The best way to optimize invoice payment processing 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 systems in logistics, invoice payments have become easier, more accurate, and faster. Fintech companies are now crafting digital and automated payment processes for logistics companies to optimize their cash flow.
What you will learn…
- Why are invoice payments in logistics still a challenge?
- What is the best way to optimize invoice payments in Logistics?
- Why should logistics companies be using fintech for invoice payments?
- How to choose the best fintech platform for invoice payments in logistics?
- Let’s Wrap Up!
Why are invoice payments in logistics still a challenge?
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 digitized 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 optimize invoice payments 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 utilise fintech solutions for invoice payments?
Fintech companies offer comprehensive digital payment systems 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 invoice payments in logistics?
It is important to choose the best fintech platform to optimize 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 payment processing 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 logistics operations to provide easier, accurate and faster payments with greater visibility.