Schneider (NYSE: SNDR) has made two significant technology announcements in the past week as it seeks to improve the experience for its network of brokers, carriers and shippers.
The logistics giant has added payment processing capabilities from TriumphPay and business automation tools from Transflo to its brokerage platform as it seeks to smooth and expedite the payment process. In addition, last week, Schneider added freight visibility tools from Overhaul.
“Schneider is committed to finding and implementing innovative ways that make it easier for carriers to move their trucks and manage their businesses,” Erin Van Zeeland, group senior vice president of Schneider Logistics Services, said, in announcing the TriumphPay and Transflo additions. “Introducing TriumphPay to a suite of carrier technologies that already includes Transflo helps them streamline and automate payments – saving significant time and allowing carriers to do their job more efficiently.”
According to Schneider, the pairing of Transflo with TriumphPay will cut the payment process from as much as 40 days to as little as two. Traditional, paper-based methods can take up to 10 days for the delivery of the paperwork to shippers and up to 40 days to get paid.
“We believe supply chain liquidity is of the utmost importance, so we are proud to collaborate and work with two best-in-class providers to help ease the cash flow burden of those trucking companies that truly represent the lifeblood of our country,” Frank Adelman, president and CEO of Transflo, said.
Carriers using Transflo are able to quickly scan documents to confirm load completion and submit those documents within seconds. The carrier can then select their payment terms, including QuickPay, via TriumphPay.
“Our top priority is providing a payment processing service that facilitates a stronger broker-carrier relationship,” Melissa Forman, TriumphPay senior vice president and COO, said. “We’re excited to join forces with Schneider to help them create a more streamlined and efficient experience for their valued carriers.”
According to Schneider, when using standard QuickPay options, carriers can expect to receive payment from shippers in 15-30 days. When working with a broker, they can often opt to pay a small fee to bypass this window. However, carriers are traditionally forced to choose between using this expedited option and the standard full-term payment on 100% of the loads they deliver.
With this new addition of TriumphPay, carriers can choose how they get paid on an individual transaction basis and TriumphPay provides carriers full visibility into the payment status for each of the shippers with whom they are working.
The collaboration with Overhaul will enable real-time shipment tracking for Schneider’s brokerage division. Overhaul’s solution works to aggregate data from multiple streams and devices to provide insights and proactive supply chain command, Scheinder explained.
“The combined expertise of Schneider and Overhaul allows shippers to actively manage events ahead of them becoming an issue,” Van Zeeland said. “This new, integrated solution gives Schneider’s customers more visibility into and control over their freight by harnessing the tracking and monitoring capabilities we are now able to deliver.”
Customers will receive an alert if tracking data identifies a potential disruption, enabling them to take action.
“Schneider and Overhaul both know the efficiencies gained by helping shippers head off problems at the pass,” Barry Conlon, CEO of Overhaul, said. “Together we’re making it easy for shippers to take critical actions at every turn and create greater cost optimization by containing risk and minimizing supply chain disruption.”
