Yeti Logistics needed a factoring solution that was easy to use and provided flexibility to continue scaling their business. With Denim's freight factoring, Yeti has integrated their technology stack to improve operational efficiency significantly:
Alison and James Dockery-Jackson, seasoned experts in the freight and logistics industry, founded Yeti Logistics after countless encouragement from friends and family. With over 25 years of experience at well-known freight brokerages like CH Robinson, CRST, and Bay & Bay, James had witnessed the best and worst of the industry. He had seen businesses falter due to cash flow errors and the implementation of overly complex technology that remained unused. Driven by this knowledge, James and Alison were determined to establish a freight brokerage that prioritized execution, efficiency, and value over chasing marginal business. This commitment has led to quick growth, achieving over $6 million in revenue within three years with just three employees.
"Technology is not a strategy. Technology is a force multiplier." - James Dockery-Jackson, Vice President of Strategic Partnerships at Yeti Logistics
In a sluggish economy, Yeti Logistics, like most freight brokerages, has had to operate with tighter margins. Scaling his brokerage under these conditions meant cutting unnecessary costs and allocating more time to revenue-generating activities. They needed to review their workflows and adopt intuitive technology to streamline the team's productivity and efficiency.
However, Yeti Logistics' existing solution only compounded their problems. Their previous factor did not integrate with their TMS. As a result, they faced a plethora of redundant data entries, painstakingly managed through a maze of spreadsheets. Since their systems couldn't communicate, a more efficient workflow was not possible.
James described the laborious process: "We would have to download the carrier documents from our TMS, transcribe them into an Excel spreadsheet, upload it to Triumph's dashboard, and then complete the process with exception management. I would start the process around 7 am. Depending on load volume, it would take me until 10:30 am or even 11:30 am to complete."
To make things more challenging, Yeti Logistics had a contractual requirement to factor all their jobs. This meant that even if customers paid within 30 days, Yeti Logistics had to factor the jobs and pay the factoring fee.
Determined to overcome these inefficiencies, Yeti set out to find a factoring partner and payments system that would meet their specific requirements:
Yeti's top priority was finding a solution their team could quickly adopt. We had noticed how difficult it can be for companies to manage complicated technology, so we prioritized user-friendliness and simplicity for our brokerage.
Yeti discovered Denim through EKA, their TMS provider. They were working on a powerful integration between the two platforms.
For Yeti, their TMS is the core within the freight technology stack. We have concentrated on identifying tools that can seamlessly integrate with EKA to enhance our team's efficiency. By doing so, they could avoid constantly switching between various environments and streamline their workflow. We firmly believe that "the more we can do without leaving a single environment, the faster we can move."
The real-time API-driven integration of Denim and EKA brought this vision to life by establishing an automated workflow. Yeti can initiate job payments directly from their EKA dashboard, automatically sending load information to Denim. This process ensured accuracy and eliminated redundant data entry, making it necessary to access Denim only for exception management.
Denim proposed a buyout of Yeti Logistics from its existing contract with Triumph Pay. The swift transition merely required James and Alison's attention for contract review and signing.
Behind the scenes, Denim liaised with his former factor to obtain Yeti's aging report, release the lien, and wire the funds necessary to finalize the transfer process. Furthermore, Denim generously offered to cover Yeti's early cancellation fee, saving the brokerage thousands of dollars.
Amazingly, the freight factoring company transition was completed smoothly in less than three days without disrupting the business. The Denim team established Yeti's new dashboard and connected it to their TMS dashboard. Yeti only required 25-30 minutes of training before they felt confident navigating the platform.
James and Alison greatly appreciate the flexibility Denim provides Yeti Logistics in terms of freight broker factoring. Yeti currently factors 80-85% of their loads. For the remaining portion, Yeti self-finances through Denim Wallet.
Denim Wallet allows Yeti to employ the same automation and workflows as factoring but with their capital to pay carriers. By doing so, they achieved an estimated $20,000 in annual savings. This cost reduction is crucial in a down market. James remarked, "Based on our factoring expenses from last year, using Denim will lead to an 18% reduction in costs."
