What you need to know about transactions in logistics?
Traditional invoice payment systems in logistics encounter challenges in terms of accounting errors, lack of visibility and lengthy processing time of transactions. However, with the advent of digital payment processes in logistics, invoice payments have become easier, accurate and faster. Fintech companies are now crafting digital and automated payment processes for logistics companies to optimise their cash flow.
Why are payments in logistics still a challenge?
There are a number of challenges in invoice payments in an industry like logistics where most of the transactions take place outside the premises, while on the road, it is often difficult to find acceptable payment methods if you only have cash or cheque, especially in an increasingly digitised economy.
Moreover, logistics involves enormous amounts of paperwork and clearing bills is a complicated process when invoices are misplaced, stolen or manipulated. Lack of visibility is a major challenge because the payments and receivables cannot be tracked or monitored in real-time and the transaction history cannot be accessed as frequently as needed.
What is the best way to optimise invoice payment processing in Logistics?
According to industry studies, manual invoice processing costs around $5 to $12 per invoice (Source: GoComet). Therefore, the best way to optimise invoice payments in logistics to reduce time and money is to switch to digital invoice payment systems. Digitising the cash flow provides a seamless transaction without the fear of losing receipts, mishandling cash, making double payments or waiting for several days to receive payment. This is where fintech companies step in to simplify and digitise payment systems in logistics.
Why should logistics utilize fintech solutions for invoice payments?
Fintech companies offer comprehensive freight audit and payment services with digital payment processes to streamline invoice payments in logistics from the start of a contract until the last-mile delivery. Logistics owners, fleet managers and drivers can leverage digital wallets and multiple payment methods in a payment gateway including UPI payments, QR codes, debit/credit cards and netbanking. Moreover, you can track transactions in real-time and access transaction history or monitor the cash flow whenever required without errors, paperwork or middlemen.
How to choose the best fintech platform for payments in logistics?
It is important to choose the best fintech platform to optimise invoice payment systems. It is ideal to choose a comprehensive fintech platform crafted for the purpose of logistics operations which will provide seamless transactions with its own payment gateway and web integrations. For instance, Axle Pay is a product of Axlerate that helps you simplify invoice payment management systems for logistics payments to provide uninterrupted cashflows through QR codes, payment pages, links, invoices and web integrations.
Let’s Wrap Up!
Thus, the best way to optimise invoice payments in logistics to reduce time and money is to switch to digital invoice payment systems with fintech solutions. Choose a fintech platform crafted for the purpose of freight audit and payment services to provide easier, accurate and faster payments with greater visibility.
Axlerate is a fintech platform for logistics that helps you simplify invoice payment management systems for logistics payments to provide uninterrupted cashflows through QR codes, payment pages, links, invoices and web integrations.