Comdata Launches New Solution to Support Same-Day Shipper Payments for Trucking Fleets
Brentwood, Tennessee - Mar 2, 2020
Comdata Inc., a FLEETCOR company and world leader in payment innovation, introduces Comdata QuickPay powered by Crestmark, a division of Metabank. Comdata QuickPay is a new financing solution that gives fleet owners access to same-day payments on the loads they deliver. The program also helps fleets improve cash flow and scale their businesses by providing a seamless way to access shipper payments directly on their Comdata fuel card.
Comdata QuickPay is the latest payment innovation from Comdata’s offerings of fleet solutions to help fleets meet their financial needs. By simplifying the approval process and streamlining access to capital, carriers can get paid within 24 hours of delivery instead of waiting the standard 30 days for payment transactions to process.
“Comdata and Crestmark have long histories of helping customers improve their cash flow through innovative financing solutions,” said Justin King, Senior Vice President of Product and Innovation, North America, Comdata. “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.”
Comdata QuickPay enables fleet owners to begin factoring invoices to Crestmark upon delivery at one of the lowest factoring rate fees in the industry. By minimizing the payment window to same or next day payment, fleets can increase business cash flow and eliminate the burdensome process of collections.
“Crestmark is dedicated to delivering the highest quality financing solutions to Comdata’s customers during this time of financial uncertainty,” says Crestmark President, Heath Holdbrooks. “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.”
Comdata Inc., a FLEETCOR company, is a leading provider of innovative payment and operating technology that drives actionable insights from spending data, builds enhanced controls and positively impacts its clients’ bottom lines. The company partners with more than 30,000 businesses to better manage $55B in annual fleet, corporate purchasing, payroll and healthcare spending, making it one of the largest fuel card issuers and the second largest commercial MasterCard provider in the United States and Canada. Founded in 1969 and headquartered in Brentwood, Tennessee, Comdata employs more than 1,300 professionals across North America. To learn more about Comdata Inc. visit www.comdata.com.
FLEETCOR Technologies (NYSE: FLT) is a leading global business payments company that simplifies the way businesses manage and pay their expenses. The FLEETCOR portfolio of brands help companies automate, secure, digitize and control payments to, or on behalf of, their employees and suppliers. FLEETCOR serves businesses, partners and merchants in North America, Latin America, Europe, and Asia Pacific. For more information, please visit www.FLEETCOR.com.
Crestmark, a division of Meta bank, (NASDAQ: CASH) is focused on B2B lending for small to medium sized companies throughout the U.S. and Canada. Crestmark Transportation Services is based in Franklin, Tennessee and provides accounts receivable finance solutions to fleets ranging from startups to companies with 1000 or more units. Crestmark quickly establishes a line of credit or factoring facility to accommodate the trucking clients daily needs as well as extended term financing. In addition to a focus on accounts receivable Crestmark also offers Insurance Premium Finance. For more information please visit www.crestmark.com.