BidPay, Inc. announces the formation of a new business unit, BidPay Freight®, utilizing BidPay’s proprietary cloud-based accounts payable auction platform. BidPay Freight® focuses exclusively on managing freight payable discounting auctions for supply chain shippers and logistics companies.
Over 60% of truckers factor their freight bills when they need cash. BidPay Freight® provides some truckers with an alternative to financing and factoring freight bills. Many truckers require cash immediately upon delivery of freight. For credit-constrained truckers that are able to wait a few days until their customers review and approve their freight bills, BidPay Freight® provides an attractive liquidity alternative.
Large shippers and logistics companies with surplus liquidity are able to actively and dynamically solicit discounts from motor carriers and owner-operators dynamically through the BidPay Freight® online freight payment auction portal. In the process, shipper and freight brokers earn lucrative discounts from carriers willing to discount their freight bills in exchange for faster payment. Freight brokers and logistics companies that already provide quick-pay and fuel advance programs for their cash-constrained carriers will find BidPay Freight® to be be a more lucrative and less costly approach to freight payment discounting.