November 18, 2003
ITRADENETWORK RELEASES NEW QUICKPAY MODULE
Provides automation for Converting your receivables into cash within 48 hours
Livermore, CA. November 18, 2003. iTradeNetwork (ITN), today announced the release of the New QuickPay Module. This product was developed in response to customer requests for additional tools for better managing cash flow and growing their business.
This solution is available to foodservice distributors, retailers, growers, shippers, brokers, carriers, and processors that are seeking solutions to fund and manage their business and growth.
"The QuickPay module can be used by companies of all sizes and provides ITN users unprecedented flexibility in managing their cash flow by giving them access to cash when they need it most. In addition, it automates the payment process by utilizing the electronic ACH capabilities of the federal banking system. This gives both buyers and sellers the opportunity to manage and track, invoices, and electronic payments simultaneously through several parties including the buyer, buyer's bank, seller, seller's bank and other financial institutions," said Russell Rice, President of AgriCap LLC.
'The Quick Pay module is an innovative solution that was developed in conjunction with several customers and AgriCap to provide them the ability to electronically manage their business and receive payments for goods and services faster. The solution allows a lender such as AgriCap to provide sellers with payment for goods and services electronically within 48 hours at a negotiated discount. Our customers are constantly looking for ways to improve their cash flow and provide better services. We are proud to be the first e-commerce solutions provider to deliver this automated capability for the food industry," said Robert Bonavito, Chief Executive Officer of iTradeNetwork.
About iTradeNetwork:
iTradeNetwork, is a privately held company that provides collaborative workflow solutions (Procurement, Contract and Management Rebate, Logistics, Promotion, Demand Forecast, VMI, Financial Services and Content) for the food industry and low cost integration to customers legacy systems. iTradeNetwork's e-business solutions are being utilized by 11 of the top 15 North American Retailers and many of the leading Foodservice companies with over 2,300 customers.
About AgriCap, LLC
AgriCap, LLC specializes in factoring accounts receivables for agricultural companies. Its clients include growers, shippers, brokers, importers, processors and truckers. Factoring converts accounts receivable to cash through a purchase and sale agreement. AgQuickPay revolutionizes traditional invoice factoring by providing a highly scaleable invoice-specific financing product, providing exceptional flexibility and convenience for both buyers and sellers on iTradeNetwork. For more information on AgriCap, visit http://www.agricap.com
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