I'm thinking about using TriumphPay as a broker. Anyone have any experience with using it? Seems like carriers generally don't have a problem with it, but I'm curious how brokers feel about it. If you love it/hate it, let me know why! Thanks in advance!
I use to use it. It was great had no issues with it. If a broker has an issue with factoring then most likely it’s a broker you don’t want to work with.
Is TriumphPay like a factoring company that brokers use to pay carriers? I think my 2nd or 3rd load under my own authority thats what the broker used to pay me....
I believe that's what it is. I have a couple brokers I do quick pay with, and they pay through Triumph. I don't have a problem with it. I trust it far more than "the check's in the mail".
It isn't factoring, it's more like a 3rd party platform that brokers can use to process invoices more quickly, or add quick pay options to their operation. This is probably a poor analogy, but think of the difference between paying H&R block to do your taxes (factoring in this analogy) vs paying for a software like TurboTax that makes it easier for you to do your own taxes (TriumphPay in this analogy). Edit: And to add, we use their HubTran offering and it's made our AP team significantly more efficient.
HubTran uses optical scanning and recognition to basically scan a POD/BOL and confirm it matches what we have in the system. It isn't perfect, so you need team members to check the exceptions, but rather than needing a team to confirm that 1000 PODs a week were accurate, you maybe need to confirm 500 (maybe less) are accurate.
As an owner op I think it's excellent. It does give the carrier an option to quickpay once the invoice is approved, but never used it. They let the carrier know when the money will be transferred over...a nice tool if the broker is late on paying, as you don't have to chase them down.
How long have you been using TriumphPay? Why did you switch to using them? Anything you think they are missing that they should add?
