Loop, a modern audit and payment platform for the next-gen supply chain, is collaborating with J.P. Morgan Payments to help make financial operations more accessible and profitable for shippers, carriers and third-party logistics providers. Together, Loop and J.P. Morgan Payments aim to boost working capital with freight payments and facilitate stronger relationships between carriers and shippers.
“Loop and J.P. Morgan Payments turbocharged our freight audit and pay. With quick pay now on 15% of our FTL payments, we get meaningful margin back on every transaction,” Jeff Toman, finance executive at Great Dane, a manufacturer of high-performance commercial transportation equipment, said. “In the age of rising costs and increasing demands on carriers and shippers to do more with less, it’s a competitive advantage to have Loop and J.P. Morgan Payments in our corner.”
“We’re pleased to work with Loop, a leading technology company with deep expertise in the supply chain, to help solve a major pain point in freight payments with access to the flexibility and network of J.P. Morgan Payments–it’s a game-changer for our clients that ship goods to monetize their capital,” Brian Holcomb, head of treasury service payment product solutions at J.P. Morgan Payments, said. “Together, we see a significant opportunity to take what was historically a sunk operational cost component for these businesses and instead help drive revenue and cost efficiency.”
“For too long, misaligned incentives have persisted across the industry,” Matt McKinney, CEO and co-founder of Loop, said. “We’re excited to put the combined power of our platform and J.P. Morgan Payments’ expertise and capabilities to work on behalf of carriers and shippers to create a rare win-win.”
