Implementation of vendor technology expedites payment, improves carrier experience
GREEN BAY, Wis.--(BUSINESS WIRE)--Schneider (NYSE: SNDR), a premier provider of trucking, intermodal and logistics services, has implemented more options to improve the carrier experience by adding capabilities from TriumphPay, a payment processing platform for brokers and shippers, and Transflo, a leading business process automation and digital communications provider. The company’s unique ability to combine both TriumphPay’s and Transflo’s expertise on its brokerage platform dramatically accelerates transactions and expedites third-party carrier payments. Schneider’s pairing of these two tools also increases flexibility and ease of fund transfer in an industry where every minute matters.
“Schneider is committed to finding and implementing innovative ways that make it easier for carriers to move their trucks and manage their businesses,” said Erin Van Zeeland, group senior vice president of Schneider Logistics Services. “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.”
Carriers who are still using traditional, paper-based methods to submit delivery paperwork know that it takes 8-10 days before shippers receive the information and begin processing payment – and up to 40 days to get paid. Schneider’s Transflo/TriumphPay pairing shrinks that timeframe to as little as two days.
With Schneider, carriers use the Transflo application to confirm load completion and submit documents. Within seconds of receiving the information, the payment process activates. Carriers can then select their payment terms via TriumphPay, which includes QuickPay.
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 percent of the loads they deliver.
Schneider now offers carriers the flexibility and convenience of making this choice on each individual transaction, freeing them from the rigid payment structure and costly fees associated with factoring companies. TriumphPay provides carriers full visibility into the payment status for each of the shippers they are working with, all in the same place.
“Our top priority is providing a payment processing service that facilitates a stronger broker-carrier relationship,” said TriumphPay senior vice president and COO Melissa Forman. “We’re excited to join forces with Schneider to help them create a more streamlined and efficient experience for their valued carriers.”
Frank Adelman, president and CEO at Transflo, said, “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.”
Carriers interested in a great business experience can visit SchneiderCarriers.com.
Schneider is a premier provider of transportation and logistics services. Offering one of the broadest portfolios in the industry, Schneider’s solutions include Regional and Long-Haul Truckload, Expedited, Dedicated, Bulk, Intermodal, Brokerage, Warehousing, Supply Chain Management and Port Logistics.
With nearly $5 billion in annual revenue, Schneider has been delivering superior customer experiences and safely getting it done for over 80 years.
For more information about Schneider, visit www.schneider.com or follow the company socially on LinkedIn and Twitter: @WeAreSchneider.
TriumphPay is a leading provider of carrier and vendor payment solutions to the supply chain industry. Its integrated supply chain finance solution allows brokers and shippers to reduce the amount of capital invested in their QuickPay program. Since its inception, TriumphPay has paid more than 70,000 carriers on behalf of its freight brokers and shippers. TriumphPay simplifies the management of carrier payments for brokers and shippers including managing verification and collection calls from factoring companies.
TriumphPay is offered through an operating subsidiary of TBK Bank, SSB (Member FDIC). TBK Bank, SSB is a subsidiary of Triumph Bancorp, Inc. (Nasdaq: TBK), a financial holding company with a diversified line of community banking and commercial finance activities.
Transflo® by Pegasus TransTech is a leading mobile, telematics, and business process automation provider to the transportation industry in the United States and Canada. Transflo’s mobile and cloud-based technologies deliver real-time communications to fleets, brokers, and commercial vehicle drivers, and digitize 500 million shipping documents a year, representing approximately $84 billion in freight bills. Organizations throughout the Transflo client and partner network use the solution suite to increase efficiency, improve cash flow, and reduce costs. Headquartered in Tampa, Florida, USA, Transflo is setting the pace for innovation in transportation software. For more information, visit www.transflo.com.