Pegasus TransTech says it is seeing significant growth in the number of transportation factoring companies using its Transflo Express truck stop scanning and Transflo Velocity products to expedite cash flow and speed payment to their carrier and owner operator customers.
Pegasus TransTech provides truck stop scanning, in-cab scanning, smart-phone scanning, and other document management services.
“Transflo Express helps expedite the billing process. But mainly we’re using it as a better way to receive documents so we don’t worry about poor images. That makes things a lot simpler,” says Eric Belk, vice president of Match Factors of Florence, S.C.
Having better quality electronic images has led to better customer service and response time, he says. In the past, Match Factors received many customer calls about illegible images, but this has been mitigated.
Factoring companies that have adopted Pegasus TransTech’s products recently include Interstate Capital of Santa Teresa, N.M., Advanced Business Capital of Coppell, Texas, and Match Factors, Inc.
“To make this work, we’ve got to have good load document copies. And Transflo Express and Transflo Velocity are the only mediums we can count on to give us good quality load images,” Belk continued. “It speeds up the billing process. It speeds up the collections process. And it makes everybody in the supply chain happy.”
Belk explained that factoring in trucking is more than simply purchasing carrier invoices and managing their collections.
“A factor company not only advances money, they’re the billing service, collection service and general accounts receivable management service for the carrier,” he said. “In transportation, a factor bills shippers or brokers on behalf of the carrier. Brokers and shippers are going to demand a copy of the bill of lading and a rate confirmation as well as an invoice.”
With Transflo Express, a driver brings his proof-of-delivery and other documents to a trained cashier at any of more than 900 truck stops, including Pilot, Flying J, Love’s, and many independents. The documents are scanned and high-quality images are sent electronically to the carrier’s home office, to the broker, or as in this case, to the factoring company.