TriumphPay announced the acquisition of HubTran on June 1, 2021. The combined company will create a fully integrated payments network for transportation brokers and factors.  Read more about the announcement below:

What was announced?

TriumphPay has acquired HubTran, a cloud-based provider of automation software for the transportation industry’s back-office.

Why did TriumphPay acquire HubTran?

TriumphPay provides the tools and services to increase automation, mitigate fraud, create back-office efficiency and improve the carrier experience. By acquiring HubTran, this will allow us to create additional value by enhancing our settlement capabilities for brokers, carriers, and factors and deepen our bench of talent to better serve our clients.

By combining HubTran’s advanced artificial intelligence and machine learning capabilities with TriumphPay’s efficient payments platform, we automate the highly manual accounts payable processes for brokers, factors and carriers. This allows them to focus on their core business and serving their customers.

This acquisition will also allow TriumphPay to create a fully-integrated network, open to all joining participants, that will provide tools and services to create frictionless presentment, settlement, and payment of invoices in transportation.

What is the integrated payments network?

The payments network will combine the integrations of HubTran and TriumphPay between brokers and factors to create an end-to-end, structured payment transaction with transparency and speed.

When will the integration of HubTran and TriumphPay take place?

Today we announced the acquisition of HubTran by TriumphPay. The TriumphPay and HubTran teams are currently working together to  integrate, which is expected to occur in 2021.

Brokers

Tell me more about the benefits to brokers.

Together, TriumphPay and HubTran will provide deeper efficiencies and value-added services for all post-load activities, including presentment, settlement, and payment.

Since 2016, TriumphPay has provided a premier payments process for brokers and carriers. Working only in the transportation industry, our goal has been to help brokers and carriers excel in what they do by continually improving the carrier experience on behalf of the broker.

As our platform has grown, we received feedback that brokers and carriers would find value through the enhancement of our platform to include a settlements product. In 2018, our carrier survey indicated that carriers were excited about back-office efficiency created by having one, not many, paying agents. In addition, we learned that different presentment process and procedures among brokers were also inefficient. In response, TriumphPay created a free mobile app for carriers that launched at the end of 2019.

With the improved carrier experience at presentment and improved broker experience with quick and efficient payments, we filled the settlement product gap with our referral relationship with HubTran. Through this partnership, we recognized the complementary nature of our two products. We realized the addition of HubTran to TriumphPay’s suite of products would create even greater benefit for brokers.

Combining TriumphPay and HubTran will allow us to create a fully integrated payments network for transportation servicing brokers and factors,  The network will be open to all joining participants and will provide tools and services to create frictionless presentment, settlement, and payment of invoices in transportation.

What will stay the same for TriumphPay and HubTran brokers?

As a TriumphPay and/or HubTran broker, all current services and resources will stay the same, with additional services post-acquisition.

Factors 

Tell me more about the benefits for factors.

TriumphPay provides tools and services to increase automation, mitigate fraud and create back-office efficiency. The acquisition of HubTran materially advances our ability to create a seamless payment experience and enhance our service to factoring clients. Together, TriumphPay and HubTran will be uniquely positioned to provide tools to the factoring industry that empower them to bring meaningful process and technology improvements into their operations.

We are excited for the opportunity to expand our platform to automate payments for factors and reduce their administrative burden. Together we can make the flow of invoice and payment data so seamless that it works in the background. This will result in cost reduction, risk mitigation, and improved speed of service for your carriers. With more process automation, you will gain a broader view into the market to maximize efficiencies in your verification, payment status, post verifications, and cash application processes with the ability to extract payment data directly from our platform.

As a network factor, you will receive the additional benefits listed below:

  • Access to AscendTMS and other TMS providers for creating integrations with your carriers
  • Proactive delivery of load data from the network to you for your carriers
  • Access to load data to perform automated verification and paperwork submission
  • Structured paperwork submission and status notifications on your paperwork
  • API endpoint for presenting Notice of Assignments for your carriers across the network
  • Visibility across your carrier base to ensure your NOA is on file and enforced
  • Detailed and structured remittance files to support automated cash application

What will stay the same for factors?

Factors will continue to use the HubTran products while we build the network. You will continue receiving excellent service and products from the HubTran team.

Carriers

Tell me more about the benefits for carriers.

Together, TriumphPay and HubTran will improve the factor’s auto verification success rate resulting in greater payment efficiency. Carriers will also spend less time in the collections process  due to greater automation in the cash application process. The combined platform will provide an end-to-end payment solution between brokers and factors so that carriers are paid faster.

For Current Customers

How should I continue to conduct business if I work with TriumphPay?

For now, it is business as usual. TriumphPay and HubTran will continue to partner as we do today. Please continue to contact your TriumphPay account executive and use existing processes as you do today.

How should I continue to conduct business if I work with HubTran?

For now, it is business as usual. TriumphPay and HubTran will continue to partner as we do today. Please continue to contact your HubTran customer success manager and use existing processes as you do today.

How should I continue to conduct business if I am a client of both TriumphPay and HubTran?

For now, it is business as usual. As we integrate, we will create efficiencies in how we serve you. If you have immediate questions for TriumphPay, please contact your TriumphPay account executive. If you have questions for HubTran, please contact your HubTran customer success manager.

About HubTran

What can you tell me about HubTran?

HubTran has sparked a back-office revolution by replacing old-school systems with automation to process invoices, bill customers, and manage documents efficiently. The company does it with enterprise-grade software using optical character recognition and artificial intelligence that’s smart, easy, and affordable. HubTran 3PLs and factors work four times faster with better cash flow and incredible accuracy.

HubTran recently earned a spot on FreightWaves’ Top 25 most innovative companies list and has received awards including the Harvard Business School New Venture Competition, Chicago Innovation Award, and Executives’ Club of Chicago Innovator of the Year. The most important reviews come from HubTran’s customers who can’t say enough about product performance, minimal startup time, and excellent customer service.

For more information about HubTran, visit www.hubtran.com or call 312-734-1067.