Viva Capital Funding, a factor for many carriers, is now using Transflo Velocity from Pegasus TransTech to facilitate commerce with freight brokers. Based in El Paso, Texas, Viva Capital Funding has been in business since 1999. It factors $70 million in invoices a year for trucking and other businesses in the U.S., Mexico, and Canada.
Transflo Velocity enables Viva Capital Funding to send proof of delivery and other documents electronically to freight brokers. Besides accelerating the billing process, Transflo Velocity eliminates lost, misplaced, or unacknowledged shipping documents.
Teresa del Real, vice president of operations for Viva Capital Funding, prefers to do business with freight brokers who offer Transflo Velocity. The company has been using the product since late last year.
“I use it to submit documents and invoices to brokers,” said del Real about the service. “Sometimes the broker will say we never got the documents, but with Transflo Velocity, you get tracking so you and the broker know that the invoice and supporting documents were sent.”
When a factoring company sends billing documents, Transflo Velocity provides a confirmation number. That number can be used to verify the documents have been sent to the broker. It also enables the broker to access those documents on the Transflo Velocity website where they remain available for 14 days. Documents no longer go missing when sending through Transflo Velocity.
With documentation in place, the broker can confidently make payment to factors who advance money to their carrier and owner-operator customers.
This improves the business cycle for all parties involved in a shipment.
