Freight payment is a complex process in freight forwarding business. Companies that act as freight payment providers (Freight financial solutions, Freight Auditing Services) in fact act as intermediary between shippers and carriers for all financial tasks such as receiving , processing and paying invoices.
In most of the cases the invoices are sent to freight payment providers by carriers and upon the receipt of the invoices the process will be as below:
1. Invoice receipt (the invoice is sent to freight payment providers by carriers).
2. Validation of invoice ( Freight payment provider starts to validate the received invoice for not been previously processed, which side (Shipper or carrier) is responsible for payment etc.)
3. Creating a reporting database on the base of invoices and documentations by freight payment provider so that the shippers can analyze their supply chain activity.
4. Auditing the rates and services given by carriers to shippers. (Cost savings is the primary reason that companies outsource their freight payments).
5. Management of exceptions ( it is possible in some cases some exceptions occur so the quality solution can provided by freight payment provider for management of these exceptions.)
6. Final Payment (with completion of the above process the freight payment provider issues an invoice to shipper. Shipper issues funds to freight payment provider and it disburse payment to carrier).
Freight payment providers give other services such as customer services, business intelligence, etc.
Wtleads as a leading B2B portal in the Field of Transportation, Freight forwarding, Buying and Selling Leads makes Connections between Importers, Exporters, Buyers, Suppliers and Freight forwarders as easy as 1 2 3