Schneider, which provides trucking, logistics and intermodal services, now has more options to improve the freight carrier payments process, through partnerships with TriumphPay and Transflo that will allow easier, quicker transactions for third-party carrier payments.
TriumphPay is a payments processing platform for brokers and shippers. Transflo works in business process automation and digital communications.
Schneider noted that those using outdated paper methods might wait eight to 10 days for shippers to receive the information and start processing the payment, and 40 days to actually get paid. By partnering with TriumphPay and Transflo, Schneider hopes to deliver payments in just two days.
Customers will use Transflo to confirm load completion and submit documents, and then use TriumphPay to select payment terms like QuickPay, which the partnership also hopes to speed up.
Schneider purports to offer an advanced method of payment processing that bypasses the cumbersome older ways, which required carriers to pay an extra fee in order to receive an invoiced payment faster than the usual 15- to 30-day timeline via QuickPay.
TriumphPay also boasts methods of “full visibility,” which show customers the status of their payment at any point, the press release says.
TriumphPay COO Melissa Forman said the end goal is to help brokers and carriers cultivate stronger relationships.
Transflo CEO and President Frank Adelman said supply chain liquidity was of “utmost importance,” and that he is glad to be collaborating with Schneider and TriumphPay.
Erin Van Zeeland, group senior vice president of Schneider Logistics Services, said the partnership will hopefully “save significant time and [allow] carriers to do their jobs more efficiently.”
Faster B2B payments have been an ongoing goal for companies trying to save money and time, but amid the coronavirus pandemic, payments can go either way. Some companies are expediting things and making sure everyone gets the money they are owed, while struggling retailers might cancel payments or take an inordinately long time to complete them.