Days to pay is something that everyone looks at. It’s a prime indicator of a successful 3PL or freight brokerage. However, when there is a quick turnaround for payment, there is inherent liability for the company fronting the bill. When will it get paid? No one wants to be left holding the bag. If only there were a way to connect brokers, shippers, factors and carriers for fast payments.
A major attraction of FreightWaves’ The Future of Supply Chain live event in Northwest Arkansas on May 9-10 will be the seven-minute live demos. Here’s a preview of one of those demos.
Company: TriumphPay
Demo product: TriumphPay
What it does: TriumphPay is a payments network for freight brokers, factors, shippers and carriers in the trucking industry. It provides tools and services to increase automation, mitigate fraud, create back-office efficiency and improve the payment experience.
Who needs it most: 3PLs, freight brokers, logistics service providers, carriers, shippers and startups.
Key info:
- “TriumphPay is working to revolutionize the transportation industry by creating a payments network that interconnects all parties in a transportation transaction, allowing the elimination of labor-intensive and time-consuming tasks, the mitigation of fraud and timely payments.” — Aaron P Graft, CEO
- TriumphPay’s payments network, a first of its kind in the industry, brings transportation payments into the modern era by using integrated data interfaces and workflow solutions to connect freight brokers, shippers, factors and carriers, streamlining and automating invoice presentment, audit and payment.
- Using optical character recognition, machine learning and data integrations with core operating systems, TriumphPay helps freight companies and factors mitigate fraud, expedite the payment experience, and increase efficiency and automation.
- “By partnering with factors and brokers to create structured invoices with immediate verification and payment approvals, TriumphPay will give companies the access to data they need and the workflow that goes with it,” said Melissa Forman, SVP and chief strategy officer at TriumphPay.