True-Way Logistics of Pompano Beach, Fla. has implemented Transflo Express truckstop scanning from Pegasus TransTech. The 17-truck fleet says it already has seen an immediate cash-flow benefit and that its parent company, UniExpress Systems, anticipates even greater savings – as much as $100,000 a year.
According to True-Way President Ernani Verlangieri, Transflo Express reduced the cash flow cycle, enabling True-Way to get paid faster. But there was another benefit as well. Among the documents True-Way drivers now scan on the road are fuel receipts.
“We charge expenses to our operators, and I used to finance a lot of the fuel,” Verlangieri says. “This could be $10,000 to $15,000 when I had to pay my fuel supplier before receiving documents from the drivers. Now, I’ve cut that residual to zero.”
Verlangieri sees returns on an even larger scale as he implements Transflo at True-Way’s parent company, UniExpress Systems, an international transportation company with eight brokers also located in Pompano Beach. Here Verlangieri anticipates a gain of 10 to 15 days in the cash flow cycle. “But I expect even better benefits,” he says.
Verlangieri says the improved cash flow will help him to streamline the brokerage’s financial structure since he no longer will need an outside factoring service. “I used a third party to charge for the brokerage services and finance the float,” Verlangieri says. “But in three to six months, I expect to get out of extra funding and do this myself. I expect to save about $100,000 a year.”
With Transflo Express, drivers hand their delivery documents to a trained cashier for scanning at more than 540 truckstop locations nationwide, including all Pilot and Love’s travel center locations. In seconds, these documents are sent electronically to the fleet for immediate billing and payroll processing, enabling fleets and drivers to get paid faster.