One-click access to working capital
The integration with BAM Worldwide gives MercuryGate brokerage clients immediate access to funds within their TMS environment. When processing an order, users are presented with a “Request Funding” option. With a single click, the user submits an electronic request to BAM Worldwide for the transaction they wish to finance. The approval process takes place immediately. Once the load is delivered and the carrier submits proof-of-delivery, the freight payment process is triggered automatically. BAM injects funds for the transaction based on the agreed-upon payment terms with the carrier.
Traditional accounts receivable-based financing and factoring programs are too limiting and expensive to support a high volume, low margin business like freight brokerage. MercuryGate and BAM help emerging brokerages grow by lending against eligible receivables. Brokers pay a low fee for each transaction they fund and a low interest rate for the borrowed funds based on the number of days the money is out. Unlike traditional bank lending or factoring arrangements, BAM does not require personal guarantees or take control of collections.
Besides being able to respond quickly to growth opportunities, brokers benefit from the efficient payment process. Automating processes for receivables and payables frees up resources to apply towards generating more revenue. Brokers also improve their credit scores which increases capacity and results in placing loads faster and with greater margins. Carriers are willing to soften their rates in return for doing business with a broker that offers fast, reliable payment.
BAM Worldwide offers customized lending programs for MercuryGate’s brokerage clients to meet specific business demands. No other TMS or financing solution offers easier access to working capital at the transaction level, and BAM Worldwide can quickly and easily support new accounts that brokers close, assuring positive cash flow when volume suddenly spikes due to growth.