Based on our factoring expenses from last year, using Denim will lead to an 18% reduction in costs." - James Dockery-Jackson
Moreover, they save a significant amount of time with Denim. In one instance, they completed 19 loads in just an hour, approximately 3 minutes per job—a remarkable 75% reduction in time spent on back-office operations. API enhancements planned by Denim and EKA over the next 3 months will increase automation to 90% plus.
James and Alison eagerly anticipate further scaling of their brokerage and streamlining of operations. Thanks to the roles and permissions available in EKA and Denim, James feels confident for the first time in hiring someone to manage accounting activities without exposing sensitive data.
We welcome the Yeti Logistics team to the Denim’s freight payments network! Don't hesitate to schedule a demo if you want to discover how Denim can help you scale your brokerage. We'd be delighted to demonstrate how our platform can assist your cash flow and back-office operations.
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Cleveland, Ohio recently hosted the FreightWaves, Future of Supply Chain (FOSC) conference. This much-anticipated event brought together a cross-section of logistics professionals, all keen to explore the changing terrain of the freight industry.
Denim was one of 24 technology innovators attending FOSC giving demonstrations on their software and services. We had the privilege of interacting with freight and logistics leaders and influencers who provided incredible insights into their operations approach, challenges, and the overall supply chain landscape.
In the current freight market, characterized by tight budgets and narrowing margins, the topic of investing in freight technology took center stage. The pivotal question on everyone's mind: is investing in freight technology a smart move right now? The answer, intriguingly, is a resounding "yes, but…". This nuanced response sparked extensive exploration into when and how freight technology plays a role in the industry this year.
The FreightWaves, Future of Supply Chain opened with an enlightening Check Call interview with Mary O'Connell and David Stone from Ryder. David remarked that contrary to the common practice of cutting technology costs in a down market, investing in technology can be a game-changer. His golden rule for assessing technology stacks is simple - if technology can increase the efficiency of your staff, it justifies its price tag.
David stressed the purpose of technology in freight brokering is to "remove non-value add tasks." For example, an agent manually entering data from your TMS to your factoring partner is not adding value to your customer. Technology can outsource these tasks to free up agents.
A vital aspect David emphasized during the interview was the need to consult employees on which technologies are truly beneficial and which are no longer needed. He noted, "While every freight brokerage might have 14 - 20 technology licenses, they're not utilizing all of them." This observation suggests that leadership gains tremendously by connecting directly with ground-level agents, honing in on technologies that can eliminate tasks that don't bring additional value to their customers.
In closing, David's counsel for present-day freight brokers is critically evaluating potential technology partners. He urges them to come to product demos armed with specific issues and give consideration to partners who respond with authentic solutions rather than scripted answers. This approach underscores the importance of fostering a relationship based on transparency and true collaboration.
The FreightWaves, Future of Supply Chain saw an engaging discussion on the essential role of technology in freight operations between industry expert Craig Fuller and Peter Rentschler, CEO of technology consulting firm Metafora. In a unique approach, they graded each emerging technology sector on its implementation. Here's their verdict!
Transportation Management Systems (TMS) barely scraped through with a C-, mainly attributed to inadequate training and haphazard implementation procedures. Peter emphasized the common mistake decision-makers make in selecting a TMS that fulfills rudimentary needs but needs to consider the distinct freight movements of each brokerage or company. He regularly suggests that his clients conduct a process map exercise to understand their unique workflow. Subsequently, they can customize the platform to optimize workflow with the fewest clicks possible. Peter asserts that this often overlooked, essential step could significantly boost operational efficiency.
In stark contrast, digital freight matching platforms emerged as the toppers, earning an A. Their ability to assemble scattered data, structure it, and present it in a manner that provides actionable insights won them the top spot.
The category with the most volatility was payments, characterized by swift changes and intricate dynamics. The payments field is wide, ranging from entities primarily focused on factoring fees to those delivering top-tier operational products embedded within these fees. Peter suggests the latter approach can provide freight brokers with a substantial competitive advantage. The grades in this category varied widely, reflecting the diversity of experiences among Peter's clients; some occasionally felt constrained by their payments platform due to strict factoring terms. Nevertheless, Peter praised certain high-performing entities that earned A grades for their commitment to empowering brokers, exhibiting an entrepreneurial zeal that aims for broker success.
