Trucking is one of the most demanding professions in the country. With a constant demand for services, an unrelenting sense of urgency, and a devastating driver shortage, the industry is challenged more than ever before with no signs of relief in the forecast. Staying ahead of the game in such an intense environment is critical, which is why many trucking companies have bolstered their internal operations to meet external customer needs.
Comprehensive fleet solutions are touching every aspect of business from expense management and fleet card solutions to electronic payments and permits. However, the most valuable fleet solutions can be found in electronic payments. This dynamic approach to financial management can keep the fleet in control and moving forward as quickly as the industry demands.
2 Fleet Solutions That Do the Work for Us
1. Managed Payables
As fleets seek to improve cash flow, supplier terms management can be a valuable strategy in improving and optimizing the cash conversion cycle, which can ultimately help improve both the income statement and the balance sheet.
Trucking industry payment leader EFS/WEX helps to do the work for fleets by offering managed payables fleet solutions that leverage the value of terms management by analyzing a company’s supplier payment portfolio and developing a comprehensive managed payables strategy to improve cash flow through complete supplier payment optimization. By delivering a seamlessly integrated and fully automated fleet solution controlling all payment options including virtual cards and ACH payments, EFS/WEX managed payables reduce manual processing, mitigating error and facilitating supplier terms management to improve the margins and maximize efficiencies that keep fleet managers one step ahead and in control.
The biggest advantage of a WEX fleet solution is that they are the issuer, processor, and merchant authority controlling the entire payment process. They have expertise in the payment and financial process combined with a deep understanding of the trucking industry. They do the financial heavy lifting, giving the fleets time to focus on the heavy lifting of the trucking business.
Managed Payables Benefits
- Support multiple payment types
Virtual card (supplier and buyer initiated), EFT with a discount, Proprietary Network Payments, standard ACH, and check.
- Buyer and supplier portal
Displays all payment information and is available to the buyer and supplier.
- Single payment file extract
A single payment file is extracted from the ERP with automated reconciliation.
- Robust supplier database
Supports the onboarding process.
- Invoice presentment and approval routing
Buyer receives a file with images of the invoices and can route for approval prior to it being released for payment.
- Data archival
Data is archived for ten years or so, or as specified by the buyer.
- Payment warehousing
Payment file is received and processed on a specified date.
- Supplier onboarding
Robust and comprehensive onboarding process, identifying how each supplier should be handled, and assisting with supplier onboarding.
2. Integrated Payables
As fleets seek to reduce operating costs and unlock cash flow from day-to-day operations, the most successful organizations have discovered that focusing on payment optimization is a means of both reducing operating costs and optimizing cash flow. To that end, many fleets have partnered with EFS/WEX for help and they have found the answer in a comprehensive integrated payable fleet solution. WEX Integrated Payables is a bank-agnostic platform to successfully manage and optimize all AP disbursements, regardless of payment type. Through a centralized cloud-based application, Integrated Payables fleet solution easily connects with any ERP or financial system, automating the payment, remittance delivery, and reconciliation process across all payment types.
Fleet payments become 100% electronic on day one—providing cost savings, greater discount realization, increased security, improved supplier relations, flexible payment options, greater visibility, and more.
Integrated Payables Benefits
- Flexible Payment Options
Our flexible integrated payment options include virtual cards, ACH, EFT with discounts, global payment delivery, and checks. Payments are 100% electronic from day one.
- Seamless Integration
WEX Integrated Payables easily connect with any ERP or financial system. Payments, remittance deliveries, and reconciliation processes are automated across all payment types.
- Cost and Time Savings
Optimizing supplier payments can reduce operating costs and unlock cash flow from day-to-day operations. Streamline your payment process to improve time and cost efficiency and get the best available discounts.
- Bank-Agnostic Platform
WEX Integrated Payables uses a bank-agnostic network and platform. Manage and optimize all AP disbursements, regardless of payment type.
- Improved Supplier Relations
Strengthen your supplier relationships as you streamline your payment process. Making payments electronically and on time helps you achieve better discounts, too.
- Increased Security and Visibility
WEX Integrated Payables work seamlessly with your current systems and give you better visibility into payables at every step. Payments are automated and secure.
According to leading research and advisory company Gartner, a 5% reduction in operating costs can have the same impact as a 30% increase in sales.
Today’s trucking environment leaves buyers and suppliers with a costly and inefficient invoice reconciliation process. Smart and efficient payable fleet solutions help companies reduce cost, mitigate risk, streamline processes, and generate revenue by optimizing the payables process through moving to electronic payments.
Regardless of the size or complexity of your fleet, it is clear that staying one or even a dozen steps ahead in business requires vision, strategy, strong partnerships, and most importantly, technology to do much of the work for us.
All content was collected from WEX marketing materials