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Shyft Launches the First Financial Technology for Moving Companies

Wednesday, January 19, 2022
The Shyft website presenting Shyft’s financial products page on a macbook screen in a cafe

Shyft Financial Services is the first financial technology that helps moving companies get leads, book moves, and most importantly, get paid fast. This is the first financial product that serves the moving industry exclusively. Moving companies can take advantage of three financial features - Point-of-Sale, Accounts Receivable Financing and Instant Payments - that ensure they get paid in a simpler, faster, safer and more rewarding way.

We will get into each of these products, but before we do, let us introduce ourselves: We are Shyft. 

Shyft: The First Fintech Powered Marketplace for the Moving Industry

Shyft is the moving industry’s first fintech powered marketplace. It’s fintech software has automated and redefined the end-to-end moving process, and is especially targeted towards the supply-side of the business. Shyft’s aim is to address the many challenges faced by moving companies, who are usually small, family run enterprises that rely heavily on their cash flow and working capital to survive. 

Created by moving industry nerds, Shyft has been around since 2015. In that time, the company has completed a whopping 300K moves in 68 countries - that’s an average of 127 moves per day. Needless to say, we know moving companies, and the challenges they face in all aspects of the service journey. 

That’s why Shyft does everything, from sourcing moving leads, and providing support, to booking moves and making sure that there are financial solutions available to the mover to ensure that they are paid fast, or offer a payment solution that is reliable and secure for their customers. Shyft has launched these services to help moving companies scale faster by having constant access to qualified leads, and the working capital that will allow them to take on more business than ever before. 

Shyft is the first integrated fintech solution targeted only at movers, and their companies. The company provides financial services in the form of Account Receivables Financing, Instant Payments as well as Point-of-Sale. 

These new financial features were introduced to help the companies that are still largely in the pre-internet era, as is the industry, to step into the digital world. By digitizing their point-of-sale, these companies open the doors for more, and younger consumers to use their services. As for financing, Shyft pays within 10 days of a completed move, as opposed to the 60-120 days usually dictated by a company’s payment terms. 

Added to that is Shyft’s trusted moveboard - now with an interactive map feature - which lowers your customer acquisition cost to zero. The secret sauce here is that Shyft doesn’t sell leads, we merely give moving companies the opportunity to make an offer/bid on a move that is suited to the kind of service they offer.  

The services provided by Shyft’s supply change is top notch. This is reflected in the company’s well above average Net Promoter Score (NPS). This is the score given by customers that indicates the likelihood of them promoting a business to their friends and family. Shyft’s NPS is 74, and is 3 times higher than the industry average. 

This is what our customers have to say:

A screenshot of selection of customers’ reviews of their experience with Shyft

Also, follow Shyft on Twitter

Challenges Faced By Moving Companies (And Yours Is Not Excluded)

As you know there are many challenges that moving companies face when they want to grow their business. Such as getting qualified leads, and multiples of them. Other issues include creating an accurate inventory list as well as traveling to and from the homes of consumers to complete their surveys. 

And after the work is done, and the move is completed, companies that work with enterprises of bigger moving conglomerates usually only get paid 60 to 120 days after the actual move. However, these companies still have to pay their overheads and staff while waiting for their invoices to be honored.  

This can really limit these small businesses when it comes to taking on more work. Plus, there is also the challenge of creating invoices, the labor, packing, doing the move, as well as doing all the paperwork. And if you look below there are statistical reasons for why many moving companies struggle to grow.  

Moving industry averages:

  • 25,000 moving companies worldwide
  • 30 days sales cycle
  • 18 percent average conversions
  • High customer acquisition costs
  • 3.5 percent average profit margins
  • 60-120 day sales cycles.  
A chalk drawing on a wooden table explaining the business development and importance of financial help

How Shyft’s New Financial Products Combat The Challenges

The reason why Shyft wants to step in is to help your business grow regardless if it is a small business, a family business, or even a big corporation. They help companies to book more moves and get paid fast, resulting in a more stable cash flow, which can help lower costs, to get even more work, in order to raise your margins.   