Zach Jecklin, the Chief Information Officer at Echo Global Logistics, and Jay Gustafson, the EVP of Brokerage Operations at Echo, openly discussed their strategic use of data to enhance customer service and fortify partnerships.
Jay veered from industry norms in a sector typically resistant to embracing technology. He declared, "Technology and data have improved our staff's capabilities and accelerated their learning process." He highlighted a crucial turning point where, thanks to technology, his team shifted focus from routine tasks to building relationships.
Zach and Jay delved into a critical debate in freight technology: the choice between building or buying. When contemplating purchasing, the Echo team places high importance on API access, which Zach credits for modernizing their technology stack. Echo also assesses whether the off-the-shelf technology resolves a specific problem. If it's a common industry challenge, they advise buying since there's likely a provider or several offering efficient solutions. However, the Echo team leans towards building their own solutions for unique internal or company-specific issues.
FreightWaves Future of Supply Chain Conference emphasized how the right technology investments can distinguish between merely surviving and thriving in this market. While the industry has come a long way in embracing and leveraging technology, there is still an opportunity for further efficiencies and growth.
Through sessions and several discussions, it became clear that it's not enough just to have freight technology licenses anymore. Freight brokerages and logistics companies must develop detailed selection criteria and invest in implementation. Integrations and open APIs were the buzzwords of the conference. With the right partners, transparency, and a focus on implementation, the 'future of supply chain' has immense promise and potential.
The FreightWaves Future of Supply Chain conference offered a glimpse into freight technology's current state and the industry's endless possibilities. We are truly thankful for the opportunity to connect with so many freight brokers and industry partners, each conversation a chance to delve deeper into the intricacies of the market. We are looking forward to the next big event - F3: The Future of Freight Fest in Chattanooga, until then.
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The 2023 Transportation Intermediaries Association (TIA) Capital Ideas Conference brought together the nation's leading freight brokers for a four-day event in Orlando, FL. Our Denim team attended for the first time and was among the approximately 2,000 attendees. The agenda promised and delivered education, networking, and insightful discussions.
We were thrilled to reconnect with many growing freight brokers we met last year, in addition to establishing new relationships. The mood was very positive despite the difficulties the industry is currently facing. The show of strength and perseverance of the freight brokerage community was inspiring.
Let's dive into a few of the highlights.
A dedicated ports panel was a conference first. Adam Angle was in charge of the discussion, which included East Coast Ports personnel Byron Miller, John Petrino, and Robert Peek.
The conversation centered around the intense pressure on the West Coast ports during the pandemic. Many TIA members faced disruption, prompting a shift of traffic to these East Coast ports.
Panelists discussed the ports' future growth ambitions and strategies for TIA members to enhance their business through port relationships.
Congresswoman Kat Cammack joined TIA's Vice President of Government Affairs, Chris Burroughs, to address the supply chain and infrastructure projects in the U.S. They discussed the outlook for the 118th Congress and several key legislative initiatives.
A burning issue that the conference addressed was the escalating incidents of fraud within the supply chain.
On the conference's concluding day, a panel discussion on double brokering brought industry experts together. The panel included Chris Burrough from TIA; Garrett Wolf from TriumphPay; Kenneth Lund from Allen Lund Co.; and John Miller from Plain Dedicated.
Kenneth Lund sounded the alarm on double brokering. He shared that "fraud had seen a staggering 300% increase over the last three months."
The panel emphasized the importance of direct communication with drivers as a potent strategy for combating double brokering. Lund stressed the value of this approach, stating, “Ask to talk to the driver. And if they say no, that’s a red flag.” This straightforward yet effective tactic can be essential in detecting potential fraud.
John Miller highlighted the necessity of a holistic approach in the battle against fraud and double brokering. He advised the audience to instill vigilance in their entire teams for driver verification, not confining this responsibility to carriers or dispatchers alone. “Ensure your clerical staff, the night dispatcher, and your entire team realizes the importance of verifying the driver,” he reinforced.
The panel discussion also underscored the FMCSA's lack of enforcement, which has resulted in approximately $700 million in fraudulent activity, as a crucial concern. The session emphasized the immediate need for industry-wide measures to address this alarming issue.
With the TIA 2023 Capital Ideas Conference behind us, we're already looking ahead. The insights, strategies, and discussions that took place have further fueled our drive to continue innovating freight payments.
