Peregrine set out with a simple promise: pay carriers fast. They knew that looking after their carriers was the secret to top-notch customer service. But to make that happen, they needed to find a way to keep the cash flowing smoothly.
That’s where Denim stepped in. With their factoring service, Peregrine found the support they needed to keep their promise to carriers without stretching their resources too thin. Thanks to this partnership, Peregrine has managed to:
- Improved invoice processing time by 3X, streamlining their day-to-day work.
- Earn an A rating on Truckstop, with one day to pay and zero complaints.
- Grow their business to hit the $12 - 15 million mark without adding back-office staff.
- Empowered by a solid financial foundation, Peregrine is now well-positioned to venture into fleet management and asset acquisition.
The Story of Peregrine
Jeremy Prince was at a crossroads when post-COVID challenges hit the freight market. He was at a large building materials distribution company, and carriers and drivers he'd worked with for years started to drift away. After several conversations, Jeremy got to the heart of the matter: they needed more services, including faster payments.
Determined to preserve valuable partnerships, Jeremy took matters into his own hands. He established a 3PL that benefited both his former employer and ensured carrier loyalty with the lure of quick payments and enhanced services. Jeremy’s initiative gave rise to Peregrine, a company committed to carrier relationships and reliable services for shippers.
Now, Jeremy's at the helm of Peregrine as CEO, steering a tight-knit crew of eight. He's got the big picture in mind, while Ashley Jackson, Sr. Manager of Shared Services, takes charge of the back-of-house—handling everything from ensuring carriers get paid on time to keeping the tech platforms running smoothly.
The Challenge
Peregrine is setting itself apart in the freight industry by taking a different approach. They are the "Anti-Broker," focusing on nurturing strong, respectful relationships with their carriers. For Jeremy, it’s simple: treat carriers well, and they’ll deliver exceptional service to the clients.
Making quick payments is not just a service feature; it's the backbone of their commitment to their carriers. This commitment, however, stretched their financial resources thin. Jeremy says frankly: “Our dedication to quick carrier payments put us in a tight spot. We were paying out so fast that our cash reserves were depleting quicker than we could replenish them.”
To address this cash flow challenge, Jeremy turned to Denim. The blend of flexible factoring, technology focus, and creative adaptability made Denim the easy choice.
Benefits of Working with Denim
Leveraging Technology to Stay Lean
Peregrine's partnership with Denim over the past two years has been integral to scaling their business to an impressive $12-15 million in revenue. A significant aspect of this growth is their lean approach to operations. “We’ve leaned on Denim to stay lean," Jeremy remarks, highlighting the critical role Denim's platform has played in streamlining their processes.
Before adopting Denim’s advanced factoring and freight payment system, Ashley handled each invoice manually. This involved downloading documents from their Transportation Management System (TMS), creating and sending invoices, and managing payments to carriers. With around 1,200 invoices processed monthly, this manual method was time-consuming and error-prone.
Leveraging Denim's platform has significantly cut down Peregrine's invoicing time. Thanks to the Zapier integration linking Denim and Shipwell, jobs seamlessly transfer from their TMS directly to Denim. This automation not only minimizes human error but also cuts down on costly mistakes. Impressively, Peregrine has tripled its efficiency in handling payments, reducing the time from 3 minutes per job to less than a minute on average.
Build a Positive Reputation with the Carrier Community
Carrier relationships are central to Peregrine’s operations and value propositions to customers and new business. And paying them within 24 hours was a significant factor in creating Peregrine.
By leveraging Denim’s factoring, Peregrine can automate carrier payments and offer free quick pay.
“Our growth would not have been possible without our carriers. And Denim continues to be solid for us to continue our commitments to pay our carriers quickly,” said Jeremy
With Denim’s reliable carrier payments, Peregrine has one day to pay, no complaints, and an A rating on TruckStop. Because of Peregrine’s reputation, the team can easily find and attract quality carriers to cover last-minute loads.
Their reputation extends to one of their newest service offerings, managed fleets. Peregrine offers to manage shippers' carriers to alleviate communications and payment workloads. Usually, when Peregrine is introduced to a shipper’s carriers, the drivers are noticeably frustrated and anxious. However, Peregrine makes the operations more efficient and gets them paid faster. “Faster than what they were getting paid before.” And Denim is a “major portion of how Peregrine delivers on that value proposition,” said Jeremy.
A true partnership with friendly customer service
Peregrine’s experience with Denim has redefined their expectations of customer service within the factoring industry. Ashley oversees their factoring partnerships and has lauded Denim for their exceptional support, often remarking on the speed to resolve issues. “If I have a problem,” she notes, “it takes 10 minutes to get an answer, and it’s fixed.” This responsiveness is a testament to Denim’s dedication to meeting Peregrine’s needs with urgency and precision.
A genuine sense of mutual respect and camaraderie further strengthens the partnership. The personal connection that Ashley feels with the Denim team is a stark contrast to the more transactional nature of other factoring relationships. Jeremy, too, acknowledges the depth of this partnership, pointing out, “Denim treats our trucking companies better than I think their own factoring companies.”
Positive Cash Flow Enables Expansion
Peregrine's ambitions extend into significant areas of capital investment, notably in acquiring trailers and trucks to manage their own fleet. This strategic move into asset ownership reflects their commitment to growth and enhanced service delivery. However, such ventures come with substantial financial risks and complexities. In this critical phase of expansion, Denim's partnership proves invaluable.
Jeremy has clarified that the confidence to undertake such investments is rooted in the solid relationship with Denim. “There’s a genuine peace of mind with Denim as our partner. It takes the worry out of many things,” he reflects.
With Denim's factoring supporting positive cash flow, Peregrine can invest in their business with their own operational assets. The progression from broker to fleet manager is a bold leap that Peregrine is ready to make with Denim's steadfast support and financial acumen by their side.
Boost Your Cash Flow with Denim
Jeremy’s decision to start a 3PL stemmed from a deep-rooted commitment to his carriers—a pledge to fast payment and respect has been the cornerstone of their operational ethos.
With Denim's partnership, Peregrine has sustained this promise and achieved remarkable efficiency and growth. They've streamlined processes and bolstered their reputation, and now, with solid financial backing, they stand on the cusp of an exciting new chapter in fleet management and asset ownership.
Peregrine's trajectory is a testament to the power of strategic partnerships and the enduring value of putting people—carriers and clients alike—at the heart of business.
Are you ready to scale your brokerage? Schedule a demo to discover how factoring and Denim can boost your cash flow.
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