FAQ – EN

Supply Chain Finance

Was does Supply Chain Finance mean?

Supply chain finance refers to solutions that deal with the financial aspects along the supply chain of one or more companies. Essentially, this is about optimizing and managing cash flow with the aim of improving the profitability of a company.


What solutions does JITpay™ offer in the field of supply chain finance?

JITpay™’s sole purpose is to optimize cash flow and the receivables and liabilities of the individual participants in the supply chain.


What advantages do I achieve through JITpay™?

As a contractor, i.e. as the provider of a forwarding or transport service, JITpay™ offers you the opportunity to receive the remuneration for your service immediately after completion of the service. This saves you from waiting a long time for the payment to be received from your clients and thus often expensive interim financing.
As a customer of a forwarding or transport service, JITpay™ gives me the opportunity to make a flexible payment target to my contractors and to extend it to up to 90 days, without penalizing the contractors.


Are there any other benefits?

As a contractor, you achieve safe planning using JITpay™. You know the time you receive money and can thus look safely into the future. Also the risk of payment default, e.g. in the case of insolvency of your client, JITpay will take over 100% for you.
As a customer, JITpay™ provides you with a comprehensive tool for your liquidity management. Use flexible payment targets as you need them with the possibilities of your JITpay ™ portal. In addition, JITpay™ allows you to pay all of your contractors in total with a single payment. JITpay™ distributes the funds to the individual payee.


How does it work exactly?

Behind the JITpay™ solution is a sale of receivables by the contractor. After completing a simple framework contract, the contractor will be given the opportunity to sell all or selected claims against its customer to JITpay™ immediately after invoicing. For this, the contractor receives the agreed purchase price for the respective claim. Your customer is informed of the sale of the claims and can only pay to JITpay™ to acquit the debt.


What commitment do I make when concluding the contract?

As a contractor you enter into a framework agreement with JITpay™, which allows you to offer suitable claims of JITpay™ for sale. You decide whether you want to sell a claim or not. There is therefore no obligation to sell claims to JITpay™.


How do I conclude the framework agreement with JITpay™?

The easiest way to conclude the framework agreement for the sale of claims with JITpay™ is to register your business on the JITpay™ platform. As part of the registration process, all contract modalities are dealt with easily, quickly and securely.


What is the purchase price that I receive for my receivables?

The purchase price corresponds usually always 100% of the gross value of the receivables. In exceptional cases, JITpay™ may retain part of the purchase price for reasons of risk and pay it out only when the receivables are paid.


What do I have to do as a customer?

As customer, you will only be informed about the sale of the claim of your contractor against you. From then on debt-clearing payments are only made to a JITpay™ account of. A change of creditor is made for you, so that you pay JITpay™ at the end of the payment period individually agreed with your contractor.


Can I also use JITpay™’s supply chain finance without ZAL?

No. The JITpay™ model only purchases receivables that have been billed in advance by JITpay™ in the context of central settlement. If you would like to take advantage of supply chain finance without central accounting through JITpay™, please contact the JITpay™ team. We will try to find an individual solution for you.


What is the difference to classic financing options?

Our type of supply chain finance is based on speed (paying out the next day) and a 100% settlement of the receivables amount. Compared to other financial vehicles, which pay out on long payment terms and seldom more than 90% of the corresponding receivables, we can offer our clients additional benefits by being integrated into central billing.

General

I am a haulier, how do I convince my forwarder of JITpay™?

JITpay™ offers many advantages to your forwarder partners, such as the elimination of invoice verification, credit note creation and claims processing; a variable extension of payment; a digital delivery document; continuous shipment status and many other essential options that are more than convincing.


Who creates the technical interfaces?

We do. Our IT team analyses your existing technical requirements and is thus able to develop suitable interfaces for any kind of software.


Who are our target customers?

Our target customers include large companies (consignors), forwarding agents and haulage companies.


Who can use the advantages of JITpay ™?