The Tech Innovation Convergence in San Diego is set to offer more invaluable knowledge and networking opportunities. We're excited about what's to come and can't wait to continue the conversations that started in Orlando.
Until then, we remain committed to supporting freight brokerages and logistics companies with easy-to-use freight payments system and flexible factoring. We hope to see you at the next TIA events!
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The current freight market is one of the worst in history. Tender rejections have dropped to a record low of 2.53%; the previous record was during the COVID lockdowns at 2.57%.
However, we know the market will turn, and this slow time will be a distant memory.
Until that day comes, staying on top of your finances is more important than ever. Maintaining cash reserves for carrier payment and payroll is essential to surviving any downturn.
Freight factoring can be one of the tools in your toolbox to weather a slow market. It allows you to access capital when you need it, giving you opportunities to take advantage of spikes in demand.
There are some obvious benefits of freight bill factoring, especially for established brokerages looking to expand their business. It improves overall cash flow by providing quick access to cash that the broker would otherwise have to pay out of pocket to their carriers. This of course keeps carriers happy, on the road, and delivering reliably.
Some benefits of freight factoring are easy to see, while others are less obvious. These less visible benefits are just as important.
1. Liquid Capital Reserves: Freight invoice factoring ensures swift access to cash which otherwise would be tied up in carrier payouts. This frees up your cash reserves to scale or reinvest as you see fit.
2. Lowering Days to Pay and Enhancing Credit Score: With freight bill factoring, your carrier payments are prompt and on-time, which significantly reduces your days-to-pay ratio. A lower days-to-pay ratio can improve your brokerage's credit score, making your business more attractive to carriers.
3. Credit Checks to Mitigate Risk: Factoring companies for freight brokers provide credit checks on customers so you can feel confident taking new contracts. Ensuring the financial reliability of your customers safeguards your brokerage against unnecessary financial risks like non-payment or payment delays.
4. Avoid High-Interest Business Loans: By leveraging freight factoring, you can avoid the need for high-interest business loans to finance operations. Unlike traditional loans, freight bill factoring is not debt - it's simply an advance on what you're already owed. Plus, freight factoring rates are not tied to the Fed, but instead your volume.
5. Working Capital for Operational Growth: Freight factoring can provide the working capital necessary to run and grow your brokerage. Turning invoices into immediate cash gives you the financial flexibility to invest in technology, hire more staff, or expand your marketing efforts. All are essential elements for business growth.
6. Automated Carrier Payments for Improved Relationships: Freight broker factoring companies offer quickpay, ensuring on-time and reliable timely carrier payments. The result? Improved relationships with your carriers, fostering loyalty and reliability. Don't take our word for it, read Direct Expedite's testimonial.
Navigating the volatile freight climate demands a secure financial foothold. Economic downturns and demand spikes require a strong financial strategy, and freight factoring shines. It provides quick access to cash, fast carrier payments, and improved cash flow.
There are more benefits of freight factoring than meets the eye. It paves the way for business growth by preserving capital. Freight factoring enhances your credit score by reducing your days-to-pay ratio. Freight factoring allows credit checks, significantly reducing the risk of non-payments. These often overlooked advantages can make a substantial difference in driving the success of your brokerage.
By harnessing the full range of benefits that freight factoring offers, you're fortifying your brokerage against economic downturns and strategically positioning it for enduring growth and success.
Our SmartPartner series highlights like-minded partners innovating for a more connected and transparent supply chain. This month we are thrilled to spotlight Turvo!
To bring you an inside look into our partnership and the innovative solutions that Turvo offers, we connected with Jeff Graan, Vice President of Product Management and Innovation at Turvo. Jeff's extensive experience and successful track record in the logistics industry have been crucial in guiding Turvo's highly-regarded platform.
Before joining Turvo, Graan held senior leadership positions at MercuryGate and BluJay Solutions. He also led supply chain activities for world-renowned Fortune 500 companies, including Whirlpool and General Motors, while serving in prominent roles at Schneider National and Penske Logistics. His vast industry knowledge and pioneering vision shape Turvo's journey to reinvent the supply chain industry.
Here's what he had to share about Turvo, the Denim integration, and his advice for freight brokers in today's market.
