Frequently Asked Questions

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What is Trax KwikPay?

Trax KwikPay is a service that increases your cash by paying your receivables in 2 days instead of the normal 30 or 60-day payment terms. This program exclusively applies to receivables that are processed through Trax.

How does it work?

You simply permit Trax to provide accelerated cash payment against eligible outstanding invoices. Each time you generate an invoice through Trax for freight services delivered, that receivable will automatically be scheduled for immediate payment, instead of waiting on your customer. Your customer will pay Trax later. Trax charges an up-front fee for this service.

How would my client know where to send payment?

The payment process will not change for you or your freight customers. You don't have to worry about sending anything differently once enrolled in Trax KwikPay. Instead, Trax will simply accelerate payments normally due to you through our processing.

Do I have to KwikPay all my invoices?

No. Under Trax KwikPay, only those invoices currently processed by Trax are eligible.

What is the fee?

The fee is calculated as a daily percentage rate. The fee is applied against the face amount of the receivable, multiplied by the number of days the receivable will be pre-paid.

Are there minimum or maximum limits?

There are no minimums. However, the maximum eligible transactions are limited to those receivables processed by Trax.

Do I have to sign a long-term contract for Trax KwikPay?

Our standard Trax KwikPay program enrollment period is for 12 months.

Can I qualify if I have credit problems?

Yes. This is one of the benefits of Trax KwikPay. Often your past credit history is of no significance. It's the ability of your customer to pay that matters.

What if I already have a loan or line of credit?

No problem. Trax KwikPay complements existing lines of credit.

How long does it take to set up an account?

Typically 3 - 5 working days.

How can I start?

First, you submit an application along with some basic supporting documents. Your application is processed for enrollment within 3-5 days. You can start benefitting from KwikPay now without the hassles of traditional financing.

What specific documents are required with an application?

Proof of business registration, personal identification, and corporate identification documents.

What if we are an out-of-state business?

Your company can be located anywhere, domestically or internationally.

Are all invoices accepted?

Only invoices currently processed by Trax are eligible.

Do I have to change my billing?

No, the payment process to you and your clients will not change, other than the timing of payment to you.

How will I know when an invoice is paid?

You will receive regular account status reports electronically, which list the payments processed through Trax KwikPay.

What happens if my customers don't pay?

The program has provisions to offset the payment against future invoices as needed.

Why should I enroll in Trax KwikPay?

Trax KwikPay is ideal for carriers who would like to generate capital to meet current operating needs or set the stage for future growth, but who do not want to take on additional debt.

How would my customers benefit?

Trax KwikPay benefits you, your business, and anyone connected with it. Your customers will benefit from your improved financial strength and increased productivity. You may be able to extend better trade terms. Your customers will also benefit from your ability to quickly cash-flow growth in your business without asking them to pay you faster. In short, your clients will benefit from better receivables management and from funds that are readily available to support future growth.

How is the invoice guarantee established?

By signature contract only. The contract permits the sale of the receivable to Trax, and the KwikPay program permits Trax to collect on 100% of the face amount of the invoice through your client's normal payment process with Trax.

Will my customers be notified of my enrollment in Trax KwikPay?

Trax KwikPay is entirely confidential. Your clients will not be impacted in any way, and do not need to know you are enrolled in KwikPay.