The advantages can be used by consignors, forwarding agents and haulage contractors.


Who is my contact person if I have further questions?

General questions can be asked using our contact form or sent directly to info@jitpay.eu .


What technology do I need to be able to use JITpay™?

For JITpay™ you need a web-enabled browser.


Where is our HQ?

Our headquarter is located in Braunschweig. Another office is located in Berlin.


How does the API interface connection work?

The interface connection works via our development team. In close exchange with our customers, APIs are discussed and implemented from our side.


Is there a minimum or maximum turnover so that I can use the JITpay™ billing?

No, there is no minimum or maximum turnover.


 

JITfleet™

What is JITfleet™?

JITfleet™ combines revolutionary order management and digital loading device management in one software. Delivery receipts are created using photographic proof and geofencing and are provided digitally to the corresponding user.


On which operating systems does the JITfleet™-telematics work?

JITfleet uses the Android operating system.


Which TMS (telematics system) software do I need in order to be able to cooperate with JITpay™ and use the applications?

JITpay™ can work with any TMS. The prerequisite is that the order data (consignee, load carrier, quantity) be provided to JITpay™ at a given interface. JITpay™ IT handles all necessary interfaces.


Is the telematics app tied to people or vehicle?

Both possibilities exist. Whether the cell phone is tied to the driver or vehicle is freely selectable.


How much data does the app consume while in use?

In normal operation, the data volume consumption should be less than 1 Mbyte / month. Minor deviations cannot be ruled out.


Can I use JITfleet™ without further JITpay™ connection?

JITfleet cannot be used or purchased separately from other JITpay™ services.


What about the functionality of the app (online or offline)?

The app works generally online and offline. A break in connection while driving is therefore not problematical for data transmission.


In which languages is the app currently available?

German, English, Russian. Other languages are available to suit individual needs.


Can I digitalize my shipping documents using JITfleet™?

Yes, an electronic signature and electronic data transmission (photo function) digitalizes the corresponding freight documents.

Registration

How can I become a JITpay™ customer?

In order to become a JITpay™ customer, it is necessary to register the company once on JITpay™. For this you follow a simple registration process, which you can find on the homepage of JITpay™ www.JITpay.eu or from your invitation email.


Why do I have to register my business on JITpay™?

As a financial services institution, JITpay™ is required by law to obtain information about its customers. This includes company data such as legal form, company, address, contact details, VAT ID, etc. but also the identification of the beneficial owner of your company and the company representatives.


Who has to carry out the registration?

The registration must be carried out by a representative of the respective company, who is entitled to represent the company externally and to submit effective declarations of intent for the conclusion of the framework contracts for the JITpay™ services. As part of the registration process, JITpay™ will check the identity of the acting person.


What documents do I need during the registration process?

In addition to the general company information, you need the bank details of your company, the VAT ID and your current German ID card.

ZAL®

What is ZAL®?

ZAL® (central accounting for logistics services) is a digital, automated carrier accounting with order and performance data and includes services such as clarification of differences and document creation.


What is an undisputable claim?

Under an undisputable claim, we mean that all persons involved in the transport have approved the contents of the document.


Can I only implement the ZAL® without changing my terms of payment?

The ZAL® can also be used without payment extension and thus without supply chain finance optimization.


Does JITpay™ need the original consignment note to perform the central accounting?

No. JITpay™ calculates using electronic delivery information (possibly through the JITfleet™-telematics) on the same basis even without the original shipping documents.


What happens if customer and contractor cannot agree on a contentious issue in the difference clarification?

JITpay™ employs sworn experts who, upon request, make a legally binding decision in the interests of both parties.


Which documents are generally created by ZAL®?

On the contractor side, the credit note and on the customer side a summarized billing are created.


Can I also have my air or sea freight billed via JITpay™?

Currently, JITpay™ focuses on freight transport via the road network. However, other modes of transport are planned.

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