Transplace, Inc., a provider of logistics technology and transportation management services, announced the availability of the Transplace Pay On-Demand Program for carriers. With Pay On-Demand, participating carriers are paid as soon as their invoices are approved instead of having to wait for the agreed credit terms, providing accelerated cash flow. Unlike other quick pay programs, Pay On-Demand offers the benefits of full automation, including significant administrative time and cost savings.
With the Pay On-Demand Program, carriers no longer need to wait for payment or incur the costs of receivables collection and processing manual payments. The program is fully automated using a corporate purchase card.
“We’re pushing the frontier of purchase card use,” said Steve Crowther, CFO of Transplace. “Not only are we offering accelerated cash flow for our carriers, but we’ve structured this program with a purchasing card so there is no adverse impact on our own cash flow. This provides the best possible scenario for our carriers and Transplace.”
Transplace assesses no fees for participation in the program. Credit card merchant fees will apply, but are typically offset by the cash flow benefits of accelerated payment and the savings from process automation. Transplace provides participating carriers with a credit card number to keep on file. The card has unique security features, with $0 of available funds until an invoice is approved for payment, upon which time an electronic remittance advice is sent along with approval to charge the card for the specified amount. Funds are deposited in the carriers’ account within 24 hours of charging the card.
For more information about the Transplace Pay On-Demand Purchasing Program, please visit www.transplace.com.