With increased gas prices, staffing shortages and ongoing global supply chain issues, many freight organizations are struggling to operate efficiently.
Maintaining a healthy cash flow is getting harder. But adopting a digital-first payments process can help transportation companies get paid faster – even in today’s environment.
Challenges Billtrust addresses for transportation companies
Growing demands of customers asking transportation companies to feed invoices into third-party freight audit companies, third-party AP portals and buyer portals (Navisphere, Cass, U.S. Bank/Syncada, Wilson, Data 2, CHRW, Bluejay, Mode, Technical Traffic, Costco, Walmart, etc.)
Accounts receivable (AR) teams need to maintain login credentials to dozens of portals, follow complex invoicing rules for each (non-EDI) customer and then return to those portals again and again to check on payment statuses and to download remittances. This process is complicated and adds frustration to the jobs of AR teams.
In addition, more buyers have started using credit cards. This allows them to hold their money longer and receive benefits. However, when accepting credit card payments, the seller must pay a 3% fee. And the more business a company does, the more these fees add up. By implementing surcharging, companies can entirely offset these expenses.
Your customers need solutions that make it easier to do business with you by offering an online portal to access invoices and make payments as they prefer (ACH or credit card) — with 24/7 convenience.
Give them a positive payment experience that empowers your customers to schedule payments easily, view payment history, modify or dispute a charge and export these files for their own use. The result? You get paid faster.
Billtrust works with over 150 transportation companies supporting the unique industry needs, including:
- Express Courier
- OTR companies
- LTL companies
- TL companies
- Transportation Brokers
Billtrust offers a suite of AR solutions for the transportation industry
Billtrust offers a suite of AR solutions for the transportation industry that drives digital payments and accelerates cash flow through automation, machine learning and RPA (robotic process automation). Your cargo goes where it’s supposed to go. Now your invoices and payments will, too.
Billtrust Credit Application allows you to create online, custom credit applications to safely store and centralize sensitive credit information, make faster and more efficient credit decisions, and keep relevant teams informed.
Billtrust Invoicing streamlines and automates multi-channel invoice delivery, locally and around the world. You can cut and control operating costs while simplifying invoice presentment and giving your customers the invoicing flexibility and efficiency they need.
Billtrust Payments allows suppliers to facilitate accelerated, predictable payments on their terms while offering flexibility to all customer segments. Your customers benefit from a convenient B2B payment experience on a fully-brandable portal, while giving you the ability to accept payments through your preferred channels.
Billtrust’s Business Payments Network (BPN) connects order-to- cash functionality with the rest of the B2B payments ecosystem. BPN allows you to optimize both sides of the transaction by delivering invoices to AP portals your customers use and automatically capturing and processing their payments.
Billtrust Cash Application handles payments swiftly by turning an unnecessarily complicated process into a manageable one through automation and machine learning. As a result, you benefit from a radical improvement in match rates across all payment channels, streamlined exception handling and achieve industry-leading straight-through processing.
Billtrust Collections optimizes collections processes by surfacing customers who need outreach most, automating repetitive tasks, providing AI predictive insights to forecast cash and optimize collections steps, and personalizing customer outreach to ensure a positive customer experience.
With the help of our experts you’ll accelerate time-to-value with a proven AR implementation program. Our professional services organization has identified the critical steps your business should take at each stage, from purchase to post-launch performance and beyond. Our proven blueprint sets you up for customer success and assists you in becoming an expert on your own.
Challenges we solve for transportation companies:
Reduce the time and cost associated with delivering invoices regardless of customer expectations: Mail, email, EIPP and third-party portal invoice delivery.
Enhance customer experience offering customers a self service portal to retrieve invoices and make payments.
Handle payments from large aggregators for multiple buyers, e.g. Cass, Syncada, and Trax.
Make smart choices regarding surcharging to reduce the cost of customers making credit card payments.
Simplify cash application by organizing work in one system vs. working in an ERP, multiple transportation management systems, and multiple inboxes.
Retrieve and extract remittances from third-party portals, EDI or customers, e.g., PaymodeX, large buyers, Wells Fargo.
Provide collectors with prioritized daily worklists, automate routine tasks, and manage disputes with better communication and transparency.
Automate identification of standard short paid fees, e.g., fuel surcharge, accessorial fees.
Download solution guide
Adopt a digital-first payments process to get your transportation company paid faster.