JITpay™ partners with TIMOCOM, provider of Europe’s leading freight and hold exchange
Braunschweig, April 19, 2021.The logistics payment service JITpay™ and TIMOCOM are cooperating together To enable TIMOCOM customers to receive their money quickly and in a guaranteed manner, JITpay™ now offers the option of processing payments via its platform. The digital payment service is available immediately for TIMOCOM customers in Germany. Over the course of the year, the service will be rolled out in other European countries.
TIMOCOM networks more than 45,000 verified companies via the Smart Logistics System Every day, these companies post up to 800,000 international freight and cargo space offers and allocate freight or cargo space to various transport companies. Safety and security have a very high priority for TIMOCOM. That’s why the company screens both new and existing customers and offers various security services to its Smart Logistics System users. Founded in 1997, it was originally a small start-up and now, TIMOCOM has now become one of the most successful medium-sized IT and data specialists for the European logistics industry.
“For us, the cooperation with JITpay™ is an important further 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 most central challenges: secure and fast payment after services have been rendered.”
JITpay™ is likewise excited about the new national as well as international cooperation and aims to achieve process improvements for the transport industry through its collaboration with TIMOCOM. “The payment processing and financing function in logistics will increasingly take on a key role. Together with TIMOCOM, we can generate significant added value for the market in this area,” notes JITpay™ CEO Dr. Daniel Steinke
To use JITpay™, TIMOCOM customers from Germany register on the JITpay™ website. The special feature of the joint solution: Contractors at TIMOCOM can already see whether the order can be processed via JITpay™ before the order is accepted. If an order has been accepted via TIMOCOM, it can be transferred to the JITpay™ billing center with one click. After the order has been fulfilled, only the delivery receipt is uploaded. Subsequently, the digital and automated invoicing takes place in the JITpay™ Invoice Center. The invoice amount is then transferred to the contractor’s account by JITpay™ within 24 hours. In addition, JITpay™ offers 100 percent protection against payment defaults and takes over the entire claims management. The costs for this are comparatively low and are only charged when the payment service is used. They start at less than 2% for a 30-day payment term.
“Our goal has always been to offer a process improvement for carriers in addition to immediate payment for the service, while charging less than the usual 2% discount for payment after 10 days” says Dr. Daniel Steinke of JITpay™.
Not least in times of the coronavirus, liquidity is crucial to any company’s success. And sufficient liquidity is a major challenge for forwarders and logistics companies with long payment terms of up to 60 days. JITpay™ takes over the risk as well as the dunning and collection during this time. Especially for small and medium-sized companies, factoring offers relief 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 bottlenecks, especially among smaller transport companies, it is important for us to secure the cash flow of our partners and ensure that they are not left sitting on unpaid invoices even in the event of company insolvency,” says JITpay™ CEO Steinke, explaining the advantages of the new cooperation in concrete terms.
JITpay™ is a fast-growing payment service provider specializing in the logistics industry. Founded in 2016, JITpay™ GmbH digitizes billing and payment processes in logistics.
JITpay™ has its own, fully digital factoring company. JITpay™ currently employs over 50 people with locations in Berlin and Duisburg. The company is headquartered in Braunschweig.
TIMOCOM GmbH is a medium-sized FreightTech company. The IT and data specialist supports its customers with smart, secure and simple solutions to achieve their logistics goals. TIMOCOM’s Smart Logistics System connects more than 45,000 verified companies that post up to 800,000 international freight and cargo space offers daily.
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JITpay™ stands for Just In Time payment!