Logistics Management Solutions (LMS), a non-asset-based logistics service provider, has created a new freight-payment service. The offering, called TotalFreightPay, draws on advanced processes and technologies to improve freight-payment accuracy, speed and data visibility, the vendor said. It processes paper and electronic invoices within 24 hours, at which point data is available online to authorized shippers and carriers. The system relies on customizable, table- and rules-driven architecture to achieve an accurate auditing process. It gives shippers Windows-based tools and a data warehouse to support customized and ad hoc transportation and financial reporting. TotalFreightPay immediately converts paper invoices into images that flow through the payment cycle. Data is captured from electronic images, as well as electronic data interchange (EDI) invoices, and checked for duplications before undergoing auditing. Once adjusted or approved, invoices are aged according to client-specified and carrier-specific payment terms. Payment is then released to carriers as scheduled.
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