All across the nation, moving companies are struggling to get ahead, and the instant payments system has a lot to do with it.
Corporate customers increasingly struggle to meet the minimum 30-day payment terms. This has a big impact on moving companies - who rely on their corporate clients for a steady stream of jobs. The truth is that without the working capital to fund waiting jobs, companies that have access to the workforce and trucks are often not able to commit to the number of jobs they actually have the capacity for - and hence will lose those jobs.
This can have a negative impact on any moving business and its ability to scale.
At Shyft, we recognize the importance of not just working together with our partners, but also uplifting them in business, which is why we have worked tirelessly over the past year to create Shyft Instant Payments.
It was important to us to expedite the payment process so that the companies using Shyft payment services could work to capacity to ensure that customers were served in the best possible way.
Let’s face it, the money is in corporate payments.
Despite the challenges of Covid-19, the pandemic has provided an important catalyst for change in multiple areas. It has highlighted, in particular, the need for faster and real-time payments, which has now become a 24 hour a day, 7 days a week requirement, particularly when servicing individuals.
The same pace of innovation is still lacking in corporate instant payments, and is virtually non-existent in the moving industry.
Shyft Instant Payments offers a number of benefits, which any moving company that is part of the Shyft network can take advantage of.
These benefits include:
Consumers have long become accustomed to real-time everything - real-time delivery, real-time dispute resolution, real-time availability and real-time payments. In fact, instant payments completely affect the way we transact and conduct business, but they have yet to reach B2B payments and the corporate level. This is because legacy industries and companies have a lot of red tape and antiquated processes.
When that time comes, however, moving companies have the potential to benefit from increased availability of funds, and this has a real impact on the economy, which has the potential to become more fluid than ever.
At Shyft, we are turning the challenges of this utopian future into opportunities - in the relocations industry, we predict that real-time payments will likely generate new ways of working for early adopters who are well-positioned to capitalize on this evolution.
The evolution in our tender system constitutes a profound change to the payment landscape that has long been characterized by new cost streams and delayed operations. This journey is further exacerbated by the Covid-19 pandemic with fears about the risks of cash flow.
In the US, for example, about three-quarters of firms cited the following features of real-time payments as “very” or “extremely” valuable: enhanced fraud and security, 24/7 availability, easier reconciliation through enhanced data, and the fact that funds were instantly available on account.
Enabling seamless access to payments is critical in winning the trust of both our movers as well as the corporations that we partner with. We want to offer all our partners a safe space that continues to break the boundaries of innovation and leapfrogging them to the next frontier.
Shyft Instant Payments will become the norm. Not right away, not from the start, but once the benefits become visible, we will see a full migration from the existing systems towards Shyft’s payment system in moving industry. Large and small corporations are well positioned to benefit from this migration by expanding and combining their instant capabilities with their solutions into an innovative portfolio of services.
The dynamic payments system has become a vital part of keeping our economy going by allowing consumers and businesses instant access to funds.
In fact, this revolutionary feature of the payments landscape is now available in more than 50 countries worldwide, yet the moving industry is still stuck in the 30/60- and even 90-day payment rotation schemes.
Which begs the question, how can industries, with sometimes outdated infrastructure leapfrog to more advanced payment systems under the current circumstances.
Truth is, the small businesses that are barely keeping their heads above water need to improve their cash-flow management. More and more family-owned moving companies are finding it difficult to survive because the wait for their payments has become unsustainable.
At the same time, corporations are looking for opportunities to make their cash management operations more effective and optimize their liquidity management.
Join the digital revolution of real-time transactions, delivering convenience, control and security to all!
Shyft Instant Payments is what the industry demands, and we must now innovate to ensure that moving and relocations is an industry positioned for the next new normal. We believe that instant payments will improve efficiency by enabling smaller businesses to scale faster as they’ll be able to count on the immediate benefits of their cash flow management.