There’s a spotlight on the transportation industry worldwide, exposing a few cracks in the foundation.
In a world where automation, digitization, and e-commerce platforms have transformed payment processes, the transportation industry is, relatively speaking, underserved by technology. The connectivity between shippers, brokers, factors, and carriers can be described as a spare tire on the highway. The ride is bumpy, and the whole wheel might fall off if there’s a pothole.
Let me be clear, the root of the problem does not lie with any one party. The issues are systemic. Throughout the payment lifecycle, systemic, long-standing problems with fraud mitigation, security, transparency, and communication plague brokers, carriers, and factors.
Factoring companies are part of the solution, stepping in to help get carriers paid quickly. TriumphPay is partnering with factors to eliminate manual labor, inefficiency, and risk as they execute and scale their business.
What Problems Are Factors Facing?
Where there are inefficient processes, money is wasted. After all, time is money. That’s why we’re hyper-focused on creating efficiencies for factors in the payments process.
There’s a very common set of problems that factors face every day.
- In a business where margins are everything, factors want to grow their business and become more efficient without additional hires.
- Their employees are bogged down operationally with data entry, phone calls, and emails.
- Poor communication with debtors to verify invoices, causing increased risk and fraud potential.
- Consistent facilitation of invoice disputes between clients and debtors.
Four elements comprise this problem’s core: Trust, security, transparency, and lack of automation.
TriumphPay + Factors = A Safer, More Efficient Payments Network
TriumphPay is working to innovate the payments process by creating a connected network, fostering trust, increasing transparency, automating processes, and offering security.
For factors, TriumphPay provides:
- Structured data and transparency throughout a factored invoice’s life cycle, with early insight into exceptions.
- Automated pre-purchase verification of invoices for debtors that are on the TriumphPay network.
- Near-immediate responses from TriumphPay network brokers once invoices are purchased and delivered via API integration to network brokers.
- Standardized payment & remittance data to automate cash application for TriumphPay-issued payments.
- Secure payments network to serve as the backbone of the industry.
We’re here to work with factors and offer solutions to problems they face daily. Together, TriumphPay and factors can help create a better ecosystem for everyone involved. As a result, we will see a significant transformation in the industry for years to come.
