Capture, cleanse, enrich and retain transportation data from both customers and carriers.
Multi-mode audit to ensure contract and routing compliance as well as manage claims.
Allocate your costs and activity down to the business unit, geography, or even SKU level.
Pay to terms, precisely monitor and manage accruals, and facilitate disbursements globally.
Transportation Payment Services From Veraction:
Accurate, timely payment – using business rules customized to your unique freight audit and payment workflow – create opportunities for better pricing, faster disbursement, reduced risk of disruption and improved accrual visibility.
Control Eligibility – Terms & Authorizations – by Using Dynamic Business Rules
Paying carriers consistently and on-time based on rigorous invoice term and authorization management is a fundamental part of an efficient transportation spend management strategy. What’s more, optimizing the payment process often results in a more favorable position during contract renewal cycles.
Create Real-Time Exception Resolution and Pay-set Definitions
Veraction’s exception resolution and pay set close process provides real-time resolution and payment release capabilities that support unavoidable last-minute decisions that naturally occur when managing a global, multi-modal spend.
On-Time Payment via Trial-Balance / Locked Pay-set Capability
Invoicing logic that keeps more payments on time. For planned, regular payments, Veraction supports a trial-balance process that locks a pay set of invoices for approval. If approved as is, the pay set is uniquely identified and staged for payment. If changes are necessary, invoices can be removed and put on hold while the remaining set is staged for payment.
Aging & Accrual Visibility
Reduce “Surprises” Through Proactive Invoice Management
Our teams ensure invoices not ready for payment are being monitored for proper exception resolution. Aging reports are reviewed weekly, providing visibility for days outstanding as well as categories of exception by carrier.
Gain Unique Visibility into Transportation Spend Accruals
Fully understanding the overall transportation liability for each month end cycle is a common challenge for global, multi-modal complex supply chains—particularly for inbound supply chains where transportation charges are invoiced collect to consignee. Veraction’s accrual process provides inbound/outbound spend visibility into shipping activity not yet invoiced by carriers/Logistics Service Providers (LSP’s), as well as invoiced not yet paid.
Develop Work in Progress (WIP) Visibility in Freight Audit & Payment Workflow
Veraction’s Total TSM℠ solution provides early visibility to invoices that have yet to be completely processed or approved for payment. Using a combination of a collaborative portal and reports designed specifically for pre-payment visibility, understanding current work in progress is made simple and efficient.
No Float Disbursement
Lower Outsourced Payment Risk with Segregated Bank Accounts
It’s your money, not ours. When aligned with Veraction’s no float bill payment process, segregated bank accounts lower overall risk of outsourcing payment, while ensuring all interest earned on funded pay sets remains your money. Veraction’s payment process is flexible – you can decide whether to have Veraction fund carriers/LSPs or advise your team.
Reduce Phone Calls & E-mails with 24 – 48 Hour Sweep / Disbursement Policy
Veraction will sweep any segregated bank account within 24 – 48 hours of a pay set being funded and disburse funds accordingly. Our disbursement methods support both ACH (Automated Clearing House) as well as traditional check. A carrier/LSP collaboration portal provides real-time updates on invoice payment status eliminating phone calls and emails.
SOC Certification Maintains High Levels of Quality & Control
Veraction’s Total TSM℠ offering is independently audited annually as part of a SOC 1 certification process. You can be assured that Veraction’s processes are consistently being measured and optimized to ensure a high level of service.