TriumphPay’s innovative automated payment system eliminates the complexities of making payments in the industry.
FreightPay has built a seamless transmission of data for the payment process by combining factor firms and brokers in order to automate the administrative functions to pay carriers. TriumphPay ended the first quarter with $24 billion in payments processed. Carriers receiving payment generally involve a shipper calling the broker to confirm payment, but these compliant transactions provide real-time visibility without the need for manual intervention. TriumphPay takes payment information and sends it to the shipper’s system, automating the settlement process.
TriumphPay’s president is Melissa Forman. She is in charge of providing overall leadership in developing and implementing TriumphPay’s strategic vision. Forman’s leadership has been important in advancing TriumphPay’s expansion to serve shippers, brokers, factors, and carriers, drawing on 25 years of experience across various freight technology firms. Forman spent nearly a decade leading sales and strategic alliances for eCapital LLC, a leading transportation factor, before joining TriumphPay.
Forman’s key quotes:
“When we look at the payment cycle, we see that there are four real players in that transaction.” You have a shipper, a broker, a carrier, and a factor… We are engaging with those participants to ensure that we understand their needs, what they are looking for, and what problems they need to be handled in that post-load transaction so that we can develop what they need to alleviate the inefficiencies in that process.”
“We’re all interested in the condition of the industry and what’s going on in the spot market, so the more we can learn from others, the better.”
“When we first started, our ideal customer was the brokers… Since then, we’ve expanded into shippers… However, when we consider the entire transaction, our customers are now factoring companies. The same things that we can do to help the factors’ needs, we can do directly for the carriers.”
