The Importance of Bank-Backed Freight Payments

The Importance of Bank-Backed Freight Payments

As was made abundantly clear by January bankruptcy filing of IPS Worldwide, shippers are becoming far more sensitive to outsourcing payments to privately-held, non-bank counterparties. Without a bank-backed audit, shippers risk losing $100s of millions worth of carrier payments.

While shippers always attempt to diligence their providers, some issues are not obvious and can go unnoticed until it is too late. The only way to mitigate the risks inherent with third-party freight payment is to make sure that you leverage a provider with bank-backed payment processing.

Intelligent Audit’s partnership with Triumph Bancorp (Nasdaq: TBK) provides our clients with not only the industry’s leading audit platform, but also with added peace of mind that payments are processed by a trusted (and regulated) bank.

end-customer experience.
As was made abundantly clear by January bankruptcy filing of IPS Worldwide, shippers are becoming far more sensitive to outsourcing payments to privately-held, non-bank counterparties. Without a bank-backed audit, shippers risk losing $100s of millions worth of carrier payments.
While shippers always attempt to diligence their providers, some issues are not obvious and can go unnoticed until it is too late.
IA recently partnered with Triumph Bank which provides shippers with the industry’s leading freight audit and analytics solution combined with fully-integrated bank-backed freight payment processing.

Some of the major benefits of a bank-backed freight audit include:

  • Streamlining Accounts Payable
  • Optimizing Working Capital
  • Becoming a “Shipper of Choice”

4. Enhanced Supply Chain Security

Prior to IA’s partnership with Triumph, shippers had only two options for integrated freight audit and bank-backed payment.

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