Since the beginning of March 2020, in line with the global COVID-19 outbreak, the obligation for German companies to file for insolvency has been suspended until the end of September. Many small and medium-sized transport companies often operate with long payment terms and with the risk of customer defaults, so cutting payment times and providing reliable payouts is an attractive proposition. Strong financial liquidity and access to cash is vital for small and medium-size businesses, particularly in the current economic environment.
"The effects of COVID-19 are already reflected in the partly reduced demand for cargo space, disproportionately impacting the smaller transport companies who are struggling with liquidity bottlenecks," explains sennder Head of Services, Felix Hellmann. To help solve these difficult circumstances and to introduce a transparent, easy and seamless payment service, sennder and JITpay™, a German-based FinTech provider of accounting, claims management and financing solutions to the logistics sector, founded a new strategic and commercial partnership. Both companies are providing a fully digital invoice-factoring solution that gives carriers the ability to register their clients to a centralized invoicing system in only 15 minutes, while also ensuring the invoice and taking care of the debt collection for the transport company. The service is low cost, cutting down on third party expenditure, and has no minimum amount or shipping volume.
Full truck loads are sent via the portal of the Berlin logistics start-up every month. Until now, immediate payment was limited to those driving for sennder. However, in cooperation with JITpay™, a new platform has been created that provides carriers with access to immediate payments within 24 hours - even for third-party clients.
From September onwards, transport companies will not only be able to submit the invoice via the platform, but also have it created there. In the first step, the function will be available for German and Polish transport companies. Accordingly, by the end of the year, the service will be available in France and BeNeLux, followed by several other European countries.
Curious? To discover more about this unique service offering check out: www.jitpay.sennder.com