B joined PDQ America's podcast Trucking for Millennials to discuss how to use automation and capital to unlock your growth as a freight broker. On the Trucking for Millennials podcast, the team discusses what's happening within our industry today and discovers how the next generation of trucking and logistics professionals are impacting the supply chain. The podcast features weekly topical discussions, expert interviews, and real stories from the people moving and managing freight across the country. Hosts Michael Clements, Aaron Dunn, and the rest of the PDQ America team engage with the future of freight happening now.
Check out the podcast on Google, Spotify, Apple, or on PDQ's website!
An "Invisible" Industry?
In the beginning of the podcast, B explains that freight brokerages are a bit of an "invisible" industry, meaning that tech companies aren't focusing on how to evolve the industry as much as some others. He shares that this is one of the reasons why he and Shawn started Denim. They wanted to help digitize freight finance and bring all the modern tools that freight brokers deserve. This opportunity helps both existing freight brokers, as well as those just getting started.
"There are a lot of small and medium-sized businesses adding a lot of value to the ecosystem who are interested in building a tech-forward business but they don't have the resources or capabilities to build that tech themselves. We can fill that gap for them." - Bharath Krishnamoorthy, CEO of Denim
Remove the Bottleneck of Capital
One of the main talking points B includes is the fact that having access to instant capital is a huge springboard to help young brokers get started and reduce a major bottleneck when growing their business. Denim provides working capital financing to brokers so they can pay their carriers quickly, which is key to helping them grow their business, stay competitive, and attract and retain top carriers.
In the past, a lot of factoring companies focused on providing carriers financial support, and the reason for this is that it was accepted that brokers wouldn't pay carriers for 30 or more days. But things have changed in the industry since the rise of quick pay solutions and now carriers want to get paid fast. They consider the fact that if shipping giants like UberFreight are going to pay them the next day, why would they go with a smaller broker? Our QuickPay services help small and mid-sized brokers stay competitive against these shipping giants.
We buy the invoice from the client, advance funds to them and pay the carrier directly, whenever the invoice is due we collect from the shipper.
What Solutions Does Denim Provide for Freight Brokers?
Our primary product is invoice factoring, but we also offer a wide range of solutions for freight brokers, as B outlines in his interview with Trucking With Millennials. He explains some of our services:
- We help freight brokers spend more time on what they love, like logistics and customer service. No one gets into this industry because they love collections or accounting. We automate brokers' back office operations and do all of the time-consuming and error-prone tasks that most brokers don't enjoy.
- We offer QuickPay solutions and pay carriers quickly, meaning that brokers can build relationships with industry-leading carriers
- A lot of factoring companies have a bad reputation and lock brokers into unfavorable contracts. At Denim, we specialize in broker-friendly factoring solutions
The whole podcast is a really interesting look into what brokers want and need today, and offers tips on how to get started in the industry as a younger broker. B and the team at Denim believes that the freight brokerage industry is ripe for disruption.
Want to learn more about how Denim can help you grow your freight brokerage? Contact us today!
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