Freight payments now clear in minutes, not months, for thousands of SMEs.
Thousands of UK haulage firms are avoiding the 90-day payment wait with TEG’s SmartPay platform.
Small haulage firms across Britain are finally escaping the crushing burden of delayed payments. These businesses often waited up to ninety days to receive their hard-earned money. This delay frequently prevented small operators from taking on new work or covering fuel bills.
However, the introduction of SmartPay is rapidly reshaping the sector’s economic landscape. The platform has now processed nearly half a billion pounds for UK freight companies. Most of this impressive total was moved through the system during the past year.
Consequently, hauliers are now receiving funds in less than four minutes on average. The system secured a major award this year for its innovative approach to finance. Unlike old-fashioned credit checks, this technology verifies the specific booking instead.
CEO Lyall Cresswell believes the industry can collaborate more freely once payment issues no longer hinder operators. He stated that the goal was to ensure the platform worked effectively for the smallest businesses. Broadly speaking, this digital infrastructure is providing the stability the industry has long lacked.
Chief Revenue Officer Sam Wilkinson noted that the hardest part of the process is usually the administrative burden. He explained that integrating verification and payment into one workflow maintains high levels of assurance. Automated checks ensure that speed never compromises the security of the transactions.
Furthermore, carriers benefit from protection against unpaid invoices through a non-recourse payment structure. This proactively flags any payment issues within days. It allows the entire logistics network to collaborate with much greater freedom.
(Source: Business Wire)
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