Supply chain tech firm Turvo has launched a partnership with freight payments system processor Denim.
The collaboration, announced Thursday (May 11), integrates Denim’s solution with Turvo’s platform to let logistics service providers process factored and non-factored payments without needing to involve things like manually uploading documents or emailing invoices.
“We are thrilled to partner with Turvo to deliver a seamless integration between our platforms that cuts time spent on importing jobs by 50%,” Shawn Vo, Denim’s co-founder and CTO, said in a news release. “With this integration, freight brokers can spend more time on customer service and new business than duplicative back-office tasks.”
According to the release, the partnership will let freight brokers eliminate manual data entry and the errors that come with them.
In addition, the collaboration offers “touchless configuration ensuring required documents are received on Turvo Shipments … eliminating the traditional need to email copies or manually upload documents into a portal.”
Denim says its survey of brokers has found that a majority of them who say they have great carrier relationships “attributed the carrier experience to using factoring to finance freight receivables and payables.”
And relationships are key in the logistics, shipping and transportation sector, as PYMNTS noted recently, following the release of “Accounts Payable Automation: Transportation Companies Innovate To Drive Growth,” a collaboration with Routable.
That report found that when making investments in innovations to modernize their business, companies of the industrial economy tend to prioritize the solutions that will result in an improvement in their relationships with their vendors.
More than 80% of logistics, shipping and transportation firms reported planning to innovate their accounts payable (AP) systems to bolster their B2B relationships — while 78% said they think faster payment speed will help them reach that goal.
In a recent interview with PYMNTS, Zvi Schreiber, CEO of trade tech solution Freightos, discussed how the international freight market’s status as a “largely offline endeavor” has led to “tens of billions of dollars of waste.”
The reason? Transportation, logistics, and shipping companies, despite the AP systems they use, process their payables at high volumes.
Of the companies surveyed by PYMNTS, a little more than 7 in 10 say they process an average of at least 1,000 payables each month, while 72% expect their payables to rise by 11% or more over the next three years.
“With this much volume, manually writing and mailing checks simply is not a viable solution — but it’s still one that many legacy operators turn to,” wrote PYMNTS.