Schneider Logistics Inc. announced it has changed the name of its freight payment company, Tranzact Payment Services, to Schneider Logistics Payment Services. The payment company manages the flow of funds through customers' supply chains, providing a payment platform that delivers high volume, low cost transaction processing.
The name change builds brand consistency among all Schneider Logistics services and reflects the company's original agreement with Tranzact Systems Ltd. as part of Schneider Logistics' March 2000 acquisition of Tranzact's freight payment subsidiary.
"In the year since, we've combined our operations and strengthened our technology," said Chris Lofgren, CEO of Schneider Logistics. "Now, it's time to change the name of this business unit to better reflect its significance in our strategy of serving customers."
In the 15 months since the acquisition, Schneider Logistics Payment Services' volume of freight payment transactions has increased 25%, the company said.
Schneider Logistics Payment Services offers a variety of services, including transaction audit, processing and payment; accrual and accounting functions; rate library creation; multi-media and customized reporting; auto pay services; online interfaces; and international payment capabilities.
Schneider Logistics Payment Services processes 75% of its freight bill volume in the Electronic Data Interchange (EDI) environment, making the company the largest processor of EDI freight bills in the country.