Business Factors & Finance Announces Launch of Freight Payment Shield®
REDONDO BEACH, Calif.--(BUSINESS WIRE)--Mar 26, 2019--Business Factors & Finance, a well-known fintech services company operating in the US and Canada, announces the launch of Freight Payment Shield®, a premier payment protection service for trucking and transportation companies, as well as for small and medium-sized enterprises (SMEs) sending and receiving shipments throughout North America.
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Freight Payment Shield ® offers due diligence protection from the risk of commercial credit loss to protect businesses from common oversights, such as entering into service agreements with high-risk payment processing agents, as recently exposed by the shock bankruptcy of IPS Worldwide, LLC.
For those unfamiliar with the story, as the Wall Street Journal reported on February 7, 2019:
“ IPS processes more than 35 million invoices annually worth more than $8 billion, according to its website.
When it filed for bankruptcy Jan. 28, IPS alarmed creditors by listing liabilities of between $100 million and $500 million and assets of less than $50,000. Days later, the company amended its bankruptcy petition, but it left blank the sections estimating its total assets and liabilities.
Stanley Black & Decker Inc., which is owed an estimated $41 million by IPS, has accused the company of misappropriating its cash. The tool maker’s lawyers say IPS ‘diverted, stole or otherwise misappropriated millions of dollars of funds that properly belong to Stanley Black & Decker.’ IPS has been Stanley’s main freight-payment processor since 2011, court papers show.”
Business Factors & Finance provides non-recourse disbursements (factoring) of up to 96% of the principal payment (invoiced) balance, and a fast, 24- to 48-hour turnaround even on the most challenging commercial credits. The company uses sophisticated software that tracks payment trends and alerts credit executives in real time in the case of a billing delinquency.
“With yet another freight payment provider declaring bankruptcy, now is an ideal time for shippers, trucking companies and logistics providers to take a closer look at the way they utilize payment vendors - and whether they are doing business with a trustworthy enterprise,” said Ryan Gabriel, Executive Vice President at Business Factors & Finance. “Our Freight Payment Shield ® solution is specifically designed to protect our clients from commercial credit write-offs.”
“In court papers filed Wednesday with the U.S. Bankruptcy Court in Orlando, Fla., a U.S. Justice Department official said the whereabouts of more than $100 million is unknown. ‘During the short pendency of this case, serious allegations have been raised by numerous creditors,’ the official, U.S. Trustee Daniel McDermott, said. A chapter 11 examiner would provide necessary clarity in this case.’’’
The alleged misappropriation ensnared some of the largest US and international businesses, including ArcelorMittal, Colgate-Palmolive and Stanley Black & Decker, Inc. along with a host of SMEs – precisely the sort of client base serviced by Business Factors & Finance via its Freight Payment Shield ® platform.
According to Mr. Gabriel, “The Business Factors family of companies works with a wide range of major players in the transportation business, including Coyote, CT Logistics, C.R. England, Worldwide Express, Sunteck, GlobalTranz, C.H. Robinson, BNSF, Landstar, Transplace, Total Quality Logistics (TQL) and AFN.”
For more information please visit: https://getstarted.freightpaymentshield.com/
About Business Factors & Finance
With offices throughout the US and Canada, Business Facilitators, Inc . (dba Business Factors & Finance) is a full service, turn-key financial services marketing company established in 1999. Using digital marketing channels, Business Factors & Finance caters to small and middle-market businesses (SMEs) with between $50,000 and $50 Million in annual revenue. Through its sister companies Riviera Finance and America’s Factors, the Business Facilitators family of companies purchases more than $1 Billion annually. In addition to factoring, Business Factors & Finance facilitates the following: asset-based lending, bridge and term loans, import and export financing, purchase order and supply chain financing, equipment purchasing and leasing.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190326005976/en/
CONTACT: Betsy Andrews, Business Development Officer
Phone #: 801.683.1330
KEYWORD: UNITED STATES NORTH AMERICA CANADA CALIFORNIA
INDUSTRY KEYWORD: TRANSPORT RAIL TRUCKING LOGISTICS/SUPPLY CHAIN MANAGEMENT
SOURCE: Business Factors & Finance
Copyright Business Wire 2019.
PUB: 03/26/2019 04:30 PM/DISC: 03/26/2019 04:30 PM