This fireside chat recap is from Day 1 of FreightWaves’ Future of Supply Chain live event in Rogers, Arkansas. For more information and content from the event, click here.
Fireside chat topic: TriumphPay’s new automated payment system that cuts out the complexity of making payments within the industry.
Details: By integrating the factor companies with the brokers, FreightPay has created a seamless transmission of data for the payment process in order to automate the administrative functions to pay carriers. TriumphPay exited Q1 with $24 billion payments processed. Carriers receiving payment typically involve a shipper calling the broker to verify payment, but these conforming transactions give visibility in real time without having manual interventions. TriumphPay collects the payment data and pushes it into the shipper’s system to automate the settlement process.
BIO: Melissa Forman is the president of TriumphPay. She is responsible for providing overall leadership in setting and executing TriumphPay’s strategic vision. Drawing on 25 years of experience across multiple freight technology companies, Forman’s leadership has been instrumental in accelerating TriumphPay’s expansion to serving shippers, brokers, factors and carriers. Before joining TriumphPay, Forman spent nearly a decade leading sales and strategic partnerships for eCapital LLC, a leading transportation factor.
Key quotes from Forman:
“As we look at the payment cycle, you have four real participants within that transaction. You’ve got the shipper, the broker, the carrier and the factor … . We are focused on working with those participants to ensure we understand their needs, what they are looking for and what problems that they need solved in that post-load transaction to build what they need to solve the inefficiencies within that process.”
“We are all interested in the state of the industry and what is happening from the spot market, so the more that we can hear from others better helps frame the future.”
“Our ideal customer when we started was the brokers … . We’ve since then expanded into shippers … but as we look at the full transaction, our customers are now factoring companies. The same things that we can do to facilitate the needs of the factors we can do for the carriers directly.”