Comdata, a Fleetcor subsidiary, has launched a new solution to give fleet owners access to payments within 24 hours of delivery.
Dubbed Comdata QuickPay, the new financing solution is powered by Crestmark, a division of Metabank.
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The solution is designed to improve cash flow and also enable fleet owners to access payments directly on their Comdata fuel card.
Through the new solution, the shippers do not have to wait for the standard 30 days to process the payments, the company said.
Comdata North America product and innovation SVP Justin King said: “On average, fleets have to wait 30 or more days to be paid on a delivered load, and that’s a challenge in times of economic uncertainty.
“We developed this solution to provide faster funding options to give fleets a stronger financial footing and much easier access to those payments through their existing Comdata fuel card or bank account.”
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By GlobalDataComdata QuickPay allows fleet owners to factor invoices to Crestmark upon delivery at industry’s lowest factoring rate fees.
Fleets can also enhance cash flow and eliminate the need to process collections by minimising the payment window to same or next-day payment.
Crestmark president Heath Holdbrooks said: “Crestmark is dedicated to delivering the highest quality financing solutions to Comdata’s customers during this time of financial uncertainty.
“Crestmark funds thousands of same-day payments for invoices every day assuring that vendors and employees are paid on time to keep our customers’ fleets moving.”
