Categories: B2B Payments

Vector Adds Automated Invoicing To Fleet Management Portal

Fleet management platform Vector is expanding its Delivery-to-Cash offering with the introduction of automated invoicing and accounts receivable functionality.

In a press release Monday (Jan. 27), Vector said it will launch automated billing within its portal that integrates cloud, mobile and on-premise treasury management system software to facilitate the invoicing process immediately upon delivery of goods, an effort to help fleets cut costs, the company said.

Rendition billing will eliminate manual data entry and automate data capture from fleet drivers while on the road including trip pay, weight and other metrics, from mobile devices in use by those drivers. Load data is automatically populated into invoices, which can be combined with other delivery documents from existing treasury management portals. Invoices can be emailed, with the platform supporting invoice status tracking.

“At Vector, we are committed to the best experience for both drivers and the back office when it comes to our Delivery to Cash solutions,” said Vector Head of Product Nathan Creswell in a statement. “As we started in mobile document capture, we soon realized that an integrated rendition billing offering would complete the end-to-end story for our customers and further reduce their time to invoice. We are excited to complete general availability for these modules and begin offering it to any fleet in North America.”

FinTech is increasingly exploring financial and payments automation for the fleet industry, a particularly challenging market considering the mobility of drivers.

Some of the latest innovations include the potential use of autonomous vehicles to automate payment.

When it comes to optimizing spend and managing expenses, however, disparate data remains a top challenge.

“Every manager needs to consider cargo optimization, route planning, scheduling and dispatch, among other functions,” the PYMNTS Workforce Spend Playbook noted. “Fuel must be purchased and vehicles must be serviced and eventually replaced. A single vehicle may last years, but managers should pay close attention to such long-term concerns to prevent operations from coming to a standstill.”

Get our hottest stories delivered to your inbox.

Sign up for the PYMNTS.com Newsletter to get updates on top stories and viral hits.

——————————

LIVE PYMNTS ROUNDTABLE: MODERNIZING & SCALING FOR THE NEW NORMAL

The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

Recent Posts

Brooks Brothers Readies For Bankruptcy

Brooks Brothers is in talks with banks about securing cash for a potential bankruptcy that could come within weeks, as…

4 mins ago

Today In Payments: Amazon’s PayFort To Boost Middle East Startups; Next Economic Stimulus Package Could Hit $1T

In today’s top news, Amazon is looking at buying a stake in India’s Bharti Airtel, and the Trump administration expects…

26 mins ago

China’s JD.com To Sell $4B In IPO Shares

Hong Kong technology company JD.com Inc. plans to sell up to $4.3 billion in shares in what is expected to…

1 hour ago

President Trump Inks PPP Loan Flexibility Legislation

As some firms grapple with meeting pivotal standards for loan forgiveness amid the pandemic, President Donald Trump inked a bill…

1 hour ago

France’s Fund Aims To Rescue Tech Startups From Takeovers

Looking for a way to protect technology companies from becoming prey to foreign buyers, France has created a fund to bail…

2 hours ago

Catching Hold Of Rapidly Digitizing Consumer Bases

It's been a busy week in payments and commerce, as June kicks off and consumers around the world are ready…

2 hours ago