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Blume CarrierGo Provides Motor Carriers with All-Encompassing Business Solutions

CarrierGo

Blume CarrierGo Provides Motor Carriers with All-Encompassing Business Solutions

This year’s Intermodal Expo in Long Beach, California featured some of the latest solution offerings disrupting the transportation sector. Among leading industry experts including logistics and supply chain solutions provider, Blume Global unveiling their latest product offering, Blume CarrierGo. Blume Global boasts over 25 years of transportation solution offerings in the cloud enabling international multimodal operations including shipment planning, execution, visibility, invoicing, invoice processing & settlement.

“Blume CarrierGo is a product we created that offers our global network of 7,000-plus carriers more than just execution, adding more value for both the carriers and the drivers,” explains Glenn Jones, GVP Product Strategy at Blume Global. “CarrierGo is localized in 22 languages and utilized by customers around the globe, so it’s not limited to the United States. This solution enables carriers to increase turns per day while reducing empty miles and maximizing efficiencies.” 

The days of manual processes are becoming a thing of the past, particularly in transportation and carrier services as automation continues setting a new and more improved standard of streamlining operations. Blume CarrierGo solution identifies processes such as appointment scheduling for carriers lacking levels of automation needed for optimization. Another example is opportunities with street turns found within the Blume import and export-heavy freight forwarding customers.

“We have insight into what independent freight forwarders might not be able to see, such as import and export maps leading to an opportunity for a street turn recommendation or automatic allocation. Dwell times also provide an opportunity for automation. We may have 20, 30, or even 50 carriers trying to pick up containers out of the same terminal. By leveraging our visibility across multiple freight forwarders we can either make recommendations or we can delay making appointments through the insight we have into marine terminals with delays,” Jones adds. 

And how about invoicing? Blume covers all bases for carriers in terms of accessorials and eliminating the element of surprise when it comes to unpredictable charges backing up processing times. The Blume solutions process requires carriers to gain approval for accessorials before they even happen. 

“If a carrier needs to get to a port and they’re unable to, there might be a demurrage charge or there might be a carrier in a dwell time charge situation unexpectedly. They can gain approval from the buyer for that accessorial and when it appears on the invoice days – or hours later, there’s no surprise and the invoice will be processed faster,” Jones adds. “This is particularly useful for carriers in 3rd world countries, where the carriers tend to be much smaller and require payments quicker than what the freight terms offer,” Jones adds. 

Processes like these are found within the CarrierGo solution, providing maximized efficiencies and reducing costly and time-consuming overhead freight audits and manual payment processes. Carriers are not only paid on time, but have increased opportunity for invoice factoring discussions in international markets. This is a major differentiator found within the Blume solutions structure impacting global scale capabilities across the supply chain, creating seamless flows between all players and competitors in the multimodal sector. 

For more information about how Blume CarrierGo can improve your cargo needs, please visit booth 512 at Intermodal Expo or visit Blume Global on the web. 

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Glenn Jones, GVP Product Strategy, Blume Global

 Glenn has a proven track record of growing businesses by building and leading product management/marketing and R&D organizations to define, develop, position, and sell highly innovative and high value enterprise solutions delivered in the cloud. He was formerly the COO of Sweetbridge and the CTO of Steelwedge Software. He also held leadership positions at several other companies, including Elementum and E2Open.

How to Use Invoice Factoring to Improve Your Business Cash Flow

Cash flow can be difficult for a business to manage effectively. When you wait 30, 60 or 90 days for payment of work already completed, expenses don’t wait with you. They need to be paid now.

But you aren’t at liberty to change payment terms you agreed to with customers. If you try it, they’ll just leave you to find another company that will work with their terms.

Let’s look at a cash flow example. Say you own a small trucking business with a fleet of 5 trucks. The trucks are assigned as collateral to the company that financed them.

Business is good. You have experienced drivers and your trucks haul for great customers who pay well. But paying well does not mean paying quickly.

Yet you have truck payments, fuel, maintenance, insurance, taxes, payroll, and other overhead. You find yourself burning through cash before you get more.

You don’t want to lose your drivers or your trucks. And you’d hate to lose your customers to competitors. But debt is not an option; the trucks are already financed. If only you could get paid quicker.

Then you hear about invoice factoring and how it can smooth out cash flow. You decide to give it a try.

How Does Invoice Factoring Work?

Invoice factoring is not a new concept. It’s been around for centuries. It is selling accounts receivable to get cash for your business.

In the example of the trucking company above, when a load is delivered and the customer is billed it creates an account receivable. But the customer doesn’t pay until the agreed upon terms. That long wait time puts stress on the business.

With invoice factoring, instead of billing the customer, you sell the invoice to a factoring company. The factor then pays you an advance of up to 98% of the invoice value.

The advance you receive depends on the agreement reached between you and the factoring company. That advance is paid to you within 24 hours or less.

The factor bills the customer and waits for payment. Once your customer pays the factor, the remainder is paid to you minus a small fee for factoring.

Instead of waiting long times for payment, your business receives cash immediately after transmitting each invoice. Now the trucking company has the consistent cash flow to carry on hauling freight. As long as you deliver loads, you’ll have the cash right away.

And the factoring company takes on the billing and collections. No more trying to manage accounts receivable and no more spending time trying to collect on them. The factor does it all for you.

How Invoice Factoring Can Help Grow Your Business

Now that the trucking company has improved business cash flow it’s time to focus on growth. Meeting all your expenses on time, having extra money on hand, and saving time and money on accounting services frees you up to take on more work. Here’s 20 easy ways trucking companies can increase their profit margins.

Your customers are happier than ever that you’re so dependable, always delivering on time now. They offer you additional loads. Instead of turning them down for lack of cash to operate, you jump at the opportunity.

You begin to add more trucks, more drivers and more trips. And your business is thriving, all because you improved your cash flow by invoice factoring.

And the more your business cash flow grows, the more your factoring grows with it.

Is it Hard to Qualify for Invoice Factoring?

No, not at all. You don’t need a high credit score. In fact, it doesn’t matter if you have bad credit. With factoring you’re not borrowing so your credit is not important.

It’s the credit worthiness of your customers that matters. As long as your customers have good credit and a strong history of paying you will most likely qualify.

That’s why invoice factoring is a great idea for those new to the business and/or having a low credit score. Factoring is getting paid on work you’ve already done. It’s your money; you earned it. You just get it without having to wait. The factor does the waiting for you.

Invoice factoring is also good for businesses that are thriving but experiencing interruptions in cash flow. Getting paid immediately on invoices can really improve business cash flow and reduce the stress caused by long payment wait times.

If you’d like to improve business cash flow, reduce accounting costs and grow your business, you owe it to yourself to look at invoice factoring. It’s used by all sorts of businesses, not just trucking.

Rachel Donaghy is the Senior Director of Account Management at eCapital.com. eCapital is building a brighter future for the transportation industry. It’s a future where freight companies get paid at the click of a button. Where document exchange becomes data exchange. Where complexity disappears into the background and drivers have the freedom to focus on delivering the next load. You can find Rachel on LinkedIn and Twitter.