TriumphPay is a leading carrier payment solution, helping companies get paid faster. It works by integrating into a brokerage’s existing TMS and accounting system, so brokers can pay carriers with the click of a button. The company processes over $7 billion in payments each year to small carriers, according to Jordan Graft, executive vice president of payments at Triumph Bancorp (NASDAQ: TBK).
TriumphPay presented its product to a room of 1,000 transportation, technology and finance executives at MarktWaves18 in Dallas, Texas.
“We remove the liability of fraud, like hackers or impersonators trying to change a carrier’s payment information. We take that liability because we’ve paid over 100,000 carriers and have a very detailed view into the carrier payment landscape,” Graft said. “We also take on misdirected payment risk. We take that liability about from you because we’re going to process the notice of assignments for you and make sure we pay the carrier correctly.”
When carriers agree to be paid via TriumphPay, they save time and paperwork through a seamless sign-up process that pulls their details directly from the brokerage. Carriers are also able to enter ACH information one time and use that information for all transactions going forward with any brokerage that utilizes TriumphPay.
“[Clients] can view all of their invoices from every broker, all within TriumphPay, in one place,” Bo Carlton, business development, TriumphPay said. “They can also look at details from each individual payment record. We’re putting all the control with them.”
The payout reports are sent to factoring companies, helping eliminate verification phone calls from factoring companies.
“To close here, TriumphPay is the best way to pay your carriers. We’re going to help you streamline your back office. No more dealing with factoring companies. No more dealing with carriers or processing payments for carriers, and you can eliminate fraud liability and sleep better at night,” Graft said. “You’re going to make more money out of your quick pay program than you are today, and you also get to use our balance sheet to fund those quick pays.”
In addition, Graft said four out of five carriers surveyed prefer being paid by brokers directly because of the convenience it affords them.