Trax Technologies (Trax), the global leader in Transportation Spend Management (TSM) solutions, and Raistone Capital (Raistone), a world-leading fintech company today announced a joint solution designed to create improved cash flow for carriers and extended working capital for shippers.
Through the partnership, Trax customers can now obtain extended payment terms up to 150 days beyond the invoice due date, while Trax makes payments to their carrier partners on time, with no additional costs to carriers. As a result, carrier on-time payment needs are met, while internal working capital mandates are sufficient for the enterprise shipper.
Trax President Josh Bouk and Raistone CEO Dave Skirzenski will host “Achieve 100% Carrier Adoption: Working Capital Innovations in Transportation” on Wed., Feb. 23, 11 a.m. EST. Registration is open for participants who want to learn about debt-free working capital, improved shipper-carrier relations and increased carrier loyalty.
"Most of our enterprise customers already use various forms of supply chain finance to manage working capital. However, most of these programs struggle to address the global logistics spend, which is increasing to an average of 7-9% of cost of goods sold," said Bouk. "Through this exciting partnership with Raistone, we can now help our customers expand their working capital programs and improve the cash flow of both shipper and carrier."
In today’s global transportation logistics environment, carriers operating a cash-intensive business need faster payment terms from their shipper partners. Conversely, enterprise logistics teams need to improve corporate cash flow and access to working capital by driving extended payment terms on transportation services.
"'Buy Now, Pay Later' has been an unparalleled success with consumers, and it's time for the same funding flexibility to be extended to all businesses, including freight services," said Skirzenski. "Together with Trax, Raistone is focused on providing much-needed working capital to an essential component of the global supply chain. Our solutions ensure ease and speed of access to finance, which is now more essential than ever to address ongoing supply-chain bottlenecks."
The combination of Trax Transportation Spend Management with Raistone’s working capital solutions help both shippers and carriers to meet their working capital needs. Through this partnership, Trax now offers the ability for both shippers and carriers to take advantage of certified transportation invoices and flexible payment terms without the impact to their balance sheets.
Trax is elevating freight audit and payment (FAP) through advanced technologies and premium solutions for global shippers and logistics service providers (LSPs) with complex transportation logistics ecosystems. Raistone provides working capital and leverages cutting-edge technology to connect a marketplace of buyers, suppliers, business-to-business platforms and financial institutions.