Many large shippers that outsource freight payment to third-party providers experience anxiety recently due to late or missed freight payments. Using clean data and advanced matching empowers shippers to pay carriers directly and access real-time intelligence.
Timely, Accurate Payments and Lower Risk
Integrating and cleansing your payment data eliminates many of the freight payment issues that persistently plague logistics managers. A singular data set simplifies complex freight payment operations. Plus, it gives companies greater control for exception management and increased payment velocity.
In addition to lowering costs, a direct payment approach may reduce your financial risk. By eliminating a third-party payer, shippers avoid financial losses if the payment company becomes insolvent (See IPS Global bankruptcy). If a company chooses, it can still leverage freight financing.
The Promise of Integrated Data
Recently, I spoke with PYMNTS.com about how integrated data gives customers the supply chain data needed to avoid late payments and other problems. Another common pain point in the payment process is how to handle exceptions. PYMNTS.com notes that according to an IDT survey, manual processes and invoice exceptions are among the largest pain points for AP departments.
A move to intelligent processing removes these issues. An integrated data approach allows shippers to diagnose the underlying cause of exceptions, eliminating the manual process completely. Data integration also gives a full view of operational flows. This critical business intelligence lets companies manage their supply chain better, reduce costs, increase efficiency and guide overall strategy.
If you want to remove freight headaches and optimize your freight payment process, please drop us a note. We’d be happy to talk about how our approach can help you.