12/10/2023 0 Comments Factoring invoices wex fleet one![]() While factoring is not an applicable option in the B2C arena, it is commonly used in the B2B arena to guarantee cash flow necessary to meet financial obligations in real time. Often referred to as invoice factoring, the process allows for the company to focus on the specific service at hand while being supported by experts on the financial side of things. To put is as simply as possible, factoring is a financial transaction in which a business sells its accounts receivables to a third party to make the process more efficient and more reliable in an industry where immediate cash payment is required. Fleet managers across the country are constantly looking to more efficient and reliable ways to process payment, and many of them are now realizing fleet factoring is one of the answers. We have come a long way with the way we do business, and technology continues to push us in a direction that we could not have imagined even 10 years ago. ![]() It is hard to imagine a time where we could not rely on an ATM for immediate access to cash, check deposits or balance inquiries, and even harder to imagine a cashless exchange. Not only has the digital payment eased and embellished the consumer experience, it has also enhanced and simplified the financial process in the trucking industry. Using new technology to more efficiently manage critical fleet documents can help you to refocus your efforts on finding new customers and building revenue for your fleet.The Evolution of Payment and Fleet FactoringĪshley Wilks Why is fleet factoring enhancing the B2B experience in trucking? The need for quicker deliveries and improved performance will only increase in the coming years. Unlike with the traditional fax machine, messages won’t run the risk of getting lost in transmission. Plus, drivers can communicate with you more easily about the status of these documents so that you can improve workflow and invoice processing. Submit paperwork and supporting documents.FleetDocs allows them to use their smartphone to capture images of paperwork and transmit them via email or our online portal. With FleetDocs, available through web access or our mobile app, drivers gain access to advanced document management software that can help them leave the fax machine behind. ![]() ![]() How can WEX Fleet One Factoring help?Īlong with our extensive experience in trucking finance and commitment to excellent customer service, WEX Fleet One Factoring continues to leverage the newest technology for the benefit of our fleets. What if there was a way to send and receive faxes and reduce the amount of paperwork? Using a digital format can help drivers archive documents and store them all in one secure location. Are There Other Benefits to Mobile Document Management Solutions?īefore, drivers had to maintain an entire inventory of documents and forms. With the use of mobile technology, drivers have more time to focus on being productive where it matters most. They may have to wait for a fax machine to be available at a truck stop, and then wait even longer for confirmation that the document has been sent. How Much Time Can Your Truck Drivers Save?ĭrivers rely on faxing to exchange the necessary paperwork, often a time-consuming process. Greater accuracy can ensure that drivers get paid on time and customers stay happy. These services can also let you crop and reposition documents before scanning them. They simply have to upload the document and then enter the recipient’s phone number. Mobile scanning apps allow drivers to transmit documents without needing a fax machine of your own or even a telephone line. What Will It Take to Lose the Fax Machine? There are several advantages to going electronic: Cost and time savings, better communication and improved compliance. If you’re tired of being slowed down by busy signals, technical glitches and any other complications, online document management solutions (like mobile scanning apps) can help ensure driver satisfaction and on-time delivery. The good news: You can keep drivers moving while giving them the tools to avoid the difficulties associated with transmitting paperwork and supporting documents. Having a reliable, secure and more expedient way to send in paperwork while out on the road can be a big headache for both driver and your fleet’s accounting team. But their ability to complete an on-time delivery can sometimes be compromised by what many see as an outdated technology: The fax machine. With all the tools now available to drivers – GPS navigation, telematics, electronic logging devices – technology is having a major impact on many different aspects of their daily work. For that to happen, they need a little help. Your fleet’s drivers are looking for a way to get from point A to point B as efficiently as possible. ![]() Ashley Wilks How new online document management solutions can help your drivers and fleet succeed ![]()
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