Webinar on February 23 to announce the launch of a working capital management product for global shipping companies and logistics service providers
DALLAS, Feb. 18, 2022 (GLOBE NEWSWIRE) — Trax Technologies (Trax), the world leader in Management of transportation expenses (TSM) and Capital Raistone (Raistone), a leading global financial technology company, today announced a joint solution designed to create improved cash flow for carriers and expanded working capital for shippers.
Through this partnership, Trax customers can now get extended payment terms up to 150 days after the invoice due date, while Trax makes payments to their carrier partners on time, with no additional charges for carriers. As a result, the carrier’s on-time payment needs are met, while internal working capital mandates are sufficient for the company shipper.
President Trax Josh Bouk and CEO of Raistone Dave Skirzensky will host “Achieve 100% Carrier Adoption: Working Capital Innovations in Transportation” on Wednesday, February 23 at 11 a.m. EST. Registration is open to participants who want to learn more about debt-free working capital, improved shipper-carrier relationships, and increased carrier loyalty.
“Most of our corporate clients already use various forms of supply chain finance to manage working capital. However, most of these programs are struggling to meet global logistics expenses, which are increasing on average by 7 at 9% of cost of goods sold,” says Bouc. “Through this exciting partnership with Raistone, we can now help our customers grow their working capital programs and improve shipper and carrier cash flow.”
In today’s global transportation logistics environment, carriers running a cash-intensive business need faster payment terms from their shipper partners. Conversely, corporate logistics teams need to improve business cash flow and access to working capital by extending payment terms for transportation services.
“‘Buy now, pay later’ has been an unprecedented hit with consumers, and it’s time the same financing flexibility was extended to all businesses, including freight services,” Skirzenski said. “With Trax, Raistone is focused on providing much-needed working capital to a critical part of the global supply chain. Our solutions ensure easy and fast access to finance, which is now more essential than ever for solve permanent supply chain bottlenecks.”
The combination of Trax Transportation Spend Management with working capital solutions from Raistone helps shippers and carriers meet their working capital needs. Through this partnership, Trax now offers shippers and carriers the ability to take advantage of certified freight invoices and flexible payment terms without impacting their balance sheets.
Trax improves freight auditing and payment (FAP) with 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.
About Trax Technologies:
Trax is the global leader in transportation expense management solutions. Trax enhances traditional freight auditing and payment with a combination of cloud-based technology solutions and industry-leading expert services to help companies with the world’s most complex supply chains better manage and control their global transportation costs and increase enterprise-wide efficiency and value. With a global footprint spanning North America, Latin America, Asia, and Europe, Trax delivers data-driven visibility and insights, greater savings, and better control of transportation spend for shippers and 3PL/4PLs of all sizes. Visit us at www.traxtech.com.
Raistone was born with the vision to equalize access to working capital and meet the demand for working capital globally. A world-leading fintech backed by equity investments from a brokerage, $30 billion family office, $900 billion wealth manager and international bank, Raistone enables funding billions of dollars in transactions each year. Its cutting-edge technology coupled with unparalleled access to institutional capital extends financing to businesses of all sizes, fully integrated with the same software platforms they already use. Raistone ensures that all businesses have access to their money, on their terms. For more information, visit www.raistonecapital.com.
Leah R. Robinson