B2B Payments

BAMWire Caters Financing To The Transit Market

The rise in alternative finance has helped businesses, especially SMEs, access working capital when their traditional bank comes up short. For many companies, this working capital is used to manage inventory or cover the cost of outstanding invoices as they wait to get paid.

But some markets need financing for reasons unique to their market. Alternative lender Bam Worldwide has emerged as a financier that meets the specific needs of the transportation industry. While a significant portion of their business is to provide brokerage firms with payment processing and working capital solutions, the company unveiled on Monday (May 18) a new, alternative solution to factoring for small carriers struggling to manage their cash flow.

According to reports, Bam Worldwide has launched BAMWire, an online platform for the transportation industry that provides carriers, especially small industry players, access to financing. According to Bam, this capital allows these companies to pay for imminent costs, including fuel and operating expenses.

The solution provides financing for outstanding invoices, allowing borrowers to decide how much they need. BAMWire charges clients a onetime fee and a “competitive interest rate for the number of days that borrowed funds are used,” the company said in a press release.

“We understand the financial restrictions and risks that make it difficult for small carriers to grow,” said Bam Worldwide President and CEO Todd Ehrlich. “Our solution removes these barriers by providing a simple, efficient workflow for carriers to infuse low-cost capital when and where they need it to facilitate growth through fast, low-friction access to working capital, to improve profitability.”

In addition to providing financing, BAMWire offers real-time data analytics and reporting and a mechanism for businesses to calculate their operating expenses by managing the receivables process with shippers. To initiate the process, a shipper confirms an order with a broker. In turn, that broker accepts the order through BAMWire, while a carrier accepts the order from that broker. BAMWire facilitates all accounts receivable and accounts payable in the process, which occurs entirely on the platform, the firm said.

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