Categories: B2B Payments

Comdata Collaborates On AR Financing For Fleets

FLEETCOR company Comdata is introducing Comdata QuickPay, which will allow for faster payments for fleet owners. The financing solution is powered by Crestmark, a division of Metabank, according to a Thursday (March 26) press release.

Under the new software’s abilities, payments that previously took 30 days will now be able to be completed within 24 hours, the release said.

The program will also help fleets with cash flow issues and other business needs via the option to access shipper payments through a new card.

The QuickPay feature enables fleets to factor invoices with Crestmark. They can do this immediately upon delivery and the rate fees will be some of the lowest available, the release said. By shrinking the time it takes to receive pay, the process of collections, often a tiresome one, can be done away with.

“We developed this solution to provide faster funding options to give fleets a stronger financial footing and much easier access to those payments through their existing Comdata fuel card or bank account,” said Justin King, senior vice president of product and Innovation with Comdata’s North America branch.

Crestmark President Heath Holdbrooks said QuickPay would help out particularly during the current global coronavirus pandemic, which has infected hundreds of thousands and swept across the U.S., forcing businesses to close and people to stay away from large gatherings. With the economic turmoil, paying people faster has been a focus for companies trying to figure out how to navigate an altered lifestyle.

Other companies like Walmart have pledged to pay suppliers faster, as well.

And in general, payments have had to evolve with the times as people have new technological ways to buy things and to perform transactions. Experts say payment processes have had to become more “experiences” that conform to peoples’ lifestyles. That means offering frictionless, quick payments that people don’t have to think about.

For instance, simply entering one’s card information one time and then having it automatically used for services like Amazon and Uber is along the lines of what people are looking for.

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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