Small transportation and logistics companies are the backbone of the U.S. economy. But they often sit at the bottom of customers’ payment hierarchies, leaving them waiting several months for a single invoice to be paid.
That’s why Creditsafe added over $1 trillion worth of payment data for the U.S. transportation and logistics industries, particularly focused on small factoring, trucking, freight, railroads and line haul operators and construction machinery companies.
“This is a pivotal development for Creditsafe. We know small transportation and logistics companies are struggling with rising operational costs, supply chain disruptions and cash flow issues. With so much already stacked against them, we want to give them a fighting chance of competing with bigger businesses, while also helping them make the right decisions about which customers are viable to work with, and which ones would drain them financially in the long run,” says Steve Carpenter, COO for North America at Creditsafe.
Key takeaways:
· Creditsafe now has more data on the payment viability, payment behaviors, risk scores, collections, bonds and insurance coverage of U.S. transportation and logistics companies and the businesses they work with.
- Government data: Information provided via the Department of Transportation (DoT), such as broker licenses and insurance coverage.
- Payment history: Quarterly snapshot of payment history from the last 12-15 months.
- Detailed trade: Detailed classifications indicating if trade payment data comes from a 3PL, LTL, factoring and more.
- Risk scores: Industry-specific risk scores showing the payment viability of transportation and logistics companies.
- Days to pay: The weighted average number of days that invoices are paid past the invoice issue date.
- Alerts: Alerts reported by data contributors including collections, payment plans and more.
- Collections: Total amount that is in collections and repayment plans that have been set up.
- The added $1 trillion worth of payment data comes through a strategic partnership with Equifax.
