TOTALFreightPay is the next evolution in freight payment processing.
Saint Louis, MO (PRWEB) March 11, 2010
Logistics Management Solutions (LMS), a non-asset-based third party logistics provider (3PL), has launched a new freight payment service that uses advanced processes and technologies to achieve a higher degree of freight payment accuracy, speed and data visibility.
Unlike other freight payment services, TOTALFreightPay processes paper and electronic invoices within 24 hours at which point data is available online to authorized shippers and carriers. The system relies on customizable, table- and rules-driven architecture to ensure a thorough and accurate auditing process designed to eliminate costly billing errors. It also equips shippers with Windows-based tools and an extensive data warehouse to support customized and ad hoc transportation/financial reporting.
“A typical freight payment process takes several days and incurs unnecessary costs while delaying data visibility,” said Dennis Schoemehl, president and CEO of LMS. “TOTALFreightPay is the next evolution in freight payment processing. We’ve coupled industry best practices with sophisticated, proprietary technology so shippers can reduce costs while gaining greater insight into their financial operations.”
Developed by freight payment experts and Internet software engineers, TOTALFreightPay immediately converts paper invoices into images that flow through the payment cycle. Data is captured from these electronic images, as well as Electronic Data Interchange (EDI) invoices, and checked for duplications before undergoing a rigorous auditing process. Once adjusted or approved, invoices are aged according to client-specified and carrier-specific payment terms; payment is released to carriers as scheduled.
According to data from The State of Logistics Outsourcing and Spinnaker Management, as cited in Inbound Logistics magazine, outsourcing freight payables operations can reduce a company’s freight spend by 3 to 5 percent. Reducing incorrect or duplicate invoices can cut costs by an additional 2 to 5 percent.
For more information, visit http://www.totalfreightpay.
TOTALFreightPay is a service of LMS, an award-winning, non-asset-based provider of transportation management services and technologies.