For companies to grow and scale, adopting freight payment services that strengthen specific business processes is absolutely necessary. The multitude of advantages that technology provides allows parties across the board to benefit in many ways. Not only do these tools amplify efficiency but they also mitigate risk and lower costs.
They Offer Broker, Third-Party, and Carrier Factoring
The best freight payment companies offer broker and third-party factoring at a flat rate through accessible and streamlined technology. Other beneficial services include providing financing for receivables to freight brokers and offering quick pay at various rates to carriers. Another serviceable feature is carrier factoring with no minimums, no reserve, and a low flat rate. This provides carriers with obtainable options when trying to secure the best hauling contracts.
Load Board Integration Payment Management Helps to Keep Freight Moving Without Added Costs
The digital technology that freight payment service providers offer for shippers and brokers keeps freight flowing smoothly and substantially reduces costs. Integrating online load boards (that offer a listing of digital freight options) allows shippers/brokers to post loads and gather bids on freight from the expansive pools of quality options (from other brokers and carriers). Through this service-enhancing method, negotiating rates becomes simplified and instantaneous, including lane matching with real-time alerts when loads and trucks match. The accessibility that these tools provide allows for a shipping company to accurately measure capacity and have access to the best terms possible.
Prepaid vs. Collect Freight Are Other Options for Those With High Uncertainty
Having different options on freight arrangements eases uncertainty. With a prepaid option, the shipper is responsible for shipping charges and ancillary expenses. When using the collect freight option, the receiver covers the freight charges. This is also known as “collect upon arrival,” and includes any additional shipping charges.
Digital Credit and Cost Underwriting Is Useful to Helping Unlock More Value With Limited Resources
In the modern supply chain network, freight payment providers should offer solutions that empower logistics companies to grow. Even if a business has limited resources, unlocking potential opportunities should still be a possibility. Integrating a digital credit and underwriting platform to establish or maintain credit is key for growth and mitigating risk. As further explained by Jack Glenn of FreightWaves, “Not only does credit insurance allow companies to mitigate risks beyond their control and protect against non-payments, that same credit insurance also allows companies to explore growth opportunities with existing customers. Insured companies can sell on open account terms where they may have previously been restrictive or only sold on a secured basis.”
Benefits of Multiple Freight Payment Services
With a wide array of freight payment services and options, companies reap the benefits of convenience. Many manual processes have been replaced with modern technology that enhances business and amplifies efficiency. These accessible options allow organizations to lower costs and scale through automation without a significant amount of money or change. As these tools can be integrated with current systems, no rehauling of the entire system is required. These benefits include:
- Better cashflow – Streamlined tendering and transactions allow for automated payment collection, for both commercial invoice processes and regular invoice processes.
- Fewer delays in getting paid – No more confusion or delays on payments that cost the company valuable time and resources.
- Lower risk – Risk is mitigated and minimized through accurate reporting and invoicing.
- Increased cost forecasting – Insight and analytics provide companies with a deep understanding of current rates and deals.
- Improved driver and employee morale – With magnified awareness, optimal deals can be generated resulting in both driver and employee satisfaction.
- Business reputation gains – Good and fair business creates a reputation that has a ripple effect across the entire market, which leads to more customer acquisition.
Start Reaping the Rewards of Digital Freight Payment Services with HaulPay by ComFreight
In the modern fast-paced transportation market, businesses must do everything they can to stay ahead of the curve. By offering freight payment services that benefit shippers, brokers, and carriers, companies can exponentially grow without the major risk often associated with change. Improving business no longer has to come with overwhelming challenges. Start succeeding. Request a HaulPay demo today.