JITpay™ partners with the freight and cargo space exchange TIMOCOM

The logistics payment service JITpay™ and TIMOCOM are collaborating. To ensure TIMOCOM customers can quickly and reliably receive their payments, JITpay™ now offers the option to process payments through its platform. The digital payment service is now available for TIMOCOM customers in Germany. Throughout the year, the service will be rolled out in other European countries.

(Braunschweig) TIMOCOM connects over 45,000 verified companies through its Smart Logistics System. These companies post up to 800,000 international freight and cargo space offers daily and assign freight or cargo space to various transport companies. Safety and protection are of utmost priority for TIMOCOM. Therefore, the company verifies both new and existing customers and offers various security services to users of the Smart Logistics System. Founded in 1997, TIMOCOM has evolved from a small startup into one of the most successful medium-sized IT and data specialists for the European logistics industry.

“The cooperation with JITpay™ is an important development of our service offering,” explains Gunnar Gburek, Company Spokesman and Head of Business Affairs at TIMOCOM. “With this digital payment service, we enable our customers to solve one of their central challenges: secure and fast payment after service delivery.”

Significant added value for the market

JITpay™ is also pleased about the new national and international cooperation and aims to achieve process improvements for the transport industry through collaboration with TIMOCOM. “Payment processing and financing functions in logistics will increasingly play a key role. Together with TIMOCOM, we can generate significant added value for the market in this area,” states JITpay™ Managing Director Dr. Daniel Steinke.

To use JITpay™, TIMOCOM customers from Germany can register on the website of JITpay^TM. The special feature of the joint solution: contractors at TIMOCOM can see before accepting the order whether the order can be processed via JITpay™. Once an order is accepted through TIMOCOM, it can be transferred to the JITpay^TM invoice center with a click. After the order is fulfilled, only the delivery receipt needs to be uploaded. Subsequently, digital and automated invoicing occurs in the JITpay™ invoice center. The invoice amount is then transferred by JITpay™ to the contractor’s account within 24 hours. Additionally, JITpay™ provides 100% protection against payment defaults and takes over complete receivables management. The costs for this are comparatively low and are only charged when using the payment service. They start at a payment term of 30 days under 2%.

“Our goal has always been to offer a process improvement for transport companies while charging lower fees than the usual 2% discount for payment after 10 days,” says Dr. Daniel Steinke from JITpay™.

Liquidity a major challenge for the logistics industry

Especially during the COVID-19 pandemic, liquidity is crucial for every business success. And sufficient liquidity is a significant challenge for freight forwarding and logistics companies with long payment terms of up to 60 days. JITpay™ assumes both the risk and the dunning and collection processes during this time. Factoring provides relief, especially for small and medium-sized enterprises, and is easy to use. The effort for customers is limited to a one-time registration and the upload of delivery receipts.

“Due to the increasing liquidity shortages, particularly among smaller transport companies, it is important for us to secure the cash flow of our partners and ensure that they do not end up with unpaid invoices even in the event of company insolvencies,” specifies JITpay™ Managing Director Steinke the advantages of the new cooperation.

Photo: © JITpay™