"We’ve built a tool that leverages industry-standard technology to manage AP securely and seamlessly. Our goal is to make carrier payments easy, effective and efficient."
Las Vegas, Nevada (PRWEB) April 24, 2017
Triumph Business Capital, member of the Triumph Bancorp, Inc. group and provider of working capital financing solutions to small and medium sized businesses, announced today the official launch of TriumphPay, a new application that streamlines the carrier payment process for brokers and carriers alike. The announcement was made during the Transportation Intermediaries Association (TIA) Capital Ideas Conference in Las Vegas.
“TriumphPay is the next stage of evolution of payment processing in for-hire transportation,” said Steven Hausman, President & CEO of Triumph Business Capital. “The carrier payment process is an extremely costly and inefficient transaction model. Brokers deal with high processing labor, disruption from many factoring companies and poor capital utilization. Based on configuration, TriumphPay can be both free to brokers and a fraction of the cost of factoring to carriers. We are excited to offer a product that brings this much value to both principals in the transportation supply chain.”
The Benefits of TriumphPay
- Liberate A/P staff by deploying one single data transfer for all carrier payments – no manual checks, no variability of terms, one simple reconciliation.
- Eliminate “Factor Fatigue” – including all the incessant calls from factoring companies.
- Attract and retain best carriers by providing self-selection of payment terms, at a fraction of the cost of traditional factoring.
- Manage cash flow through systematic, predictable payment schedules.
TriumphPay seamlessly integrates into a brokerage’s existing TMS (Transportation Management System) and core accounting platforms so that brokers can confirm payment to carriers with a click of a button. Brokers can customize their payment terms, including quick-pay options, to match their business model. Carriers can self-select payment terms and options, including ACH, wire transfers, fuel cards and express codes.
“Over the past 10 years, we’ve worked with and provided delivery of funds to thousands of carriers and brokers. TriumphPay is the culmination of our research and knowledge base as it relates to improving efficiency and profitability in the transportation industry,” said Ray Workman, VP of Special Operations for Triumph Business Capital. “Through lots of collaboration, we’ve built a tool that leverages industry-standard technology to manage AP securely and seamlessly. Our goal is to make carrier payments easy, effective and efficient.”
For more information on TriumphPay, please visit TriumphPay.com
ABOUT TRIUMPH BUSINESS CAPITAL
Triumph Business Capital is an operating subsidiary of TBK Bank, SSB (Member FDIC) which offers invoice factoring and payment processing solutions to transportation and other service industries. Triumph Bancorp, Inc. (Nasdaq: TBK) is a financial holding company with a diversified line of community banking and commercial activities.