Triumph’s CEO Graft is not holding back, likening the automated deals to the invention of the telephone in terms of technical significance.
Triumph Bancorp CEO Graft revealed the numbers on the new factoring and brokerage companies that have signed up to the processing platform whose capabilities were bolstered earlier this year with the acquisition of HubTran.
With two significant acquisitions in the last year, the major force in factoring embarks on a new path.
As TriumphPay gets set to bring in HubTran, a business with lots of companies may become one with far fewer firms.
One interesting aspect of the report by B Riley: Could TriumphPay and Triumph Capital be headed in different directions?
TriumphPay is acquiring HubTran to integrate machine-learning capabilities for a fully integrated payments network for its customers.
A $4.8 billion run rate for the quarter is expected to be at $7 billion by the end of the year: Triumph Bancorp CEO Graft
In today’s edition of The Daily Dash, Amazon is looking at how it might utilize mall space and Convoy unveils some big deals for carriers. Plus, a major deal between Covenant and Triumph hits a wall.
Sale of TFS hits a dispute over status of more than half the assets in the deal
Number and average size of invoices purchased both declined from 1Q 2020 and 2Q 2019
TFS being sold for more than $100 million, other considerations
Motel 6 is offering a 12% discount to truck drivers who book a room at one of its 1,400 hotels through the Trucker Path app.
Smart contracts will lower the labor costs—and thus the price—of receivables factoring, but don’t expect same-day payments because the technology won’t change fundamental capital requirements, says Triumph’s Jordan Graft.
Cashflow Corner presented by TriumphPay You’ve taken the leap and decided to purchase your own truck. Or maybe you run a small fleet and have a handful of trucks. In either case, the next challenge is upon you: maintaining those vehicles, because if a truck isn’t running, it isn’t making any money.
Manual processes may appear cheaper at first, but studies have shown that switching to automated accounting programs for account payables and receivables saves money in the long run, even for small operations.
With third-quarter GDP coming in at 3.2% growth and fourth-quarter GDP also expected to best the 3% mark, which would be the third consecutive quarter of 3%-plus growth, and a newly minted tax plan promising to start moving the economy forward, times would appear to be ripe for trucking.
When you run a trucking business that has weekly and daily bills such as salaries and fuel, but shippers pay at 30, 60 or even 90 days, ensuring you have the proper cash flow to maintain operations can be tricky. That’s why many owner-operators and smaller fleets have turned to invoice factoring.
Fuel surcharges have a long history in the transportation industry, dating back to the Arab oil embargo in 1973 by most accounts. While the early days of surcharges were straightforward to calculate, that is no longer true, and they may not even be the best way to manage costs anymore.
Filing your taxes can be confusing enough, try writing tax law. The complications in writing a tax law is one of the reasons the nation has not seen a major revamp of current law since the 1980s. Here are some of the key provisions in the draft bills.
Chances are pretty good you got into trucking to make money. Some carriers, though, continue to suffer through lean year. They are always running short of money, and can never seem to get ahead. Their problem may be their hauling rate.
