What is TraxPays?
Logistics management is a complex practice, compounded further by the tens of thousands of payments to carriers any given shipper has to deal with every year. We at Trax make logistics management elegantly simple, and that also goes for payments through our TraxPays service.
TraxPays is an invoice payment service that ensures efficient and timely payments to your carrier, reduces the workload for your internal accounts payable team, improves relationships with carriers, and shifts payment reconciliation to Trax. TraxPays is specifically designed to support your cash management objectives.
Benefits of TraxPays
The benefits of TraxPays are more than just simplifying and optimizing your freight audit and payment, though.
Rather than handling tens of thousands of transactions through a traditional payment system with endless processes, reconciliations, confirmations, and troubleshoots, your team only needs to reply to 52 fund requests per year. Once funds are received, Trax does the rest — issuing payments, verifying receipt, ensuring proper application, answering A/R calls from carriers, and delivering you automated G/L and accrual data. This allows your A/P and Finance teams to rest easy, knowing carriers are getting paid consistently and on time, and focus their time on more valuable business opportunities.
Ensure efficient payments to carriers
The bigger and more global your supply chain is, the more challenging it is to maintain timely and accurate payments to carriers. Due to the sheer number of invoices coming in each day, the human error risk is high for missing a payment deadline or sending the incorrect amount. Trax takes on that responsibility. Through a seasoned team of experts and top-notch software, we ensure all payments are precise, accurate, and on time, nurturing a strong relationship with your carriers and maintaining a reliable cash flow for your business.
Boost relationships with carriers
Timely and accurate payments ensure that your carriers are satisfied throughout the process. This helps you improve your carrier relationships and bolsters key partnerships within your supply chain. Trax’s strong relationship with over 4,000 carriers means we’ll not just mature your freight audit and payment, but optimize your carrier management so you and your carriers can have a symbiotic relationship that helps each other grow and prosper.
Improve payment reconciliation
Our team of experts conduct precise payment reconciliations, ensuring that the books match up and eliminating any variances or errors throughout the process. Every invoice and payment detail is entered so you have real-time visibility into what we’ve completed, what we’re reconciling, and what we have yet to do. Our platform’s automation and our seasoned experts increase the speed and accuracy of your payment reconciliations.
Easily manage cash flow
Conducting thousands of transactions per week is a tedious, time-consuming task of the past. Send funds for carrier payments just 52 times a year. Trax makes the payments to your carriers and reduces payment disputes, negating additional payment entries and making it easier to manage your cash flow.
How TraxPays Works
TraxPays’ elegance is in its simplicity—Trax handles all your carrier payments. To go into a bit more detail, here’s how it works.
- Collection: Trax receives, audits, and processes your carrier invoices. This ensures strict adherence to freight audit and payment best practices and helps you begin optimizing the process, a stepping stone toward your Transportation Spend Management journey.
- Aging: Trax ages invoices until they are within the necessary timeline for on-time payment. This avoids paying too far in advance or making late payments. On-time payments cut costs on follow-up fees, improve your relationship with carriers, and maintain the integrity of your cash flow.
- Funding: Trax sends you funding requests on a weekly basis, or more frequently by request, depending on what best suits your needs. The funding request, which is itemized by carrier and currency, comes from an automated system that highlights what you need to pay and what that payment covers. This gives you complete, organized insight into what you’re paying and to whom.
- Collection: Within 48 hours of receiving a funding request, transfer funds to your dedicated Trax account. Trax doesn’t co-mingle clients’ funds, so your Trax account is for your funds only.
- Payment: Using the funds you transferred, Trax issues payments to carriers within three business days. Globally, payments are conducted through our handpicked bank partners. In the US, payments are made through our payments partner AvidXChange, a leader of the automated invoice and payment market that pays more than $140B a year to over 600,000 vendors.
- Reporting: Retain real-time, comprehensive visibility into the payment process, down to the actual payment transaction level.
Get Started with TraxPays
TraxPays is the ultimate carrier payment service: simplify the process, free up your resources, eliminate errors, deliver enhanced visibility. We offer TraxPays as a complimentary service to our clients, offering a substantial cost reduction to your internal resource and freight audit needs. TraxPays is an ideal solution to one of the most tedious tasks in logistics management. To get started with TraxPays, contact us today.
Trax is the global leader in Transportation Spend Management solutions. We partner with the most global and complex brands to drive meaningful optimizations and savings through industry-leading technology solutions and world-class advisory services. With the largest global footprint spanning North America, Latin America, Asia, and Europe, we enable our clients to have greater control over their transportation performance and spend. Our focus is on your success.