SANTA TERESA, NM (December 27, 2013) Interstate Capital, a national transportation factoring company, announced this week it has begun offering a select group of its transportation clients an expedited funding option if they enroll in Interstate’s GPS Funding Program. Tony Furman, President of the Interstate Capital Group of Companies, explained, “Telephonic verification of the locations of our clients’ thousands of trucks has become a costly and labor intensive process. For years, we’ve discussed how we might integrate GPS tracking into our own technology in order to reduce our costs and improve the client experience.” It wasn’t until recently that low-cost smart phones gained sufficient popularity with drivers made Interstate’s idea an operational reality. The program is expected to be rolled out en mass to Interstate Capital clients early in 2014.
Interstate currently employs an entire department of specialists who verify truckers’ paperwork, pick-up and drop off information by phone. “The integration of a GPS solution provided by a vendor into its own funding technology allows Interstate to know the locations of its clients’ trucks before the need for funds arises, so when we receive a funding request, we already know a pickup or delivery has taken place. With GPS technology, we are able to transmit funds to our clients without the need for human verification.”
Although the technology saves Interstate time and money and reduces the risk of fraud, the primary benefit is enjoyed by truckers who enroll in the Interstate Capital GPS Funding Program. “Our clients now have peace of mind in knowing that if their tank is running low, funds can be transferred within minutes during normal business hours in some cases.” Furman believes Interstate’s is the first such program of its kind announced by any major transportation funding company.
Before implementation of its new GPS Funding Program, Interstate personnel had to leave up to four or five voice mail messages with loading dock personnel to verify a pickup or delivery. Meanwhile, clients’ trucks were parked waiting for funds transfers. Clients that do not opt in to Interstate’s new GPS Funding Program must wait for telephonic verification, but are usually able to obtain funds within two hours of pickup or delivery during normal business hours. “Even before we announced our GPS Funding Program, Interstate was well ahead of the curve, offering same-day funding in as few as two hours compared to many factoring companies that require 24 hours advance notice of a funding need”, Furman points out.
Interstate Capital is a New Mexico-based accounts receivable factoring company with affiliate offices located in various locations throughout North America. Interstate Capital purchases $700 million of invoices per year from manufacturing, transportation, oil field service, and staffing firms located throughout North America. Interstate, which has successfully funded over 4,000 small businesses since its inception in 1993, is on pace to fund over $1 billion of receivables annually by 2017.