Transplace streamlines payment processing for carriers

Transplace, a provider of transportation management services and logistics technology, says it recently improved the speed, security and accuracy of payment processing for its growing base of 32,000 carriers.

The company said it worked with TriumphPay and Bank of America’s Paymode-X to deliver faster and more reliable payment processing for the carrier base with which it does business directly or on behalf of its shipper customers.

The changes come after Moody’s Investors Service, a provider of credit ratings, research and risk analysis, recently upgraded Transplace’s ratings in several key areas, citing the company’s execution and steady earnings growth for the upgrade.

“We realize that a fast, seamless and unified digital payment experience goes a long way in helping our carrier partners drive operational efficiencies and cash flow, which is critical to their cash intensive businesses,” said Frank McGuigan, CEO of Transplace. “Integrating best-in-class tools and technology, like TriumphPay and Paymode-X Connect, into our logistics platform to simplify and expedite our payment processing capabilities provides our valued carriers with more flexible, reliable and secure payment options.”

Transplace said carriers who enroll in either of these programs will realize “multiple, immediate paybacks,” including:

• Visibility: On-line portal access to electronic remittance detail via email or a custom accounts receivable file.
• Control: Advance notification of payments via email to help forecast cash flow.
• Cost Savings: A reduction in the labor, expense and risk associated with receiving payments. 

“Leonard’s Express is thrilled Transplace continues to work closely with carriers like us to drive improvements such as the introduction of digital payment platforms,” said Mike Riccio, chief marketing officer at Leonard’s. “The announcement illustrates that Transplace continues to lay the foundation to make it easy for us to do business with them.

“Efficient, automated execution, system-driven freight audit and payment, improved financial analytics and dashboards all contribute to faster, more reliable and less costly administration.”

To learn more about Transplace’s logistics technology or services, visit transplace.com/transplace-contact.