On the 12th June 2024, TEG announced the release of SmartPay. This post explains the significance of SmartPay in more detail – and outlines SmartPay’s key benefits.
In the transport sector, as many of us know, it’s strangely difficult to pay and get paid.
The reasons are numerous. But perhaps the biggest reason of all is, in transport, shippers work with multiple carriers. Often, multiple times a month. It’s an efficient system that gets precise goods to precise locations at precise times. In fact, it’s quite a spectacle.
The collaboration does, however, leave shippers with an onslaught of disparate PODs and invoices.
Some carriers submit their invoices and PODs by email. Some prefer post.
Some carriers send their paperwork both by email and through the post. For bigger shippers, the administrative burden quickly adds up, triggering a chain reaction that leads to all sorts of problems – like the need to build payment files, lengthy payment terms, chase calls, delayed payments, and, sometimes, funds being transferred to the wrong places.
Surely a better way must exist?
That better way is now here. It’s called SmartPay.
Introducing SmartPay
SmartPay is the latest evolution of TEG’s popular invoice management platform, Finance Manager – but with one, major addition.
As well as managing invoices, SmartPay facilitates payments between load posters and carriers. You can use SmartPay to pay and get paid.
That might seem minor. But, as SmartPay is designed for the transport industry, it solves so many of the inefficiencies and inconveniences outlined above.
For example, with SmartPay, both load posters and carriers can see a job, its POD and its invoices – tethered together – in the same screen. You can also see payment statuses. Load posters can change payment statuses – from ‘pending’ to ‘approved’.
Crucially, SmartPay lets load posters pay all approved invoices in one transaction… no matter how many carriers posters have worked with, or how many jobs they’re paying for.
How SmartPay works
Step 1
Carriers invoice through SmartPay, and load posters approve invoices through SmartPay.
Step 2
Come payment time, load posters make a single payment for all approved invoices to their Wallet.
Step 3
SmartPay divides the payment between carriers automatically!
The above process outlines how SmartPay works. In a little more detail:
- First, carriers invoice using SmartPay
- Load posters then approve (or reject or query) invoices using SmartPay
- Come payment time, SmartPay totals all approved invoices, showing load posters how much they owe
- Load posters then make one payment – to their Wallet
- As if by magic, SmartPay distributes the single payment to multiple carriers in line with the amount each individual carrier is owed
- At the same time, SmartPay automatically marks corresponding invoices as paid
- Finally, SmartPay notifies carriers they’ve been paid via email
It’s a comprehensive system, specifically designed to make transport payments easy.
The benefits of SmartPay
SmartPay reduces admin. It reduces errors. It reduces, confusion, hassle, chase calls and headaches.
Meanwhile, it increases clarity. It can therefore increase payment speed. And, for both load posters and carriers, it increases payment transparency and visibility.
Renaming Finance Manager
For us, the innovation is so significant that we’ve updated the name of The Exchange’s invoice management feature, Finance Manager. Naturally, the feature is now called SmartPay.
With SmartPay, you can send and receive PODs and invoices. You can track, approve and query invoices. And you can pay invoices, too.
How to get full SmartPay access
If you’re yet to set up full SmartPay access, simply log in to Trustd and complete the ‘payment setup’ section of your Trustd profile. You’ll then be able to receive payments – and pay other members – using SmartPay.
SmartPay is an innovation our members have been requesting for years. We’re therefore thrilled to be releasing SmartPay to all Exchange members.
An easier way to pay and get paid awaits.
After years of development, SmartPay is here – and we couldn’t be more delighted.
All Courier Exchange and Haulage Exchange members now have access to SmartPay. To get full SmartPay access, log in to Trustd and complete the payment setup section now.
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The article was published on . It was updated on 2 October 2024 to make it more relevant and comprehensive.
