B2B Payments

How Payment Terms Can Help Shippers Become ‘Preferred’

According to a recent Transplace survey, the way that a shipper impacts a motor carrier financially and affects driver productivity will greatly affect whether a carrier will assign them “preferred shipper” status.

Additionally, the results showed that 63 percent of respondents said that payment terms and average length of time until payment was a “major factor” to them, while 36 percent listed it as “important but not critical.

The majority of the surveyed carriers said 30-day payment terms are “acceptable,” with paying in less than 30 days seen as “really differentiating” a shipper. Volume potential and positive credit rating were also consistently rated as major factors, according to Fleet Owner.

Along with payment terms, the survey said that driver productivity, driver friendliness and the scope of the business relationship and the “level of partnership” would affect the preference status of a shipper.

“Shippers are looking for ways to improve their transportation operations, and a significant way to do so is by aligning efforts with their carrier partners to improve efficiency and overall benefits to all parties,” Ben Cubitt, Transplace’s senior vice president, consulting & engineering told the news source.

“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.

 

——————————–

Latest Insights: 

The Which Apps Do They Want Study analyzes survey data collected from 1,045 American consumers to learn how they use merchant apps to enhance in-store shopping experiences, and their interest in downloading more in the future. Our research covered consumers’ usage of in-app features like loyalty and rewards offerings and in-store navigation, helping to assess how merchants can design apps to distinguish themselves from competitors.

Click to comment

TRENDING RIGHT NOW

To Top