Would you try a blockchain app for instant load payments 1–2%?

Been tried before, advertised on here before.
I think factoring is about the dumbest thing to do and this costs even more.
Forget the no advertising rule, give the whole breakdown and costs.
No broker/shipper/carrier is going to put money upfront into escrow
You're paying for "default" insurance

Set lists of onboarded brokers and set up along the way.
Registration
Payment Default Insurance
Dispute Resolution
Credit Checks
Escrow Mandates

 

Considering the cash out fee on most exchanges, & I've never seen a fuel card with the option to pay via crypto, so that 1-2% really went to 3-5% on a digital currency that could also swing +/- 10% overnight.

I'm all for blockchain related stuff but it's irrelevant in this industry, why not go challenge EPIC in the healthcare field with blockchain EHR for sharable medical records or something.

If you are bent on helping this industry, find a way to integrate blockchain transparency with brokers. I would love to see TQL sign on with ya ensuring they are only taking there fair share.

 

There is no silver bullet for blockchain factoring, you won't beat 0% fee net-30 unless its someone NEEDING factoring to pay the bills asap, those guys typically don't last long it seems.

What about pivoting to immutable BOLs or a Doc Exchange for insurance to reduce fraud on both ends?

 

No,I get paid 1-2 hours after delivery and BOL signed and sent in.No fees charged for that.A lot of our customers are pre-paid,some are COD.

 

It's easier to add the quick pay percentage to the rate and I have the piece of mind of a surety bond claim to get paid if need be. Why should I add some BS app and another set of hands in my pocket?

 

That's 24-36% per annum @ net 30
Why would anyone factor in any way?