Shifl has released shifl.capital, a FinTech solution designed to make doing business easier for supply chain companies.
This new solution allows shippers/BCOs, carriers, forwarders, brokers, terminals, truckers, warehouses and other stakeholders in the supply chain ecosystem to initiate and accept instant and free digital payments. Companies can now quickly modernize their financial transactions, which is especially critical during the current supply chain crisis with faster and more efficient payments, resulting in a smoother flow of shipments.
Outdated payment systems in the industry contribute to delayed releases, lost cheques and hours spent in manual tracking and follow-ups. This ultimately results in avoidable increased costs such as demurrage, storage and increased port congestion. Shipments are often held up as it could take up to five days for payments to be processed and the freight released.
shifl.capital allows shippers/BCOs, carriers, forwarders, brokers, terminals, truckers, warehouses and other stakeholders in the supply chain ecosystem to initiate and accept instant and free digital payments.
“At a time when the broader industry is ripe for an overhaul, and with many initiatives already in the planning stages, we’re able to offer an immediate solution that will help everyone do business in a highly efficient and modern way,” says Shabsie Levy, CEO and founder of shifl.
Shifl now offers a no-fee, instant payment and cargo visibility solution through its supply chain platform. shifl.capital offers free payments to recipients with the click of a button. Participating providers can offer customers instant releases and/or automatic API-accessible Invoice and arrival information which further streamlines supply chain operations.
With vessel ETAs being so inconsistent in today's chaotic environment, shifl’s software provides users visibility into live ETA changes and vessel locations so they can facilitate payments. This avoids cash flow issues by paying early and eliminates penalties if paid too late
Based on the payment schedule, the software will automatically track the releases and availability at the terminal and provide visibility for containers approaching the last free day.
“The supply chain revolves around moving funds,” said Levy. “With the traditional payment process, it can take days to get funds transferred from one party to another, with some instances involving transfers through multiple parties for a single shipment.”
“Most companies within the industry don't have access to technologies that allow quick and easy payments alongside live visibility and shipment milestones,” Levy said. “By opening our software coupled with the new FinTech addition allowing everyone to benefit from the same technology we use at shifl.”
Companies can create unlimited charge cards with advanced spend control and expense management abilities. Integrated white label software solutions will be available for forwarders and other providers.
shifl.capital is in beta and is being rolled out to current shifl users and will gradually expand to more shippers and industry providers on a first-come, first-serve basis. Email email@example.com to find out more.