sometimes, though, brokers and carriers can’t wait even 1 to 2 business days for their payment. They need instant cash flow to cover fuel expenses, truck maintenance or salaries. Denim recently launched Express Factoring, a new solution that will enable brokers and carriers to receive their advances within just a few minutes.
Data plays a crucial role in the supply chain. By partnering with TMS and carrier vetting providers, Denim integrates load data directly into the platform, eliminating redundant tasks and human error. This data can be seamlessly synced back into the TMS, allowing brokers and fleets to monitor payment status without leaving their TMS dashboard.
“Our analytics dashboard provides an overview of financial performance, identifies the fastest paying customers, and highlights the most used carriers,” said Krishnamoorthy. “With these insights at their fingertips, brokers and fleets can make faster, more informed decisions, ensuring they never lose a load,” he said.
With Denim, you get a platform designed to streamline operations and drive growth, ensuring you stay ahead in the competitive supply chain landscape.
“Denim offers the most flexible and comprehensive factoring in the industry,” said Krishnamoorthy. “It’s as close as you can get to a line of credit without going to a bank. Customizable carrier payments, invoicing and collections mean that customers only pay for the capital they’re using at any given time.”
“We are constantly looking for innovative ways to help beyond factoring,” Krishnamoorthy said. “For example, the carrier portal is a self-service portal for carriers to log in, update payment preferences and check the status of their payment.”
As a result, according to Denim, brokers are building better trust with carriers and reducing the number of check calls they receive.
Alliance Logistix needed a more efficient AP/AR solution for their brokerage. Due to their substantial load volume, they dealt with tedious and labor-intensive paperwork. With Denim’s straightforward integration, Alliance was able to implement Denim into their EKA TMS and streamline their AR/AP processes.
Alliance Logistix now takes advantage of intuitive Denim integration and the leverage of reliable cash flow. Now, their procedures are more streamlined and they can maintain strong carrier relationships and referrals thanks to QuickPay.
“We manage everything via the EKA dashboard, using the Denim portal only to monitor finances and payment schedules,” said Natalie Schick, co-founder and president of Alliance Logistix. “The integration between Denim and EKA has truly simplified our processes.”
“We don’t treat clients like a number. Our client’s success is our success,” said Krishnamoorthy.
Click here to learn more about Denim.