A: Since 2014, Turvo has been pioneering and developing a collaborative approach for the supply chain network. We aim to disrupt the industry with intuitive technologies that enhance end-to-end logistics communication and build efficiencies for our customers in the supply chain, one of the world's most vast and critical industries.
Turvo offers the leading modern TMS solution for the supply chain industry. Our TMS runs on our unique Collaboration Cloud, which leverages the latest SaaS cloud technology. This sets Turvo apart from other logistics software options in the market. Our platform unifies supply chains, enabling real-time interactions and problem-solving. With Turvo, users can identify and address issues as they happen, ensuring smooth operations.
Our platform caters to the specific needs of brokers and 3PLs, empowering them to manage their entire freight business seamlessly, including:
Turvo offers a comprehensive solution that optimizes supply chain management, enhances collaboration, and provides unparalleled visibility. With Turvo TMS and our Collaboration Cloud, we empower businesses to streamline operations, boost efficiency, and deliver superior customer service.
A: Freight Professionals choose Turvo because we offer a modern TMS solution that addresses the evolving needs of the supply chain industry. Our comprehensive communication and analytics solution enables end-to-end management of freight processes.
Here are the key reasons professionals gravitate toward our platform:
But don't just take my word for it. Brittany Traylor, Founder and CEO of TraylorTranspo, shares her experience with Turvo:
"Our mission at TraylorTranspo is to build a fast-growth brokerage that benefits everyone in the supply chain. Whether it's a carrier's market or a shipper's market, our goal is to provide a tech-enabled logistics solution that hedges risks for all parties involved and grants all of our employees and customers higher service levels and better business opportunities. Turvo was the right TMS partner to help us achieve these goals and scale quickly without disrupting the business as we strive to reach the Fortune 500 list."
A: Turvo has partnered with Denim to provide automated and simplified freight payments and financing for brokers.
Scott Lang, Chairman and CEO of Turvo, mentioned: "The partnership brings a best-of-breed payment platform into our extensive partner and integration ecosystem and gives our broker customers another layer of automation and excellence in their back-office operations. The biggest gain for our customers is the experiences they can pass onto their customers and carrier networks."
By integrating Denim's freight payment solutions into the Turvo platform, users can enjoy a seamless and streamlined experience. This collaboration enhances communication, simplifies payment processes, and improves overall efficiency within the supply chain industry. Ultimately, the Turvo-Denim partnership aims to deliver an enhanced and comprehensive solution that optimizes supply chain management and simplifies freight payment processes for customers.
A: Freight brokers looking to partner with technology providers need to align their choice with their future business objectives. More than just providing operational tools, the right technology partner can invigorate both internal and external teams, setting the stage for competitive advantage. While visibility remains key, real advancement comes from fostering a collaborative environment. Such strategic investments in forward-thinking technologies pave the way for sustainable success.
Are you a Turvo client seeking to enhance your payment infrastructure? Or you're a Denim customer searching for a TMS solution that aligns with your business needs. Regardless, the Turvo-Denim integration provides an all-encompassing, innovative solution capable of transforming your operations and setting you on the path to success.
Don't hesitate to contact us today to discover more about how the Turvo-Denim integration can elevate your brokerage and give you a competitive edge.
Game Changers in Freight Tech is a unique opportunity to see the latest advancements and technology transforming the freight and logistics industry. It's not just about hearing about these changes—it's about seeing them in action, understanding how they work, and envisioning how they could be helpful to your operations.
Hosted by Chris Arredondo of Cargo Chief, this free virtual event spans two days and features insightful panels and demos. It's a chance to delve into cutting-edge technologies and creative solutions that streamline logistics processes, optimize operations, and enhance supply chain management.
The event features keynote speakers Anne Reinke, President of TIA, and Charlie Saffro, CEO of CS Recruiting. Their insights and experiences promise to provide valuable perspectives on freight technology's current state and future direction. They'll share their knowledge, predictions, and advice for navigating this rapidly changing industry.
The event's agenda features industry leaders, entrepreneurs, and experts driving change in the freight tech space. Panel discussions include:
We're particularly excited to announce that our very own Parker Caldwell and Ben Jones will be part of the event, showcasing the capabilities of Denim. On Thursday at 2:50 pm EST, they will give attendees a demonstration of the Denim dashboard. They'll show how its functionality can save your brokerage time and money through smart automation and flexible factoring. Plus, they'll give a first look at our newest feature: Document Collection.
