New U.S. Bank features will allow freight carriers new B2B payment options such as a new dashboard for better receivables visibility and a way to pay invoices much quicker, according to a June 10 press release.
With the new Cash Manager function, carriers will be able to see exactly what's happening in their payment cycles, tracking payments from submission to audit to payment, the bank said.
The tool will enable “actionable insights” that will help freight carriers make smarter, more accurate decisions to help business keep going and improve cash flows, the release says.
Then there's the Quick Pay feature, which U.S. Bank says will expedite things for carriers who work under the typical 45- to 90-day contract pay terms. The feature will allow some invoice payments to be fast-tracked and paid quicker, with carriers having the option to pay a fee and receive payment as soon as the invoice is approved or within one business day.
The option for Quick Pay will be found in the dashboard, the release notes.
U.S. Bank General Manager of Transportation and Corporate Payment Systems John Hardin said the new features would enable carriers the kind of flexibility on cash flow to survive, particularly in the current world economy.
“At U.S. Bank, we continuously invest in innovative solutions that help our customers securely optimize their cash flow and streamline their operations,” Hardin said. “Our new Cash Manager dashboard and Quick Pay features offer carriers new ways to better inform their short- and long-term decisions and overall business strategies.”
The coronavirus pandemic has had freight carriers looking at the ways they do business, particularly in regard to billing. Francis Adanza, vice president of Vector, told PYMNTS that digitization of long-entrenched paper processes has been slow. He said the key might come in utilizing tools that build off ones companies already use, rather than forcing them to migrate to whole new platforms.