Denim – Helping freight brokers grow faster by automating their back-office and providing affordable working capital

The Silicon Review

A Freight Payment System (FPS) is a specialized tool for freight brokers that streamline the process of paying carriers, credit checking customers, invoicing freight charges, and reconciling payments between shippers, carriers, and other parties involved in the transportation of goods. Freight Payment Systems are one of many key components to a robust freight tech stack. The emergence of Freight Payment Systems has leveled the playing field for freight brokerages. Once the domain of only larger entities, Freight Payment Systems are now being used by freight brokers with a growth mindset that need an integrated digital system to compete in today’s marketplace. Freight Payment Systems provide real-time information on financial transactions and balances, giving freight brokerages better visibility into the financial health of their business. With all financial transactions stored in one centralized location, it becomes easier to report on financial activity allowing for more efficient record-keeping, compliance reporting, and awareness of the health of the business. Freight brokers are able to make more informed decisions about their business strategy and identify key areas for improvement. Freight Payment Systems include robust security features to protect sensitive financial information and prevent unauthorized access. Brokers can store important data, such as carrier banking information, in a single location eliminating the security risks associated with maintaining this information in-house. Freight Payment Systems ensure the safety of financial data and a freight brokers’ book of business, and reduce the risk of fraud or other security breaches.

Denim is one such freight payment system for the logistics industry that offers an ecosystem of intelligent financial products, operations tools, and time-saving automation. Its proprietary technology enables freight brokers to simplify their financing operations and easily access the working capital they need to grow in the competitive, $2 trillion logistics market. Denim automates invoicing, collections, and payments — ultimately reducing daily payments and collections tasks by 75%.

Freight Broker Operations

Scaling a brokerage is exciting and validating. It also introduces all-new sets of problems and pain points. They help you manage the increasing overhead of scale with automated collections, flexible working capital, and payments that keep up with the speed of your business like 24-hour QuickPay and free same-day ACH transfers. Save yourself the expense of a full-time operations hire and have more cash to grow your business. With Denim's solutions, you save both time and money. At Denim, you'll have dedicated white-glove service while growing your brokerage. Manage profitability without adding overhead. You'll have access to flexible factoring and seamless TMS integrations with Denim's tools and services. Denim is a financial enablement platform specializing in freight broker end-to-end automation and intelligent automation for broker operations, rapidly disrupting the $2 trillion logistics sector. They offer the most technologically-advanced factoring for freight brokers. Simplify your post-load operations, including collections, carrier payments, financial reporting, and more. Get the working capital you need to run your brokerage. Finally, there's a solution that saves you time and money on data entry. With Denim Integrations, you'll eliminate costly errors from typos and omissions. Plus, with an automated workflow, you'll get paid even faster for shipments and can pay carriers in less than 48 hours from delivery. Finally, there's a solution that saves you time and money on data entry. With Denim Integrations, you'll eliminate costly errors from typos and omissions. Plus, with an automated workflow, you'll get paid even faster for shipments and can pay carriers in less than 48 hours from delivery.

Denim Wallet

Denim Wallet is a carrier payments solution for freight brokers and shippers who want to distribute payments using their own funds. It works seamlessly with their Business Analytics Dashboard, TMS integrations, and QuickBooks integration. With Denim Wallet, clients can now distribute carrier payments using their own capital instead of relying solely on factoring using Denim. You might be wondering what exactly Denim Wallet is? Denim Wallet is a carrier payment solution for freight brokers and shippers who want to distribute payments using their funds. It works seamlessly with your existing Denim services, and clients have the same access to TMS API integrations and QuickBooks API integrations.

When they designed Denim Wallet, theykept in mind what is most important to freight brokers. With this tool, you're now able to access lower than average factoring costs, now paying dollars per job rather than having to pay a total percentage of the payment. They know that brokers need an easy platform to quickly pay carriers, plus the added features to integrate their tools with your current TMS. Denim Wallet helps you manage your financial operations and grow your carrier relationships by issuing same-day ACH payment transfers.

Wondering how Demin Wallet works? It's easy! After going through Denim's underwriting process, brokers can set up their Wallet. The Wallet setup takes up to three business days and, in some instances, will require incorporation documents to verify business ownership. After getting set up, brokers are able to schedule carrier payments and initiate a deposit of funds to their Wallet. Even more exciting is that funds deposited into Denim can show up as soon as the next business day, and carrier payments are disbursed on the same business day. Denim continues to create future capabilities and services to provide to their customers. Brokers can look forward to automatic withdrawals of funds to Denim Wallet based on carrier payment services, expanded banking support, and instant carrier payments — all coming soon.

Bharath Krishnamoorthy | CEO