Leveraging the Payments Network
The efficiency of invoice transactions and backend operations are pivotal to trucking. Within this industry is the TriumphPay Payments Network, our comprehensive payments network for freight brokers, factors, shippers, and carriers that interacts with $47 billion in transportation spend, representing 1 in every 3 invoices. The Payments Network connects the broker’s transportation management system (TMS) and the factor management system (FMS) so brokers and factors can share structured data throughout the invoice lifecycle. Sharing invoice information from each party via a direct system connection without relying on the broken communication that typically happens through phone calls and emails automates processes, improves the cash conversion cycle for each party, and reduces fraud.
The TriumphPay Payments Network continues to enhance its capabilities in fraud prevention, revenue generation, and process improvement. The introduction of NextGen Audit further contributes to automated, touchless invoice processing, featuring enhanced Artificial Intelligence (AI), Proof of Delivery (POD) Detection, and new workflow solutions. By incorporating these advanced technologies, TriumphPay can provide a more efficient and streamlined payment process for the trucking industry benefiting carriers, factors, brokers, and shippers.
Introducing POD Detection
The Proof of Delivery process is an integral part of logistics and transportation, and traditional methods involving the manual handling of physical documents can lead to several challenges. These include human error, forgery and fraud, time-consuming processes, lack of efficiency, and increased risk. TriumphPay offers a modern solution by digitizing the POD process and automating handwriting identification, signature validation, and data accuracy. TriumphPay’s POD detection identifies signatures for brokers, further automating invoice review and approval so carriers are paid fast. By incorporating TriumphPay’s modernized POD process with NextGen Audit, logistics and transportation companies can transform their delivery validation and billing processes into a seamless, efficient, and secure system.
Moreover, since PODs are validated automatically, more invoices are now eligible for no-touch invoicing. For TriumphPay brokers, the Payments Network and the NextGen Audit enhancements mean no-touch invoice processing for 75% or more. No-touch invoice processing over the Network removes manual invoice audits from your team’s workload, provides immediate feedback on successful audited payment dates to factors and carriers, eliminates back-and-forth communication, and improves carrier invoice compliance and collaboration.
For invoices with legitimate exceptions, users can seamlessly process invoices as usual, and bills of lading (BOLs) that are recognized as PODs will be automatically flagged. This streamlined approach minimizes the need for manual intervention and accelerates the audit process, ultimately improving overall backend efficiency.
Regarding document handling and validation, the broker won’t have to enter data or detect proof of delivery manually. Instead, TriumphPay NextGen Audit will initially use its AI and machine learning (ML) model to process the documents. This involves identifying each document type and extracting necessary data from them.
Furthermore, the NextGen Audit solution is consistent with the industry’s drive for digital transformation and the embrace of automation. It places your company at the vanguard of the contemporary supply chain, where advanced analytics, visibility, and linked technologies play critical roles in minimizing issues and transforming them into opportunities.
Embracing Automation in Trucking
TriumphPay’s NextGen Audit capabilities within the TriumphPay Payments Network mark a significant step forward in upgrading back-office processes, including the omnipresent proof of delivery step, and provides a variety of benefits that contribute to productivity, billing accuracy, and reduced manual processing in trucking.
By joining the TriumphPay Payments Network and taking advantage of enhancements within NextGen Audit, you can embrace a digital standard. This standard not only increases workforce optimization, no-touch invoicing, and billing accuracy but also lays the groundwork for future developments in the changing trucking landscape.
More about Haley:
Haley Evans is the Senior Vice President of Payor Strategic Initiatives at TriumphPay. She is at the forefront of spearheading initiatives that enhance the capabilities of the TriumphPay Payments Network for brokers and shippers.