Additionally, Ben will participate in the panel discussion on 'Overcoming User Hesitations: Removing Barriers to Influence Product Adoption,' scheduled for Thursday at 3:05 pm EST.
The "Game Changers in Freight Tech" event is more than a conference. It's a chance to witness firsthand the impact of technology on the freight industry. It's an opportunity to learn from the best in the business and to gain insights that could shape the future of your operations.
So, take advantage of this opportunity. Join us and the rest of the industry's game-changers as we explore the future of freight technology together. Whether you're an industry veteran or a scaling brokerage, this event promises to be insightful and full of ideas you can take back to your organization.
Get your free ticket today to the Game Changers in Freight Tech Showcase.
Cleveland is home to the Rock and Roll Hall of Fame and host of the upcoming FreightWaves Future of Supply Chain. The two-day event starts on June 21st with a packed agenda of engaging discussions, rapid-fire demos, and hands-on learning experiences.
To help you prepare your schedule, we have curated a list of five key sessions that are unmissable:
In this fireside chat, Zach Jecklin and Jay Gustafson of Echo Global Logistics demonstrate the potential of data science to transform operations, bolster customer service, and fortify partnerships. Echo's journey offers a roadmap for other companies looking to leverage technology in their digital transformation journey.
Pat Martin from Venture 53 offers a fresh perspective on emerging trends in freight tech. His insights into the metrics investors value most and the state of the capital market environment are essential knowledge for seasoned industry professionals and those just embarking on their careers.
FreightWaves founder and CEO Craig Fuller and Peter Rentschler, CEO of Metafora, delve into the pivotal role of modern integrations and connectivity in our industry. Learn how the leaders in transportation are using technology to break down silos and foster stronger connections with customers and partners.
Leveraging Data and AI for Optimal Global Supply Chains: Charles Odom of Halliburton guides us through global logistics, demonstrating how Halliburton is harnessing data analytics and AI to revolutionize its operations, enhance efficiency, and drive industry innovation.
Join Bart de Muynck of Project44 and Craig Fuller from FreightWaves as they discuss the volatile nature of freight markets and the importance of real-time data. Learn how the industry's top organizations are becoming more responsive and resilient in the face of change.
These sessions offer practical, actionable strategies to keep pace with the rapidly evolving landscape shaped by digital transformation. With a keen emphasis on data, technology, and the digital shift, we are confident that you will depart equipped with vital knowledge to propel your organization forward.
However, this event extends beyond being a mere learning opportunity. It's an opportunity to network with industry experts, seek solutions to your pain points, and draw inspiration from shared success stories.
Join us at booth C314 where the Denim team is ready to discuss freight technology stacks, digital payments, flexible factoring to SmartBroker, and more.
At our booth, you can expect:
We look forward to meeting you, and Go Browns!
By: Sean Smith, Head of Product at Denim
I was honored to attend the renowned 51st Annual J.P. Morgan Global Technology, Media, and Communications Conference in Boston, Massachusetts. This landmark event saw an impressive lineup of established industry leaders and emerging high-growth companies discussing game-changing strategies, technologies, and trends in the digital payments landscape.
I aimed to understand and learn new solutions and trends leveraged by key industry players and pinpoint opportunities that could enhance our freight payment platform for the freight industry.
Here are some insights and key learnings taken from the conference.
FIS, a leading global technology solutions provider for merchants, banks, and capital market firms, brought a refreshing perspective to the conference.
FIS CEO Stephanie Ferris directly challenged the often negative sentiment in the news. Contrary to the prevailing "gloom and doom" outlook, Ferris found the feeling among bankers to be exceptionally positive. "Last week was the FIS user conference, and I was concerned that everyone would be very negative. However, the sentiment among these bankers is extremely positive and not the gloom and doom you hear on Bloomberg daily," Ferris shared.
Her report of increased net deposits across the institutions FIS supports underscored this unexpected positivity, demonstrating the banking industry's resilience in the face of uncertainties and challenges.
LendingTree's panel discussion emphasized the critical role of product and user experience in financial services.
