US Bank, a major payments processor and lender to the trucking industry, has rolled out a new tool that will compete head-on with factoring.
It involves technology, but more significantly it involves the ability of a carrier to choose which specific invoices get paid early and which ones don’t.
John Hardin, general manager of transportation in the Corporate Payment Systems of US Bank, used the term ‘accelerate’ to describe what a carrier would be able to do with the Cash Manager dashboard. Accelerating payments is nothing new; choosing which specific invoices to do it with is the significant change in the combined program that teams the Cash Manager dashboard with the capabilities it is calling Quick Pay.
