Transportation factoring companies such as Match Factors, Inc. of Florence, S.C., are turning to TRANSFLO Express truck stop scanning and TRANSFLO $Velocity from Pegasus TransTech for quick, legible documents to expedite cash flow and speed payment to their carrier and owner operator customers.
Pegasus TransTech is the leading provider of truck stop scanning, in-cab scanning, smart-phone scanning, and other document management services that streamline business processes and increase profit.
"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,” Match Factors’ Vice President Eric Belk explained.
Having better quality electronic images has led to better customer service and response time. In the past, Match Factors received many customer calls about illegible images, but this has been mitigated.
Factoring companies that have adopted TRANSFLO Express and TRANSFLO $Velocity from Pegasus TransTech 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," said Belk. "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," Belk noted.
But first, of course, the factor needs to get the documents from the carrier or owner operator.
With TRANSFLO Express, a driver simply 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. In seconds, 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.
"TRANSFLO Express has a lot of brand recognition in the transportation industry," Belk added. "It's easy to tell new clients how to use it because they are already familiar with it."
Using TRANSFLO $Velocity, carriers can scan paperwork in their offices and send it directly to participating factoring companies like Match Factors.
"We're very pleased to be working with Match Factors and other quality companies in the factoring sector," said Bob Helms, CEO and chairman of Pegasus TransTech. "We have always worked hard to provide the highest image quality possible and factors are recognizing that quality standard by increasingly turning to TRANSFLO Express and TRANSFLO $Velocity. But it still very rewarding to have a customer convey it in words.”
