U.S. Bank has introduced two new innovative features for freight carriers using its proprietary U.S. Bank Freight Payment platform: Cash Manager, an interactive dashboard that provides drill-down visibility into receivables, and Quick Pay, an accelerated payment option for select invoices.
The new Cash Manager dashboard allows carriers – companies that transport goods across the U.S. – to see where their invoice receivables are in the payment lifecycle, from submission to audit to payment. This multi-dimensional view provides carriers with actionable insights to make better-informed decisions and forecast their cash flow with more accuracy, improving their overall cash cycle management.
Quick Pay gives carriers who are paid according to contracted terms – typically anywhere from 45 and up to 90 days – new flexibility to accelerate cash flow when needed. Invoices eligible for Quick Pay are visible in the Cash Manager dashboard, and carriers can choose the payments they want to accelerate for a fee. Carriers can choose to be paid upon invoice approval, and can potentially receive payment by the next business day. U.S. Bank – one of the highest-rated banks in the world and one of the Ethisphere World’s Most Ethical Companies – provides the secure and reliable payments.
These new features provide carriers the tools they need to effectively and efficiently manage and increase their cash flow so they can focus on other aspects of running their businesses.
“Now more than ever, carriers need ways to accelerate their cash inflows,” said John Hardin, General Manager, Transportation, Corporate Payment Systems, U.S. Bank. “At U.S. Bank, we continuously invest in innovative solutions that help our customers securely optimize their cash flow and streamline their operations. Our new Cash Manager dashboard and Quick Pay features offer carriers new ways to better inform their short- and long-term decisions and overall business strategies.”
U.S. Bancorp, with more than 70,000 employees and $543 billion in assets as of March 31, 2020, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The Minneapolis-based bank blends its relationship teams, branches and ATM network with mobile and online tools that allow customers to bank how, when and where they prefer. U.S. Bank is committed to serving its millions of retail, business, wealth management, payment, commercial and corporate, and investment services customers across the country and around the world as a trusted financial partner, a commitment recognized by the Ethisphere Institute naming the bank one of the 2020 World’s Most Ethical Companies. Visit U.S. Bank at usbank.com or follow on social media to stay up to date with company news.
Kristin Kelly, U.S. Bank Public Affairs & Communications