Sennder, Europe’s leader in the digitalization of road freight transport and JITpay™, a German-based FinTech provider of accounting, claims management and financing solutions to the logistics sector, jointly announce a new strategic and commercial partnership.
Through this partnership, the two companies have developed a new invoice-factoring product for carriers in Germany and Poland that simplifies the invoicing process and pays carriers within 24 hours of them submitting an invoice. The service is fully digital, giving carriers the ability to register their clients to a centralized invoicing system in only 15 minutes.
This has come at a vital time for many, as many carriers are faced with a challenging economic environment – caused by the Covid-19 pandemic. Now, strong cash-flow and liquidity is vital.
sennder is already offering a fast payment option to carriers when they are driving directly for sennder. But, many carriers in the industry are faced with long, manual processes to onboard new customers to their factoring arrangements – often requiring in-person meetings with numerous third parties.
Now, sennder and JITpay™ are providing a fully digital invoice-factoring solution that gives carriers the ability to register their clients to a centralized invoicing system in only 15 minutes. The service is low cost, cutting down on third party expenditure, and has no minimum amount or shipping volume.
A timely solution
Many small and medium-sized transport companies often operate with long payment terms and with the risk of customer defaults, so cutting payment times is an attractive proposition. Strong financial liquidity and access to cash is vital for small and medium-size businesses, particularly in the current economic environment. The ability of sennder and JITpay™ to provide access to invoice factoring through an entirely digital process and in less than 24 hours is a unique offering to the logistics sector.
Collaboratively driving digitization
The partnership is a natural fit, both sennder and JITpay™ share the commitment to drive digitalization of the logistics sector. This new product has been created collaboratively, with sennder providing counsel on the practical challenges the carriers face and JITpay™ using its in-depth technological and financial knowledge to assemble the product.
Felix Hellmann, Head of Services at sennder, says: “We are delighted to offer our carriers greater flexibility over their payment terms at such a critical time. The industry has gone through a turbulent time over the past five months. The digitalization of the industry is now more important than ever. We are pleased to partner with JITpay™, providing an innovative invoicing and payment solution which makes life easier for carriers.”
Dr. Daniel Steinke, CEO at JITpay™, says: “We are pleased to be working with sennder to collaboratively help digitalize the logistics industry. Payments play a key part in this and we look forward to expanding our solution across Europe later this year.”
Initially, the service will be available for transport carriers in the Polish and German markets. Broader rollout across the European market is expected later in the year.