The company, renowned for its online lending marketplace, pointed out the importance of offering customers more than just financial transactions. Through practices such as providing tips on the impact of balance payments on credit scores, LendingTree significantly improved customer engagement.
Furthermore, LendingTree's focus on enhancing customers' credit mix and stimulating their engagement highlights a proactive approach to improving customer satisfaction and trust. It emphasizes the value of innovative engagement strategies in developing loyal and satisfied customers in the financial services sector.
Another notable session was with Bill.com, a leading provider of cloud-based software that simplifies, digitizes, and automates complex back-office financial operations for small and midsize businesses. The company sees itself as a pioneering player in the payment space in the same way ADP revolutionized the payroll industry.
Bill.com's strategy targets accountants and finance professionals, recognizing their influence within businesses. By focusing on high trust champions, Bill.com experienced its most successful quarter in new user acquisition, with most referrals coming from other trusted financial institutions.
Looking ahead, Bill.com plans to offer a comprehensive payment solution that includes international and instant payment services. Their future growth strategy also aims to broaden accountants' services, transforming them into a "CFO in a Box."
Affirm, a platform that provides installment loans to consumers at the point of sale, highlighted its current focus on ensuring access to capital and maintaining strong credit standards.
As they prepare to launch their new card product, Affirm Debit, the company noted significant shifts in consumer spending habits since the end of April last year. In response to these changes, Affirm rolled out adaptive checkouts designed to manage risk better and provide more systematic and flexible lending options.
On the macroeconomic front, Affirm identified a slowdown in discretionary spending attributed to inflation, except in the travel sector, which continues to see substantial spending. However, despite a less positive financial environment than the previous year, the company affirmed that it is well-funded and not capital constrained.
The conference also introduced participants to AvidXchange, a payments automation company that targets the middle market (companies with annual revenues between $500k-$100m) and integrates with over 200 accounting/ERP systems. AvidXchange aims to shift around 50% of paper check transactions to digital payments, significantly reducing costs.
AvidXchange is particularly excited about the potential of AI in automating back-office functions. They are actively working to enhance their platform, develop customer-specific feature enhancements, and increase their system integrations. They are also set to launch a new product, the Invoicing Accelerator 2.0, which utilizes unique data models to improve invoicing for next-day payments, a process similar to factoring.
The 51st Annual J.P. Morgan Global Technology, Media, and Communications Conference offered valuable insights into the rapidly evolving digital payments industry. The learnings from the conference will help guide strategic decision-making and inform growth plans as we strive to maintain our position as a leader in freight payment technology. The key takeaway of the J.P. Morgan Tech Conference was reaffirming our commitment to continually evolve and adapt to provide robust, reliable, and innovative payment solutions that our partners and investors trust.
As we move forward, we look forward to another year of navigating the complex digital payments landscape, staying ahead of emerging trends, and continuing to meet the unique needs of freight brokers and truckers in our ever-changing digital world.
Denim, the logistics industry’s trusted freight payment system, today announces the launch of its One-Click Document Collection workflow. This new feature aims to help freight brokers save time in managing carrier documents, enabling them to direct more focus towards customers and growing their business.
One-Click Document Collection enables freight brokers to send an automated email directly to carriers to facilitate a hassle-free collection of carrier invoices, bills of lading, and proof of delivery. The document collection email is directly linked to a draft job in Denim’s dashboard and is ready for processing upon document upload.
"We often hear from our clients that collecting documents takes up a lot of their time, keeping them away from tasks that more directly drive revenue," says Bharath Krishnamoorthy, Co-Founder and CEO of Denim. "Our One-Click Document Collection not only streamlines the process for freight brokerages but also simplifies it for carriers by eliminating the requirement to log in or download an app. Our aim is to expedite operations for everyone involved - ensuring quicker payment for carriers and more efficient job submission for brokers."
Denim's document collection process uniquely allows carriers to bypass logging in to their dashboard. Carriers merely have to click the email link on their smartphone or desktop and upload invoices, bill of lading, proof of delivery, and any additional documentation for accessorial fees. This intuitive feature spares carriers the all-too-common 'forgotten password' predicament and aligns with their on-the-move schedules.
For more information about Denim and the new One-Click Document Collection feature, please visit schedule a demo.
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