Quick Pay Program on TransCore’s Canadian-based Loadlink Logistics Network Funds $100 Million in Freight Transactions
TORONTO–(BUSINESS WIRE)–Riviera Finance, a leader in commercial finance, and Canadian-based TransCore Link Logistics, provider of the largest and most dependable freight matching network in Canada, announce their seven-year collaboration has resulted in over $100 million in funding to truckers throughout Canada. This short-term, load-funding program has been a key source of cash flow for carriers during the latest recession.
“Our customers appreciate the prompt application process and services offered to them by Riviera Finance. This strong relationship between TransCore and Riviera Finance has multiple benefits for Loadlink clients who may be looking at alternative receivable options for their invoices,” said Claudia Milicevic, general manager of TransCore Link Logistics.
Riviera Finance and TransCore Link Logistics pioneered the online credit guarantee when they first placed the QuickPay icon on the Loadlink loadboard in 2003. Many of the loads posted by Canadian-based companies bear the QuickPay icon. The icon appears on the loadboard next to loads that Riviera has preapproved, meaning that carriers can factor these loads with Riviera and receive payment on them within 24 hours on a non-recourse basis, resulting in no risks to their carriers.
According to Tom Smith, vice president, Riviera Finance, “Two main concerns for carriers are cash flow and broker credit. The QuickPay product addresses them both, quickly and easily.”
Riviera Finance’s freight bill factoring service is the most effective cash flow management tool available in the freight matching marketplace. There are no minimum requirements: a trucker can choose to factor one or one hundred loads. Riviera Finance provides immediate cash flow, credit services, and complete receivables management. Riviera Finance has supported over 20,000 companies since 1969.
TransCore is a leading provider of transportation solutions in the United States and Canada serving brokers, carriers, and owner-operators with best-in-class products. TransCore established the largest freight matching network in North America by merging both U.S.-based DAT Services and Canadian-based Link Logistics online services. Today, Loadlink offers more than 150,000 available loads and trucks daily along with access to other services such as Quickpay, credit reports, insurance and operating authorities, dispatch software, mileage software and more. TransCore’s trailer tracking and in-cab communications solutions feature the industry’s fastest response times and state-of-the-art satellite networking. TransCore is also the largest global manufacturer of transportation-based radio frequency identification (RFID) applications with 37 million RFID tags and 58,000 readers distributed in more than 40 countries throughout the world. TransCore RFID products support the toll, traffic management, fleet, rail, access control, homeland security, and parking markets.
Since 1969, Riviera Finance has assisted thousands of businesses with cash flow solutions including finance, credit services, and accounts receivable management. Riviera Finance today employs 200 people across 17 offices. Nearly one-third of the staff has been with the company for over 10 years and many have been on board for more than 20.