Payment firm Comdata has launched QuickPay, a financing solution that is designed to give fleet owners access to same-day payments on the loads they deliver. The solution is powered by Crestmark, a division of Metabank. The program also aims to help fleets improve cash flow and scale their businesses by providing a seamless way to access shipper payments directly on their Comdata fuel card.
By simplifying the approval process and streamlining access to capital, Comdata says that carriers can get paid within 24 hours of delivery instead of waiting the standard 30 days for payment transactions to process.
“On average, fleets have to wait 30 or more days to be paid on a delivered load, and that’s a challenge in times of economic uncertainty,” said Justin King, senior vice president of Product and Innovation, North America at Comdata. “We developed this solution to provide faster funding options to give fleets a stronger financial footing and much easier access to those payments through their existing Comdata fuel card or bank account.”
Comdata QuickPay enables fleet owners to begin factoring invoices to Crestmark upon delivery at one of the lowest factoring rate fees in the industry. By minimising the payment window to same or next day payment, fleets can increase business cash flow and eliminate the burdensome process of collections.
“Crestmark funds thousands of same-day payments for invoices every day assuring that vendors and employees are paid on time to keep our customers’ fleets moving,” added Crestmark president, Heath Holdbrooks.
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