Riviera Finance, a nation-wide freight bill factoring company can help freight providers for Stanley Black & Decker affected by the IPS Worldwide bankruptcy to get paid on their current invoices. Riviera will guarantee the credit of any invoices they purchase so the carrier can eliminate credit risk and will be paid within 24 hours of verified delivery.
As reported by the Wall Street Journal, IPS Worldwide, a freight audit and payment provider, contracted by Stanley Black & Decker filed for bankruptcy on January 25, 2019, leaving Black & Decker freight providers with $22 million in unpaid invoices. Black & Decker has since paid their carriers and will attempt to collect the $41 million owed to them by IPS Worldwide.
Bankruptcy In the Transportation Industry
Bankruptcy is an all too real risk in the transportation industry. Non-recourse freight bill factoring provides credit protection to the carrier and gives them immediate cash upon confirmation of delivery, easing two main concerns of providers in the trucking industry, bad debt and cash flow.
Riviera Finance pioneered the freight bill factoring industry in 1969 opening their first office in Redondo Beach, CA. Now with over 25 offices throughout the U.S. & Canada, they celebrate 50 years in the transportation industry.