Shyft is specifically solving industry pain points. Using Shyft, the moving industry benefits instantly: 

  • 4 day sales cycle
  • 37 percent average conversions
  • Customer acquisition costs are reduced to $0
  • 23% increase in profit margins
  • 1-10 days is how long it takes for Shyft to finance an outstanding invoice
Man joyfully using Shyft’s financial services on his macbook
Apply Now for Shyft’s Instant Payments

So What Are These Shyft’s Products? And How They Flow Into Each Other From Start to Finish

Virtual Estimates

The first product that we will talk about is Virtual Estimates. Shyft has been offering this product for years, and during the pandemic, was able to offer both moving companies and customers a contactless, secure and accurate way to determine their moving estimates. While not a new product, definitely the genesis of Shyft’s evolution. Despite this, Shyft’s video estimates continue to outperform competitors and provide inventories that are 95% accurate, thus resulting in an accurate price estimate.  

What is it, you ask? It is a video call between Shyft and the client that lasts for about 30 minutes and where the client is then sent their completed inventory list within 15 minutes - an incredible turnaround time. 

A close up of a hand writing a list of payments in a notebook

Bid on Moves

Shyft’s bidding exchange is also the company’s secret sauce, and how we bring moving companies together with potential customers. When the video estimates are completed and the client is happy with the inventory list, and move details are then posted, automatically, on the Shyft Exchange moveboard. This is where moving companies place bids on the lead within 24 hours of posting. After the time is up, Shyft picks three or more quotes that meet the customers’ personal requirements and budget. It is always the end-customer who has the final say. 

This bidding process has gathered 38 000 leads annually, on average, meaning the chances of booking a job are in your favor. New leads are posted every hour, and booking moves is easy as Shyft offers a 100 percent supplier match. 

Point of Sale

Point of Sale” is designed to make accepting payments easy and safe between the clients and the moving company. Hence, you, the moving company, do not have to have digital integration or a website to generate a secure payment link. You can just send the customers the link through any digital platform. Or even a text message. And they have an opportunity to pay right away, on a PC, tablet or mobile device. This product has the potential to increase conversions by up to 20 percent. Furthermore, it can save your business a potential $10K per $1M, due to the fact that Shyft has lower fees than some competitors. 

An enthusiastic business woman in a white suit with new business idea, holding up a laptop

Instant Payments

Companies that are already a part of Shyft’s supply chain get 100% of their invoices financed as soon as a move is done with instant payments. The full amount is paid within 1 to 10 days of the move. Compared to the average time to get paid, it is almost instant. And this product has a 24-hour payment process, starting at 2.25 percent per invoice. 

Woman looking at a computer screen to check Shyft’s payment platform and her invoice details

AR Financing

An evolution of Instant Payments is AR Financing. This solution enables any company to apply for our accounts receivable financing, meaning they do not have to be a part of the Shyft supply chain. Shyft will fund your AR balance for corporate clients who have extended payment terms. Shyft will pay out 75 percent of the invoice within either 1 to 3 days or 7 to 10 days. The remaining 25 percent, excluding Shyft’s fee, will be paid when the client has settled the invoice. It has a 0. 75 percent starting rate per invoice, and takes 24 hours for approvals. Plus, there is currently $1M available financing. This process is a lot faster than the standard waiting time of up to 120 days, and it can be used to turn your unpaid invoice into usable funds. 

And coming soon to Shyft: “Insurance” and “Move Now, Pay Later" products.

Apply for Financial Services Now

How to Use Shyft’s Products

Luckily the financial products that Shyft has to offer are very easy to use. For Point of Sale, you would just have to generate a payment link on the dashboard where you just fill out your client’s details. Then you share it with them using any platform you use, or by email or text. And then you get paid when the client completes it. It will automatically show on your business’s bank account. It is digital payment at its fastest and finest.  

Instant Payment gives you 100 percent payment when you become part of the bidding family of Shyft. Fill out the form and join up today.  

The requirements are a little more stringent for AR Financing. Customers have to apply online, which only takes 5 minutes, and approvals are within 24-hours. Once approved, you can upload an invoice and Shyft’s algorithm verifies all the individual invoices for financial approval. Shyft will finance 75 percent of the funds upfront, and the remaining 25 percent after the invoice is settled, minus Shyft’s fee.  

So get started with Shyft and use them to your company’s full advantage. They offer faster payment and the chance to help your moving business grow. Their products are easy to use, and they are there for you every step of the way from getting leads, bidding, clients moves, and payment.

Three people jump joyfully after getting their payments through Shyft’s payment platform